Drugs and Environmental Damage

first_img Cocaine hydrochloride is a fine, crystalline powder similar in appearance to confectioner’s sugar. According to estimates by the United Nations Office on Drugs and Crime, or UNODC, 1 hectare produces enough coca to generate more than 4 kilograms of cocaine hydrochloride. This means that to produce 1 gram of cocaine hydrochloride, drug traffickers destroy approximately 6.5 square meters of forested area. According to the UNODC, the raw chemical materials used in processing cocaine hydrochloride destroy the ground cover of native plants, the ecological niches, the food chains, and the flora and fauna, drastically altering rainfall and weather patterns. The damage caused by illegal cultivation is “very dangerous because 1 hectare of illegal cultivation can destroy 3 hectares of forest in protected areas of Honduras,” said Gen. Walter López Reyes of Honduran Community Development. Nevertheless, the environmental impact of illicit cultivation cannot be measured solely in terms of the number of hectares or square kilometers affected, according to the Colombian Environment Ministry. The processing of drugs such as cocaine and heroin has a significant impact on the environment; that is, both coca and poppy are grown on a large scale in a process that involves deforestation, cultivation and the use of pesticides against weeds, insects and disease-causing organisms. “Although the total surface area used for these activities is relatively small, a high proportion of illicit cultivation and drug production occurs in remote areas near to, or in critical parts of, the biodiversity areas, something that certainly may happen in the region of La Mosquitia,” the general affirmed. According to a report by the Landscape Ecology and Environment Group of the University of Buenos Aires, or GEPAMA, refining coca into cocaine causes severe environmental damage because of the irresponsible disposal of the toxic chemicals used in the process. When illicit drug manufacturers dispose of the toxic residue, they often dump it indiscriminately into the nearest stream or river, where the damage increases significantly. “So, as in Colombia, it’s not going to be easy or quick to repair the damage caused by the production of illicit drugs in the woods and forests of Honduras if we don’t start to do something immediately,” Gen. López Reyes said. Disaster Mitigation After Hurricane Mitch led to landslides and floods that buried towns and destroyed more than 100 bridges in Honduras, the practices that had exacerbated the floods such as indiscriminate logging, cultivating only one type of crop and rapid urban expansion continued. The importance of protecting the forests lies in the fact that forests absorb, accumulate and release water, as well as protect the watershed from erosion caused by the winds and torrential rains of hurricanes. “Poorly-managed forests and drought conditions in Honduras have contributed to creating an environment in which the ecosystems are prone to forest fires,” said Rodolfo Stechmann Andino, a co-founder of Honduran Community Development. By Dialogo January 01, 2011last_img read more

How Pele, Maradona inspired Neymar to pitch tents with PUMA

first_imgPUMA has signed a long-term partnership with Brazilian football player Neymar Jr. Neymar will not only wear the PUMA King on pitch, but will be a brand ambassador off-pitch, wearing PUMA’s lifestyle, training, and sport-inspired footwear and apparel products. “Neymar Jr. joining our PUMA Family is fantastic”, said Bjørn Gulden, CEO of PUMA. “He is one of the best players in the world and extremely relevant for the global football and youth culture. We are very excited and look forward to working with him both on and off the pitch.” In a message to his fans on his social media channels entitled “The King is Back”, Neymar Jr. spoke about the impact that football greats such as Pelé and Maradona have had on his life, and his decision to follow in their footsteps by partnering with PUMA. “I grew up watching videos of great football legends such as Pelé, Cruyff, Eusebio and Maradona,” Neymar Jr. said. “These were the kings of the pitch, the kings of my sport. I wish to bring back the legacy that those athletes created on the pitch. They each played in PUMA, and each of them created their magic in The KING.”Advertisement Promoted ContentCouples Who Celebrated Their Union In A Unique, Unforgettable Way10 Risky Jobs Some Women Do10 Awesome TV Series That Got Cancelled Way Too SoonA Guy Turns Gray Walls And Simple Bricks Into Works Of ArtBirds Enjoy Living In A Gallery Space Created For Them12 Marvel Superheroes When They Were Kids6 Interesting Ways To Make Money With A DronePortuguese Street Artist Creates Hyper-Realistic 3D Graffiti6 Ridiculous Health Myths That Are Actually TrueThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical8 Things To Expect If An Asteroid Hits Our PlanetWhich Country Is The Most Romantic In The World? He continued: “Every time I lace my boots, my KING boots, I will do anything to achieve all of my dreams to honor my name and that of all those great ones who wore the KING before me. This will be my PUMA history. The KING is back!” read also:Neymar, Puma seal endorsement deal – reports Neymar has won several trophies in Brazil, Spain and France, as well as the Champions League and the Copa Libertadores. He also won the Olympic Gold Medal with the Brazilian National Team in 2016. He has scored 61 goals in 101 matches for Brazil, making him the third highest goal scorer for his national team. He currently plays for Paris Saint-Germain (PSG) and has won three French league titles, two Coupe de France, and two Coupe de la Ligue. He played an important role in leading the club to its first ever Champions League Final in 2020. FacebookTwitterWhatsAppEmail分享 center_img Loading… last_img read more

