Remember X, or should I say, Twitter?
Today on AI & Finance we have a surprisingly robust list of artificial intelligence-related financial services headlines from the holiday week to run through for you, and we’ll get to those in a moment—but first we want to talk about a recent post on X (note that we’re not in the habit of discussing social media posts here).
This comes from venture capitalist Steve Jurvetson, founder of Future Ventures and an early investor in companies like Tesla and Commonwealth Fusion, who titled his post “Moore’s Law Update.”
For those who need an update on the update, Moore’s Law (as Jurvetson kindly explains in his post) came from Intel founder Gordon Moore, who recognized a pattern in the advancement of microprocessors and computing power over time—that every 12 to 24 months, we’re essentially doubling the power of our computer chips. As originally expressed, we’re fitting more and more transistors on our microchips, at a rate that has historically doubled every 18 months over the decades.
Since the advent of the integrated circuit, Moore’s Law has pretty much been a fact of life here on Earth. However, in recent years some experts have questioned whether we can continue on the doubling path. These doubters argue that there has to be a physical limit to Moore’s Law, and at some point, we can’t miniaturize transistors and microprocessors any further.
Jurvetson argues that we’re nowhere near the end of the doubling pattern of computing power. In his analysis, Jurvetson traces Moore’s Law to early calculators and tabulators developed near the beginning of the 20th century, and segments out the growth of computing power by technology—from mechanical calculators, through relays and vacuum tubes and transistors, all the way to the integrated circuits of today, and through different iterations of those technologies, like Nvidia GPUs (see our AI Education column this week) and application-specific integrated circuits (ASIC).
Jurvetson says that each advancement and specialization of the integrated circuit like GPUs and ASICs touches off a new round of Moore’s Law doubling. Just as a GPU or set of GPUs can usually do more work, faster, than CPUs but were relatively unknown until we were well into the personal computer era, the technology that will enable the doubling of processing power into the future may not be widely known to the general public today—but it’s coming.
Businesses should assume that the Moore’s Law doubling pattern will continue for at least the next 20 years, said Jurvetson. This assumption means that, with all our predictions for the future promise of AI and its economic and technological impacts, we can’t reliably predict what the technology will look like as our computers continue to grow in power and efficiency, except that it will almost certainly improve: it will be faster, more accurate, more reliable and more user friendly—not because the AI models themselves are any better, but because the technology powering AI is better.
Let’s get to some headlines.
1. Conquest Planning
Conquest Planning Inc. (“Conquest”), a technology platform modernizing financial planning with customized and consumable advice, today celebrates a significant milestone after recently surpassing 1 million financial plans. This accomplishment is bolstered by its continued expansion into the United Kingdom and the United States, along with its recognition as one of 10 companies to win Manulife and the World Economic Forum’s Prospering in Longevity Challenge, among other notable accolades.
Originally founded in 2018 by Dr. Mark Evans, an industry veteran with over 30 years experience, Conquest’s artificial intelligence (AI)-powered software empowers institutions to offer financial advice at scale, from mass-market clients to ultra-high-net-worth individuals. Conquest serves financial advisors, banks, brokerages, wirehouses, insurance firms and pension providers, offering a platform that meets the unique demands of a diverse customer base, across the entire wealth continuum. Leveraging its Strategic Advice Manager (SAM), an AI-based engine that performs thousands of complex calculations around every piece of client information, advisors and clients are able to quickly and accurately understand the impact of different scenarios on clients’ goals and recommend the next best financial decision.
With its AI-powered platform, Conquest is working to make best-in-class financial guidance more accessible to people around the world. The firm’s recent recognition as a winner of the “Prospering in Longevity Challenge,” where it was named one of only three top innovators, highlights its focus on delivering innovative, accessible solutions aimed at enhancing quality of life for people worldwide. This challenge was designed to recognize organizations with forward-thinking approaches to helping people live longer, healthier lives. Conquest believes all people, whether they are in the borrowing, accumulation or decumulation phase of life, deserve a flexible, dynamic financial plan that adapts to life’s changes and accounts for extended lifespans.
2. EPAM Systems
EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced the successful completion of its acquisition of First Derivative, a Northern Ireland-headquartered managed services and consulting business for the capital markets industry with more than 1,800 employees worldwide and major delivery capability in the U.K., Ireland, North America and APAC.
