Financial Highlights from the Recent Week You Should Know About:
- Supply Chain: Amazon’s robots wishes you “Live long and prosper.” [Reference to Star Trek for non-Trekkies…]
Amazon’s new warehouse robots, named Vulcan, have an added ability of sense and touch, making them more suitable for picking & packing tasks that were only done by humans in the past.
The Vulcan robot is already working in warehouses in Spokane, Washington and Hamburg, Germany.
While this doesn’t bode well for human workers, Amazon’s Director of Robotics doesn’t believe in 100% automation and believes robotics will be designed to work with humans.
[Sure, whatever you say boss – nervously laughs.] - Compliance: Citigroup facing $1 billion fraud lawsuit.
A court revived a lawsuit against Citigroup saying the bank did indeed aid in the hiding of and perpetrating fraud of a tune of $1 billion at a Mexican oil and gas company, Oceanografia, which is now bankrupt. - Fintech: Fintech provider, Stripe, improves fraud detection with AI.
Online payment provider and fintech, Stripe, is using specialized AI-models to help them detect fraud.
Since the company implemented the use of AI, their fraud detection has gone from 57% to 97%(!!!).
Absolutely bonkers. - AI in Finance: How JP Morgan is leveraging AI to higher profits.
During the current market turmoil, JP Morgan has been leveraging an internal AI tool, named “Coach AI”, to help HNW clients:
– Decrease advisor research time by 95%
– Save the bank $1.5 billion from fraud, operational savings and trading activity and…
– Helped increase wealth management sales by 20%
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