Barcelona sack Valverde and appoint Setien as successor

first_imgErnesto Valverde was dismissed after two-and-a-half-seasons in charge at BarcelonaMadrid, Spain | AFP |  Spanish champions Barcelona have sacked their coach Ernesto Valverde and appointed Quique Setien as his replacement, the club announced on Monday.The decision to remove Valverde was confirmed following a board meeting that lasted more than four hours at Camp Nou on Monday afternoon.Barca are top of La Liga but have won only one of their last five matches. Valverde is the first coach the club has sacked mid-season since Louis van Gaal in 2003.“FC Barcelona and Ernesto Valverde have reached an agreement to terminate the contract that united both parties,” read a club statement released on Monday night.Setien will be presented in a press conference at Camp Nou at 2.30pm local time (1330 GMT) on Tuesday.“Barcelona and Quique Setien have reached an agreement for the latter to become first team coach until 30 June 2022,” the club said.“Setien is one of the most experienced coaches in Spanish football,” it added. “Throughout his career he has been a proponent of possession based, attacking football that has been attractive to the fans.”His first game in charge will be at home to Granada on Sunday. Barcelona play Napoli in the last 16 of the Champions League next month and Real Madrid in the league at the start of March.Setien has made no secret of his admiration for the stylistic traditions of Barcelona, with the 61-year-old also renowned for favouring an exciting, offensive mode of football.A former player of Atletico Madrid and Racing Santander, he was circled as a potential Barca coach during a particularly successful period in charge of Real Betis.Setien led Betis to a sixth-place finish in 2018 and qualification for the Europa League but, despite overseeing a thrilling 4-3 victory at Camp Nou early the following season, results tailed off.Betis finished 10th and the club and coach parted ways in the summer. Previously, he also helped Las Palmas avoid relegation from La Liga in 2016.A footballing purist, Setien and Barcelona would seem a good fit, particularly if the players feel released from some of Valverde’s more pragmatic tendencies.But critics of Setien would argue style often takes precedence over substance and it remains to be seen how he handles the pressure of matching aesthetics with results at one of the world’s most demanding clubs.He will also have to do without Luis Suarez, who will be missing for the next four months after having surgery on his right knee. Share on: WhatsApp – European failures haunt Valverde –Doubts had surrounded Valverde for several months and were underpinned by two disastrous exits from the Champions League.Barcelona’s shocking collapse against Roma in 2018 was followed by a similar capitulation against Liverpool last year.Familiar fragility had been evident this season and a 3-2 defeat to Atletico Madrid in the Spanish Super Cup on Thursday, in which Barcelona conceded two late goals, prompted the board to act.Valverde arrived two hours early for his last training session with the squad at Ciutat Esportiva Joan Gamper on Monday morning before meeting with club president Josep Maria Bartomeu.Bartomeu then drove to Camp Nou, where he held a board meeting with several club officials including chief executive Oscar Grau, technical secretary Javier Bordas, vice president Jordi Cardoner and sporting director Eric Abidal.Grau and Abidal had returned to Barcelona on Sunday after spending the weekend in Qatar, where they had offered the job to Xavi, only for the club’s iconic former midfielder to indicate he was not ready to come immediately.In Valverde’s two seasons, his team won two La Liga titles, as well as the Copa del Rey in 2018, and another league success remained very much in sight this term, despite Madrid’s impressive form in recent weeks.But Barca’s performances have been unconvincing and there were lingering concerns about Valverde’s more functional tactics, which appear to have informed the switch to Setien.When Valverde arrived in 2017, Barcelona were wounded, hurting after the shock departure of Neymar to Paris Saint-Germain and humiliated, as consecutive defeats by Real Madrid in the Spanish Super Cup hinted at trouble for the season ahead.Instead, he steadied the ship and galvanised the team.They lost one league game en route to winning the title and the year after, they were champions again, finishing 11 points ahead of Atletico and 19 clear of Real.Increasingly, though, Valverde’s achievements faded from view and his failures began to overshadow them. On Monday, Barcelona decided his time was up.last_img read more

