Fintech PR
What’s Next for AI in Banking: Better Chatbots or Something Else?
LONDON, Aug. 20, 2024 /PRNewswire/ — AI chatbots and Large Language Models (LLMs) such as ChatGPT have become commonplace in recent years to answer queries, whether that’s how to write a persuasive email or to request a replacement for a stolen card. According to Auriemma Group’s latest UK Cardbeat study, credit cardholders tend to be comfortable using AI chatbots to carry out basic tasks with their card issuer, but express skepticism when faced with more complex servicing needs.
For some time, AI Chatbots have been a key priority for card issuers to deliver a more streamlined customer service experience. However, through research and Roundtable discussions, Auriemma has found that the banks are shifting their focus towards AI development and innovation to support more efficient behind-the-scenes operations.
The complexity and difficulty of delivering a positive customer journey could be driving much of this shift. Auriemma Group’s latest UK Cardbeat study found that 65% of credit cardholders feel that AI chatbots often provide irrelevant or unhelpful responses. And what’s more, 57% said they regularly need to speak with a live representative following an AI-initiated customer service interaction.
Cardholders appear to be doubtful that chatbots can meet their needs, as only 36% say they wish their primary bank invested more heavily into chatbots, and just 26% feel chatbots are generally able to fully resolve issues.
While consumers believe AI chatbots still have much to improve, banks are identifying opportunities for AI to transform their business operationally. Members of Auriemma Group’s UK Roundtables recently shared they are leveraging or developing AI tools to create new efficiencies across Fraud, Disputes, Complaints, Customer Service and Collections Departments.
In fraud, current activities include using AI to score fraud cases and designing unique fraud warnings for customers. Firms are hoping AI can soon add randomness to fraud questioning when collecting personal customer data during the identification and verification (ID&V) process. A key initiative in development is writing a final response letter for customers who have submitted a complaint. Auriemma is also seeing firms use AI to transcribe customer service and complaints calls, as well as write summarizing notes in collections.
“Many of our members are changing their AI strategy to look more closely at back-office operations,” says Nicole Toussaint, Senior Manager at Auriemma Roundtables UK. “AI chatbots are very complex and require significant investment from a build and oversight perspective, but also come with the risk of providing misinformation. However, leveraging AI in other processes can simply make an employee or agent’s job more efficient without removing the human element from it entirely.”
Consumers will likely see chatbots become more sophisticated, but this may be just the tip of the iceberg compared to the unseen AI-led streamlined processes on the backend.
Survey Methodology
Cardbeat UK
This Auriemma Research study was conducted online within the UK by an independent field service provider on behalf of Auriemma in December 2023, among 800 adult credit cardholders. The number of interviews completed on a monthly basis is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ± 5%, unless otherwise noted. The purpose of the research was not disclosed nor did the respondents know the criteria for qualification.
About Auriemma Group
For 40 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognised experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximise their performance. Auriemma serves the consumer financial services ecosystem from our offices in London and New York City.
View original content:https://www.prnewswire.co.uk/news-releases/whats-next-for-ai-in-banking-better-chatbots-or-something-else-302220212.html
Fintech PR
Elliott Criticizes the Republic of Korea’s Decision to Continue to Challenge the US $100 Million Arbitral Award at the Expense of Its Citizens
WEST PALM BEACH, Fla., Sept. 12, 2024 /PRNewswire/ — Elliott Investment Management L.P. (“Elliott”), today issued the following statement:
On September 12, 2024, the Republic of Korea (“ROK”) filed court papers to appeal the High Court of England and Wales’s (the “English Court”) dismissal of its application to set aside the US $100 million Arbitral Award (“Award”). Elliott will continue to vigorously defend the Award and its rights under the U.S.-Korea Free Trade Agreement (the “Treaty”).
The Award was issued against the ROK in June 2023 to compensate for the damages Elliott suffered when the ROK government corrupted the Korea National Pension Service’s decision-making process in relation to the controversial 2015 Samsung Merger. The arbitral panel found that the ROK’s intervention – which resulted in numerous criminal convictions of government and Samsung officials – violated the investor protection provided under the Treaty.
