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Jumio Unveils Cross-Transaction Risk Feature to Supercharge Fraud Detection
Jumio has launched its Cross-Transaction Risk feature, part of the Jumio Identity Reputation suite, aimed at enhancing fraud detection for businesses globally. Unlike traditional methods that assess identity at a single point, this tool continuously evaluates identity attributes over time, resulting in a real-time recognition system. Early adopters have seen a 28% increase in fraud detection, improved user experience, and continuous risk monitoring. A telecommunications provider in the Asia-Pacific region successfully used Cross-Transaction Risk to reject over 50% of fraudulent ID transactions during a sophisticated fraud attack. Jumio’s Chief Product and Technology Officer highlighted its role in connecting identity data for better fraud prevention.
Revolutionizing Banking: NatWest Partners with OpenAI for Innovative AI Solutions
NatWest and OpenAI have partnered to enhance banking services through advanced AI technologies. This collaboration aims to streamline processes and improve customer service. NatWest has already integrated AI tools like Cora+ and AskArchie+, and the partnership will further enhance capabilities in fraud prevention, financial management, and complaint handling. Leaders from both organizations emphasized the need for continuous innovation in response to evolving customer needs, with a focus on digital experiences. With numerous AI projects underway, this partnership is expected to significantly boost customer satisfaction and operational efficiency, demonstrating the transformative potential of AI in banking.
Transforming Insurance: Risk Digitization Emerges as a Top Technology Priority
Risk digitisation is now the top technology priority for insurers in North America and the UK, according to a Cytora survey of 200 senior leaders. An overwhelming 79% plan to invest in this area over the next two years, surpassing other technologies like CAT models and CRM systems. Key benefits include revenue growth (22%), increased transaction capacity (19%), and improved service (17%). However, challenges persist, with 62% struggling with manual data extraction and 55% facing workflow issues. Investment in AI and automation is also rising, with 26% investing over £500,000 last year. The shift is expected to enhance productivity and employee morale in the insurance workforce.
OakNorth Boosts US Expansion Strategy with Strategic Acquisition of Community Unity Bank
OakNorth, a digital commercial bank focused on entrepreneurs, has announced its acquisition of Community Unity Bank (CUB) in Michigan, pending regulatory approval. This stock-for-stock transaction aims to expand OakNorth’s business lending operations in the U.S., particularly following their recent authorization to establish a Representative Office in New York. Founded in 2015, OakNorth specializes in providing financial solutions to lower mid-market businesses, having facilitated around $16 billion in loans and creating over 56,000 jobs. CUB, established in 2023, targets small business banking in Southeast Michigan. Post-acquisition, CUB’s CEO, Greg Wernette, will lead OakNorth’s U.S. operations.
Qumis Secures $2.2M Funding to Revolutionize Insurance Workflows with Cutting-Edge AI Technology
Qumis, an innovative AI-driven platform for insurance professionals, has raised $2.2 million in a pre-seed funding round led by Armory Square Ventures, with participation from notable investors like MTech Capital and BrokerTech Ventures. This funding aims to enhance Qumis’s features and expand its presence in the insurance industry. Launched in 2023, the platform leverages AI to analyze policies, identify coverage gaps, and provide actionable recommendations, streamlining complex processes for users. CEO Dan Schuleman highlighted its potential to transform outdated workflows, while investors see significant demand for its solutions in a digitizing industry.
Transforming Corporate Travel: Mesh Payments Teams Up with ALTOUR for Enhanced Expense Management Solutions
Mesh Payments has partnered with ALTOUR to enhance corporate travel and expense management through a comprehensive, technology-driven solution. This collaboration aims to streamline operations, improve efficiency, and enhance the traveller experience by integrating ALTOUR’s travel management expertise with Mesh’s innovative platform. Key benefits include centralized control over travel bookings and expenses, automated expense capture, and policy compliance. Mesh Payments offers real-time tracking and simplified reconciliation, while ALTOUR provides customized travel solutions and a seamless booking experience. This partnership is expected to modernize T&E management, supporting business growth and flexibility in travel management choices.