Riverhounds sign midfielder Joseph Ngwenya

first_imgJOSEPH NGWENYAThe Pittsburgh Riverhounds are pleased to announce the signing of midfielder Joseph Ngwenya, pending USSF approval.Ngwenya spent the 2013 season with the Richmond Kickers, where he tallied 23 points (9G, 5A) in 20 appearances en route to being named to the USL PRO All-League First Team and one of three finalists for league MVP.“I really liked the atmosphere when we played in Pittsburgh. It was sold out and the fans were amazing, “said Ngwenya, “I think the club has the best facilities in the league and the club’s ambition to win a championship is what ultimately drew me to Pittsburgh.”Originally chosen third overall in the 2004 MLS SuperDraft by the Los Angeles Galaxy, Ngwenya has made a total of 118 MLS appearances during stints with LA, the Houston Dynamo, Columbus Crew, and D.C. United.“Joe will bring a wealth of experience to the squad this year,” said head coach Justin Evans.  “He is a player who we think will come in and add even more power to our offense in 2014.”In January of 2008, Ngwenya was signed by Austrian Bundesliga club SK Austria Kärnten. In July, he appeared in the unofficial T-Home German Supercup for Bayern Munich against Borussia Dortmund.Ngwenya made his senior international debut for Zimbabwe on June 1, 2008 in a World Cup qualifier against Guinea with additional appearances against Kenya and Namibia.last_img read more

Man Calls For Removal of Columbus Statue

first_imgBy Liz Sheehan |LONG BRANCH – A city man is calling for the removal of the statue of Christopher Columbus from Slocum Park, adjacent to the city’s library.Gualterio Alomar, a utility worker who is also a documentary filmmaker and leader of a group called the Organization for Culture of Hispanic Origins (OCHO), cited Columbus’s brutal treatment of the natives in Puerto Rico and neighboring islands – as described by the 16th century historian and Dominican friar, Bartolome De Las Casas – as the reason for the removal request.He said Columbus’ use of the natives as slaves led to the practice spreading to other countries.“As far as I am concerned he gave birth to the slave trade,” Alomar said.According to Alomar, who moved to Long Branch six years ago, the statue is in a neighborhood that is predominantly Hispanic and black, two groups Columbus exploited.Questions about taking down statues of Columbus have been raised in other locations, including New York City, which is now conducting a review of statues in the city, according to an NBC news report in August.Alomar said he had spoken to Bill Dangler, the president of the Long Branch NAACP,After the request, Alomar said he saw a video of Dangler telling the City Council the NAACP was not in favor of the action, but did not receive a call from Dangler.After approaching other groups for support but not receiving it, Alomar said Wednesday he will go alone to the City Council to make his group’s request for the statue’s removal.“I’m going to take it on myself,” he said.Dangler said Tuesday the NAACP members decided not to back the request to remove the statue. He informed the Council of his organization’s decision because he had been told there were rumors going around the city’s Amerigo Vespucci Society – an Italian- American group formed in 1893 – that the NAACP would ask for the statue’s removal.“It is part of American history,” Dangler said about Columbus.“Good or bad, we should teach American history,” he said, and, “Teach the history of Columbus, the good and the bad.”An inscription on the base of the statue said it had been donated by “Americans of Italian extraction” in 1961.Alomor said the three-year old group OCHO provides education and mental health services to Hispanic communities free of charge through programs and seminars, counseling programs, and volunteer activities, all while preserving Hispanic culture and traditions. He said there was a need for mental health counseling to be done with an awareness of cultural differences.Alomor, whose documentary film, “Colonization is Extinction,” will be shown at the New York Latino Film Festival this month, said he had presented a workshop at the Long Branch library about OCHO’s concerns and history.His film is described on OCHO’s website as shining a light on the current state of Puerto Rico, its economic crisis and how colonialism has crippled the island.This weekend, the Long Branch Public Library will host Latino Fest from 1-5 p.m. on Saturday at its facility, 328 Broadway. On Sunday, the Columbus Day Parade will be held on at 1 p.m. The parade starts at Long Branch Middle School and travels Bath Avenue to Broadway and down Morris Avenue.This article was first published in the Oct.5-12, 2017 print edition of The Two River Times.last_img read more

