European banks forced to open their (data) vaults and AIs that teach themselves! Enjoy this weekly feed of inspiring, interesting and intellectual articles and news, with a focus on disruption!
European banks forced to open their (data) vaults
Starting in January, lenders in the European Union will have to provide rival firms with access to their customers’ accounts and data, as long as clients give their permission. This is due to the fact that lawmakers want to increase the competition within the sector under the revised Payments Services Directive, known as PSD2. What this means is that traditional banks must share customer data with fintech companies that are already trying to secure their customers. Will this cause the banking industry to be disrupted once and for all, or will the traditional banks find a way to deal with this new reality?
AIs that teach themselves!
Google’s AlphaGo, their Go competitor based on AI that is challenging (and beating) Go players all over the world, has been reworked and is now even smarter. Last year its learning was fed by using human games for it to observe, while the reworked version has been fed the rules, and been left to train itself by playing millions of games against itself. It quickly got better than humans (3 days) and then beat the old version of AlphaGo by 100 games to 0. Of course it is generating moves and strategies that look nothing like any human has ever done before. AI’s are getting smarter faster then before and while they are already a part of our lives (Siri etc), how so and in which parts will change drastically within the next decade as the keep getting smarter!
Picture: Getty Image