Snippings

Tink, the WealthTech company has urged lenders to prioritise upgrading creditworthiness assessment models to ensure more accurate lending decisions. In a survey of financial executives, it found that 68% of UK lenders have tightened affordability criteria since the pandemic. However, there are still blind spots in credit assessments: 41% of people have been denied credit due to the inability to verify identity or legal status, and 35% have been denied due to the inability to access payment history.

From Traditional lending models not ‘fit for purpose’ – Tink claims.

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The video was produced in 2002 and it can be easy to forget that a world existed before the introduction of smartphones.

“At Accenture, our researchers developed a prototype called Real World Showroom. Using a wireless PDA equipped with an RFID reader, I can query everyday objects around me, such as a tie my friend is wearing,” Accenture’s Joe Tobolski says in the video.

From Video From 2002: RFID Chips Were Supposed to Turn Everyone Into a Salesperson — Paleofuture.

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The Bank of England (BoE) and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency (CBDC) later this decade, the Telegraph newspaper reported on Saturday, citing an unreleased government report.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

From Bank of England and Treasury think UK is ‘likely’ to need digital currency, the Telegraph reports | Reuters.

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Former T-Mobile store owner netted $25 million from 5-year scheme which included tricking employees into resetting passwords. He used phishing emails and social engineering, and tricked those working at the T-Mobile IT Help Desk into resetting employee passwords, allowing him access to the internal system.

From Former T-Mobile store owner netted $25 million from 5-year scheme which included tricking employees into resetting passwords.

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The question isn’t whether AI will be good enough to take on more cognitive tasks but rather how we’ll adapt. Nobel prize winner Daniel Kahneman is the world’s leading expert in human judgment and spent a lifetime documenting its shortcomings. Yes, AI may have flaws, but human reasoning is deeply flawed, too. Therefore, “Clearly AI is going to win,” Kahneman remarked in 2021. “How people adjust is a fascinating problem.”

From ChatGPT and How AI Disrupts Industries.

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We demonstrate how the combination of rule-based semantic engines and large language models can be used to significantly improve developer productivity with better code completion.

From ML-Enhanced Code Completion Improves Developer Productivity – Google AI Blog.

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FICO recently commissioned a survey of U.S. consumers, in which it asked:

What is crucial to the future of your financial success?

Only 1% of respondents mentioned a bank.

1%.

From Underbankers – by Alex Johnson – Fintech Takes.

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ChatGPT, now open to everyone, has made an important transition. Until now, AI has primarily been aimed at problems where failure is expensive, not at tasks where occasional failure is cheap and acceptable — or even ones in which experts can easily separate failed cases from successful ones. A car that occasionally gets into accidents is intolerable. But an AI artist that draws some great pictures, but also some bad ones, is perfectly acceptable. Applying AI to the creative and expressive tasks (writing marketing copy) rather than dangerous and repetitive ones (driving a forklift) opens a new world of applications.

From ChatGPT Is a Tipping Point for AI.

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Apple’s ambition is to blend both payments and identity, to not only be the gateway to every transaction globally with Apple Pay, but every verification globally with Apple mobile identity credentials.

From Is Apple the Next Identity Verification Juggernaut? | by Jelena Hoffart | 9Yards Capital | Jan, 2023 | Medium.

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Benefits of the European Digital Identity

The right of every person eligible for a national ID card to have a digital identity that is recognised anywhere in the EU

A simple and safe way to control how much information you want to share with services that require sharing of information

Operated via digital wallets available on mobile phone apps and other devices to:

identify online and offline
store and exchange information provided by governments e.g. name, surname, date of birth, nationality
store and exchange the information provided by trusted private sources
use the information as confirmation of the right to reside, to work, or to study in a certain Member State

From European Digital Identity.

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