Bergbau und Mineralien in Sudafrika

first_imgSudafrika, auch Schatztruhe der Welt genannt, verfugt uber reichhaltige mineralische Bodenschatze. Das Land produziert und besitzt einen erheblichen Anteil aller Mineralien weltweit.Sudafrikas Reichtum sind die schier unerschopflichen Bodenschatze: fast 90% der Platin-Vorkommen, 80% der Mangan-Vorkommen, 73% der Chrom-Vorkommen, 45% der Vanadium-Vorkommen und 41% der Gold-Vorkommen befinden sich hier. Nur Rohol und Bauxit kann das Land nicht bieten.Das Land ist ein fuhrender Produzent von Edelmetallen wie Gold und Platin, aber auch von Basismetallen und Kohle. Es ist der viertgroßte Diamantenhersteller, wobei Experten davon ausgehen, dass es immer noch potentielle weitere Vorkommen in Gebieten gibt, die noch nicht voll erschlossen sind.Stellenwert in der WirtschaftSudafrikas war uber ein Jahrhundert lang der weltweit großte Goldproduzent, wurde jedoch 2007 von China ubertroffen. Gold, einst der Schlusselfaktor in der sudafrikanischen Wirtschaft, hat an Bedeutung eingebußt, da die Wirtschaft des Landes vielfaltiger geworden ist.Allerdings ist der Bergbau in Sudafrika immer noch ein essentieller Wirtschaftsfaktor und Edelmetalle stellen 65% des Mineralienexports des Landes, was 21% des Gesamtwarenexportes 2006 entspricht. Das Land liefert 80% des Platins auf der Welt.Die Bergbauindustrie ist ebenfalls Sudafrikas großter Arbeitgeber mit uber 460.000 Beschaftigten und weiteren 400.000 weiteren Angestellten bei Zulieferern und unterstutzenden Dienstleistern.WandelDie Besitzverhaltnisse, der Zugang und der Abbau der mineralischen Bodenschatze des Landes wird im Minerals and Petroleum Resources Development Act of 2002 geregelt. Dieses Gesetz erklart den Staat zum Sachwalter uber diese Bodenschatze.Wandel ist eines der Hauptprobleme, mit dem der sudafrikanische Bergbau konfrontiert wird. Ein gleichberechtigter Zugang zu mineralischen Bodenschatzen wurde gesetzlich festgeschrieben. Eine erhebliche Beteiligung von bisher benachteiligten Gruppen ist der Gegenstand der brancheneigenen Verpflichtungserklarung im Zuge des “Black Economic Empowerment” (BEE).Derzeit sind uber 70% der Arbeitskrafte in dieser Industrie schwarz, davon allerdings nicht einmal 5% in leitenden Positionen. Die Regierung hat Vorgaben erlassen. Bis 209 wird von allen Bergbaugesellschaften erwartet, dass 40% der leitenden Positionen mit bislang benachteiligten Sudafrikanern zu besetzen sind.Weitere Zielvorgaben fur dien nachsten 10 Jahre sehen den Transfer von 26% der Bergbauanteile an Gesellschaften in schwarzem Besitz, und die Gewahrleistung, dass 51% aller zukunftigen Bergbauprojekte von Unternehmen in schwarzem Besitz kontrolliert werden.StarkenAls eines der Hauptbergbaulander zahlt Sudafrika hohe fachliche Kompetenz im Technik- und Produktionsbereich sowie umfangreiche Forschungs- und Entwicklungsarbeit zu seinen Starken.Das Land hat im Weltvergleich erstklassige Verarbeitungsanlagen fur Kohlenstoffstahl, Edelstahl und die Aluminiumindustrie, neben Gold und Platin. Sudafrika ist ebenfalls weltweit fuhrend in Sachen neue Technologien. Dazu gehort u. a. ein bahnbrechendes Verfahren, das geringhaltiges, extrafeines Eisenerz in hochwertiges Eisen umwandelt.Diese Art der Veredelung und somit der Wertsteigerung von Rohstoffen vor dem Export wurde vom Staat als einer der Hauptwachstumsbereiche herausgestellt. Hier liegen lukrative Ertragsmoglichkeiten fur nachgelagerte Aufbereitung und steigert den Wert von Eisen, Edelstahl, Kohlenstoffstahl, Aluminium, Platinderivat und Gold vor Ort.IndustriefuhrerZwei der weltweit großten Bergbaugesellschaften stammen aus Sudafrika. BHP Billiton, die großte Bergbaugesellschaft der Welt, kam im Zuge einer Fusion zwischen der sudafrikanischen Gesellschaft Billiton und dem australischen Unternehmen BHP zustande.Anglo American Plc, mit Borsennotierungen in London und Johannesburg, besitzt mehrere Tochtergesellschaften wie z. B. Anglo Platinum, Anglo Coal, Impala Platinum und Kumba Iron Ore.Der Diamantminenbetreiber De Beers, ebenfalls ein sudafrikanisches Unternehmen, ist im Besitz von Anglo American und einem Konsortium unter Fuhrung der Regierung von Botswana. Der weltweit wichtigste Diamantenproduzent baute 2007 ca. 51,1 Mio. Karat ab.Letzte Aktualisierung: September 2008SAinfo reporter. Quellen (Englische Websites):South Africa YearbookDepartment of Minerals and EnergyChamber of Mines of South AfricaStandard Bank: Economic Profile: South AfricaBusiness DayMining WeeklyMineweblast_img read more