The ROK’s continued refusal to honor the Award is not surprising yet deeply wrong-headed, particularly given that the ROK has already attempted and failed to set aside the Award. The English Court dismissed the ROK’s application at the threshold without even hearing the merits, issuing a comprehensive judgment after the hearing that was held in London in July 2024.
Elliott encourages the ROK to reconsider its decision to appeal the English Court’s ruling. The ROK’s actions undermine its efforts to build a reputation as a fair, transparent and trustworthy capital market, further perpetuating the “Korea Discount.” Additionally, the ROK’s ongoing refusal to honor the Award is only increasing the burden on Korean taxpayers, as interest on the Award continues to accrue at a rate of more than US $10,000 every day, along with the potential for further cost liability arising from the ROK’s appeal. The ROK should stop trying to distract the Korean public from the government’s own corrupt conduct and mistakes. Rather than further increasing the cost its citizens will ultimately have to bear, it should comply with the judgment and put this episode behind it.
More information regarding this matter can be found on the website of the Permanent Court of Arbitration by following the link below:
https://pca-cpa.org/en/cases/197/
About Elliott
Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
Media Contacts:
U.S.
Casey Friedman
Elliott Investment Management L.P.
T: +1 212 478 1780
[email protected]
London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
[email protected]
Seoul
Jin Kim
Nine Crosby
T: +82 2 866 9455
[email protected]
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Fintech PR
REALTY ONE GROUP INTERNATIONAL’S PRESIDENT, CORY VASQUEZ, TAKES REINS IN NEW ERA OF GROWTH
Network of Raving Fans Fuels the Opening of New Realty ONE Group Locations Around the World
LAGUNA NIGUEL, Calif., Sept. 12, 2024 /PRNewswire/ — Realty ONE Group International, a modern, purpose-driven lifestyle brand and ONE of the fastest-growing franchisors in the world, is ambitiously entering a new era of growth pioneered by a dream team of leaders, including its new president, Cory Vasquez.
The UNBrokerage, as it’s known in real estate, just surpassed 20,000 real estate professionals worldwide as the brand’s popularity continues to soar because of its 100% commission model and comprehensive offering of business coaching, support, tools and marketing.
“We know we have the model of now and of the future and for so many Brokers who are nervous and uncertain, this is an easy plug-and-play to take their office and their real estate professionals to the next level,“ said Kuba Jewgieniew, CEO and Founder of Realty ONE Group International. “I’m proud of how this executive team, with Cory as our new President, is leading with calm and cleverly innovating new ways to keep growing the brand so we can help more people achieve greater success faster.”
Vasquez and industry legend Vinnie Tracey have been Co-Presidents for the last few months until Tracey’s official retirement this week. Tracey will remain an advisor to the thriving brand who recently welcomed 1,200 real estate professionals across ten branches in Florida last month. The conversion of ONE of the country’s top independent brokerages is proof that more entrepreneurs see Realty ONE Group as the model of the future.
Vasquez has almost thirty years of marketing, communications and management experience, nearly two decades of which are in real estate.
Realty ONE Group International claimed the No. 1 spot for real estate franchisors for the third year in a row on Entrepreneur’s highly competitive 2024 Franchise 500® list. The only modern, lifestyle brand in the industry now has more than 20,000 real estate professionals in more than 450 locations in 49 U.S. states, Washington D.C. and 20 more countries and territories.
Learn more at www.OwnAOne.com.
About Realty ONE Group International
Realty ONE Group International is one of the fastest growing, modern, purpose-driven lifestyle brands in real estate whose ONE Purpose is to open doors across the globe – ONE home, ONE dream, ONE life at a time. The organization has rapidly grown to more than 20,000 real estate professionals in over 450 locations across 20 countries and territories because of its proven business model, full-service brokerages, dynamic COOLTURE, superior business coaching through ONE University, outstanding support and its proprietary technology, zONE. Realty ONE Group International has been named the number ONE real estate brand by Entrepreneur Magazine for three consecutive years and continues to surge ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com.
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SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.
HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.
The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.
There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”
There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.
Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties, “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.
The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.
Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.
The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.
Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.
The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.
To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.
Feel free to contact us for investment and collaboration at [email protected]
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