First Derivative has one of the largest, fully dedicated capital markets consulting teams in the world. The Company deploys a range of technology capabilities to assist clients in meeting their technology challenges, including application development and modernization, real-time data platforms, robotic process automation, machine learning and artificial intelligence.
EPAM will leverage First Derivative’s strong industry experience and brand to deliver a comprehensive set of AI-enabled capabilities to clients in banking, capital markets and other financially regulated businesses across North America, Europe and APAC.
3. Fiduciary In a Box
Fiduciary In A Box (FIAB), the leading SaaS platform for ERISA health and retirement plan compliance, has announced a groundbreaking partnership with Homa Health, an innovative AI company. This collaboration brings the power of artificial intelligence to plan sponsors and fiduciaries, enabling seamless, automated contract reviews to ensure compliance with ERISA regulations and the Consolidated Appropriations Act of 2021 (CAA).
Through this partnership, FIAB users can now have their uploaded plan contracts reviewed by Homa’s advanced AI system. The resulting report provides a detailed evaluation of compliance with federal requirements, including the critical prohibition of gag clauses under the CAA. Gag clauses restrict transparency around cost and quality information, a practice explicitly barred by the law.
The announcement comes at a pivotal time for plan sponsors, as Gag Clause Prohibition Compliance Attestations are due by December 31st, 2024. The Department of Labor is ramping up enforcement efforts and high-profile class-action lawsuits against companies like Johnson & Johnson, the Mayo Clinic, and Wells Fargo are bringing renewed scrutiny to fiduciary practices. FIAB and Homa Health’s solution empowers plan sponsors to stay ahead of these challenges, avoiding costly penalties and reputational damage.
4. Finov8r
Finov8r, a leading embedded advisory experience supporting banks, fintechs and corporate, announces its collaboration with Senso.ai, a knowledge orchestration platform designed to support financial institutions in streamlining the quality of their policies and procedures. The collaboration focuses on deploying AI agents to help financial institutions navigate the complexities of SBA lending by aligning SBA-published Standard Operating Procedures (SOPs) with a lender’s ability to interpret and lend money to qualified businesses with less risk of loss.
Financial institutions often face challenges relative to SBA loan processing due to outdated systems, resource constraints and the complexity of interpreting SBA requirements around eligibility and guarantor requirements. Borrowers encounter delays, unclear timelines and repeated requests for documentation, creating a frustrating experience. Senso’s AI agents address these issues by automating workflows, reducing operational bottlenecks and enabling lenders to provide faster and more consistent communication with borrowers.
Senso’s AI agents identify missing or inadequate documentation and equip staff to deliver accurate and timely communication that keeps borrowers informed and reduces friction in the lending process. The agents also automate repetitive tasks to drive efficiency, allowing staff to focus on higher-value activities.
5. Fintica AI
Fintica AI Ltd, a leading innovator in next-generation AI solutions for capital markets, and Legend Arb Trading Limited, a Hong Kong-based proprietary trading firm with a global footprint across major financial hubs such as Shanghai, Taiwan, and Singapore, have announced a strategic investment and partnership.
Through this collaboration, Legend Arb has made a strategic investment in Fintica AI, strengthening the partnership between the two companies. This alliance will empower Legend Arb to advance its quantitative trading capabilities by harnessing Fintica AI’s unique unsupervised artificial intelligence technology. The partnership also aims to launch innovative new products and solutions. Simultaneously, Fintica AI will expand its business development efforts and market presence in Hong Kong and the Greater China region.
6. Future Fintech Group
Future Fintech Group Inc. (NASDAQ: FTFT), (hereinafter referred to as “Future FinTech”, “FTFT” or the “Company”), a comprehensive financial and digital technology service provider, today announced an update of the Company’s Blockchain Business Division. The division was established in December 2021 to manage its existing blockchain business to include its development as well as the execution of its strategic growth plan.
The new focus of the Blockchain Business Division will be to develop and grow new blockchain businesses such as high-performance computing, web3 technology, artificial intelligence (AI), and other blockchain related projects. The Blockchain Business Division will continue to manage its existing businesses to include coordinating its operations, developing business synergies and executing on its strategic growth plan.
Mr. Li Hu, CEO of Future FinTech, said, “We are actively developing an array of digital financial products and services by leveraging AI to expand our impact on the web3 industry, the next iteration of the internet that uses blockchain technology to empower users. Our Blockchain Business Division will integrate existing and new businesses with an expanded mandate which we believe solidifies our commitment to being a leader in the blockchain field.”