Brand South Africa awards Excellence in South African Resonance Marketing at the Marketing Achievement Awards

first_imgAll roads led to the Valley of Waves; Sun City Resort in Rustenburg, for the inaugural Marketing Achievement Awards (MAA) where Brand South Africa was a partner. The awards celebrated excellence, recognised and rewarded successful marketing initiatives in the country’s marketing industry.Kicking off the day was a Marketing Summit that saw the auditorium filled with top marketers in the country to help unpack topics on;The future of marketing communicationsPan Africa, tomorrowMarketing with meaning and purposeAre South African companies innovating?Make you, or break you – reputation management in a highly responsive era,Co-creating a revised Brand South Africa strategyThe awards had ten categories one of which was Brand South Africa’s patron for “South African Resonance Marketing Award”, which recognised a brand that managed to resonate with South Africans.AB InBev for Castle Lager #SmashTheLabel  with its agency Ogilvy SA were the proud recipients of this award.Speaking on the awards, Brand South Africa’s Acting Chief Marketing Officer Ms Sithembile Ntombela said; “We congratulate all entrants and we say ha la la to all the winners. We say thank you for playing a significant role in enhancing the image, identity and reputation of the country brand.One of the highlights of the night was the induction of Archbishop Emeritus Desmond Tutu into the South African Hall of Fame.last_img read more

IMDb Arrives on Android…and “Everywhere”

first_imgsarah perez IMDb Goes Social…FinallyThe other interesting item being announced today is the “IMDb Everywhere” initiative. According to the company founder and CEO, Col Needham, IMDb customers want to engage with the site’s content “anywhere they are – from IMDb.com to their mobile phone to Facebook and Twitter.”Along those lines, the company is officially announcing the addition of “Like” and “Share” buttons which now appear across the site (and within its Android app), allowing users to publish their preferences on both Facebook, MySpace and Twitter. The “Like” buttons in particular take advantage of Facebook’s Open Graph, the social network’s new and ambitious platform to socialize the entire Web. When you “like” something on IMDb, be that an actor, movie, TV show, etc., that data then populates your Facebook profile page, publicly associating you with the object of your affection. In addition to the new social sharing measures, the company also mentioned its recently launched interactive Twitter account, @imdbbot, an automated service which responds to user questions about anything the site houses in its massive database. Unfortunately, the Twitter bot can’t answer free-form questions like “who was the lead in that movie about the vampires that came out last year?,” but instead can provide basic info about a movie, TV show or actor and a link to IMDb when tweeted in the proper format. (Details here). The popular web service for movie and TV info known as the Internet Movie Database (IMDb) has just arrived for Android phones in the form of a new mobile application. Like its iPhone sibling, which launched six months prior, the Android application has an optimized user interface for the small screen of mobile devices. Within the app, you can search for movie and TV info, actors’ bios, crew info, listings, reviews, trailers and anything else you could find via its desktop-sized website for PCs. It also takes advantage of Android-specific features, including its option menus and voice search capabilities. Along with the launch of the mobile application, IMDb is also announcing an initiative called “IMDb Everywhere,” which appears to be just a fancy name for the addition of “like” and “share” buttons across its website. Android App: Like the iPhone App, Except with Voice SearchIMDb, owned by Amazon, Inc., has expanded over the years to be much more than its name implies. It’s not just a “database” of movie information anymore – it’s a one-stop-shop for everything related to the entertainment industry. The site indexes data on all movies, TV shows and everyone related to a project, including bios, work histories and photos, but it also serves as an online TV guide, a place to watch trailers (for both past, current and upcoming films), a movie listings service, a box office results tracker and a tracking tool for DVD and Blu-ray release dates. The Android app doesn’t disappoint in this regard – it appears to offer everything its iPhone counterpart does, but with the addition of voice search too. Tags:#Facebook#Google#mobile#Multimedia#Product Reviews#web Related Posts 12 Unique Gifts for the Hard-to-Shop-for People… 4 Keys to a Kid-Safe App 5 Outdoor Activities for Beating Office Burnout 9 Books That Make Perfect Gifts for Industry Ex…last_img read more

Square Storms Japan

first_imgWhat it Takes to Build a Highly Secure FinTech … Tags:#Mobile Payments#now#square Related Posts The Rise and Rise of Mobile Payment Technology Square, the mobile payment service that has been making strong inroads within the North American retail sector, has announced the availability of its service in Japan. The company is already processing $15 billion in annualized payments, and this move into Asia is expected to greatly increase the popularity and profitability of the service.center_img readwrite Role of Mobile App Analytics In-App Engagement Why IoT Apps are Eating Device Interfaceslast_img read more