7. NICE
NICE (Nasdaq: NICE) today announced that Australia’s Great Southern Bank has further expanded with CXone Mpower, the industry’s ultimate AI hyper platform, to achieve complete end-to-end automation and set a new standard for customer service efficiency in banking. One of Australia’s largest customer-owned banks, Great Southern Bank provides a wide range of financial services, including everyday accounts, credit cards, home loans, personal loans, and insurance. Guided by its mission to put customers first, the bank is using CXone Mpower to transition from traditional inbound service models to proactive, AI-powered customer engagement.
With CXone Mpower, Great Southern Bank has enhanced customer interactions across multiple channels, including email and live chat, while unlocking powerful analytics and reporting capabilities. These innovations have driven good customer outcomes, such as a significant reduction in customer wait times. With the introduction of CXone Mpower AutoSummary, Great Southern Bank will reduce manual notetaking during after-call work. By implementing the full CXone Mpower suite, Great Southern Bank is able to design, build, and automate workflows, agents, and knowledge at unprecedented scale and precision.
The Optus implementation of CXone Mpower has established a stronger foundation for the bank’s continued innovation. As part of its ongoing digital customer experience upgrades, Great Southern Bank is rolling out advanced artificial intelligence (AI) capabilities, focusing on enhancing customer sentiment analysis and leveraging automation to streamline operations.
8. NICE
NICE Actimize, a NICE (NASDAQ: NICE) business, has been chosen by Creand Crèdit Andorrà to upgrade and modernize its anti-money laundering (AML) solutions strategy by integrating an advanced suite of NICE Actimize’s financial crime solutions into its operations to address the world’s AML regulations more effectively. Creand Crèdit Andorra’s holdings include financial institutions in Andorrà, Luxembourg, Spain, Panama, and the United States.
Among NICE Actimize’s industry-leading AML offerings, Creand Crèdit Andorrà chose its Suspicious Activity Monitoring (SAM), Customer Due Diligence (CDD-X) and Watchlist Screening (WL-X) solutions highlighting its deep industry experience and continued investment and commitment to AML technologies, including intelligent automation, network analytics, machine learning capabilities and a robust case management component.
NICE Actimize’s Suspicious Activity Monitoring (SAM) ensures rapid detection of potentially illicit transactions, using advanced machine learning algorithms to provide utmost precision. This system enhances an institution’s ability to spot and manage risk, to manage regulatory requirements and maintain the trust of customers. NICE Actimize’s CDD-X provides a risk-based approach and enhances customer life cycle risk management (CLRM) with event-driven risk monitoring, leveraging AI and machine learning.
9. Sandbox Wealth
Sandbox Wealth, a turnkey banking solution for non-bank financial institutions, announced today the successful pre-seed fundraise of $1.25 million in capital, led by NextGen Venture Partners, with participation from Northwestern Mutual Future Ventures, gener8tor, and RevTech Labs. The investment validates Sandbox’s vision to provide RIAs and Family Offices access to deposits, lending, and enterprise-grade analytics through its open architecture banking platform.
The new capital will support Sandbox’s efforts to attract top engineering talent and further R&D related to building out its three-sided marketplace for advisors, bankers, and their clients. The company seeks to provide a seamless experience for advisors, who would be partners and support their ability to drive organic growth, provide a full suite of private banking solutions, and deepen client relationships. For lenders, it provides an attractive channel to grow their deposits and lending base with lower-risk borrowers, including High-Net-Worth Individuals with stable financial profiles.
Multiple trends are playing out in the wealth management industry that support the launch and future growth of the Sandbox Wealth offering. These include innovations in artificial intelligence, open finance, and global instant payment networks that are shaking up the banking industry. This confluence of factors has the potential to empower independent advisory firms, which manage over $8 trillion, according to LLR Partners, with an alternate driver of organic growth. Sandbox is building a solution for a segment that needs access to holistic liquidity solutions while banking partners can grow high-quality lending and deposit portfolios.
10. Upstart
Advia Credit Union (Advia), one of the largest credit unions in Michigan with $3 billion in assets and nearly 200,000 members across Michigan, Wisconsin, and Illinois, has announced its partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to offer personal loans to more consumers.
Advia Credit Union started lending as a partner on the Upstart Referral Network in July 2024. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Advia’s credit policies will receive tailored offers as they seamlessly transition into an Advia-branded experience to complete the online member application and closing process.