How AI Technologies Help Banks and FinTech Startups

first_imgVik BogdanovChief Marketer at 8allocate The financial industry was one of the first to adopt and enjoy the benefits of artificial intelligence (AI). The annual budgets of large banks amount to billions of dollars, which is comparable to the state budgets of some developing countries. No surprise that banks and financial organizations will be the key drivers of AI R&D in FinTech. They’ll also be the ones to bridge the AI knowledge gaps across other industries and support FinTech startups ecosystem.The largest and most successful credit organizations have already developed official AI strategies.Most of the strategies imply that internal or outsourced AI departments and teams be launched. According to the forecast of Autonomous Research, by 2030, AI technologies will allow banks to reduce operating costs by 22%. Savings of financial institutions can reach $1 trillion in the long run. At the same time, an acute problem for large banks is the lack of qualified AI developers and data analytics specialists. The lack of devs can slow down the development of technology in many sectors, with FinTech being damaged the most.The previous wave of FinTech startups and client applications in the field of financial services was associated with the proliferation of smartphones. At about the same time, the term “FinTech” itself appeared. Smartphones allowed FinTech projects and leading banks to take advantage of client location determination, encryption, digital signature, secure remote access, etc. As public and private cloud computing platforms emerged, work with financial data became streamlined and facilitated.AI and FinTech: a Happy Marriage?AI gave birth to a new wave of applications and services in the financial market. Since AI can handle unstructured information such as images, video, audio, location, and time series data perfectly well, there are already AI-based solutions able to detect fraud, assess creditworthiness and risks, identify a person based on his/her digital footprints, etc. In the insurance sector, they help identify insurance fraud, automate claims cases, and improve risk management.By using AI-driven chatbots, banks can take their customer relationships and experiences to the next maturity level, as they help personalize UX in real-time and in the most efficient way ever.Another AI product category that’s extremely popular among banks, and financial companies is a virtual assistant. Just like bots, they help walk the user through the bank’s services and products and, thus, improve the user journey, provide insights and set specific calls to action to increase goal conversions.Let’s take a look at some of the most exciting AI initiatives launched by banks and financial organizations.How Banks Leverage AI TechnologiesJP Morgan: uses AI to automate the analysis of loan agreements. The bank recently introduced the Contract Intelligence platform (COiN) which allows users to analyze such agreements, highlight the key terms and conditions, as well as critical data. Previously, this work required 360 thousand man-hours to complete.Wells Fargo: announced the creation of a special AI team that will be engaged in developing innovative payment technologies and improving services for its corporate clients. In particular, Wells Fargo’s AI team will work on creating technology that can help the bank provide more personalized online customer service.Current projects assigned to the bank’s AI team range from systems that can spot payments fraud or misconduct by employees to technology that can make more personal recommendations on financial products to clients.Bank of America launched Erica, an AI-based virtual assistant that is planned to be integrated into a mobile app and several ATMs all over the country.CityBank: has recently invested in several AI-based startups and projects like Feedzai that uses AI to detect and fight fraud in online banking. Another example is a company called Clarity Money that leverages the power of AI to help clients choose financial products and manage their assets.According to a press release, “Feedzai’s machine learning technology will automatically adjust controls to monitor discrepancies and changes in client payment behavior, allowing for the analysis and identification of potential anomalies in affected payments before they are sent for clearing. It will do this while ensuring that payments are processed quickly and efficiently.” Citi expects to launch its innovative solution in 2019.How FinTech Startups Leverage AIThe financial services industry is desirable for startups. Some of them strive to make a revolution in traditional banking, while others tend to help banks improve their products with new and advanced services. There are several AI use cases from a FinTech startup world: from fraud detection and consulting services to personal finance management to transaction assistance, and so on.Comparing consumer behavior with a vast array of historical data, we can find the smallest details and prevent cyber fraud in advance. AI tools are continually being trained and improved as they accumulate data and get upgrades.AI-based consulting robots can help reduce risks for clients by recommending suitable financial products and objects for investment through a variety of information sources.Particularly promising for FinTech startups is the sphere of personal finance management. There are already several successful startups here such as Mint and Wallet.These platforms can collect information about personal finances, track data over time and make informed decisions and recommendations. They are convenient to use and will suit even those who previously could not have the patience to monitor their expenses and income.The Most Promising AI Startups in the Financial SectorDreamQuark: is a platform for developing and designing AI applications specifically for the banking and insurance industries. It can be used for product selection, customer segmentation, fraud detection, credit scoring, and credit check.Alpaca: helps make predictions of events in the financial market. For their market forecasting models, they use in-depth high-frequency data training (machine learning, or ML) to recognize typical scenarios that indicate price changes. They developed MarketStore — a highly scalable, proprietary database server optimized for working with time series of financial data. Now, this software is entirely open-source.DataVisor: uses AI to detect fraud and other financial crimes. The company applies unsupervised ML models to find previously unknown fraudulent schemes. As a result, companies that use DataVisor products report their performance to be 50% more efficient than that of competitors.Quantexa: is another exciting new FinTech startup. It uses AI to predict risks of default, proactively detect fraud and create profiles of both unscrupulous actors and trustworthy clients, as well as describe the links between them.FinTech has taught banks to be user-centric and to anticipate future needs. Just as Tesla is more than just a vehicle, so are banking services: they become entire ecosystems. As users, we are fortunate: at this very second, someone is creating a new smart robot consultant that will tell you who to invest in and will use your dad’s voice to make the recommendation as personalized as possible. That’s how AI helps banks and FinTech startups gain a competitive advantage and make a difference when it comes to user experience. The Rise and Rise of Mobile Payment Technology Related Posts What it Takes to Build a Highly Secure FinTech … 6 User-Interface Musts for Personal Finance Apps Digital storyteller and brand journalist. Tags:#AI use cases in fintech#AI use in Fintech#how fintech startups use AI#how fintech uses AI The Top 5 Issues Faced by Futuristslast_img read more