Articles from GFT Technologies

Digital fraud is rising fast: In the U.S., losses hit $12.5 billion in 2024. Online crime there reached $16.6 billion. In Europe, payment fraud topped €2 billion in just the first six months 2023.

Global digital transformation company GFT Technologies today announced its work to launch a generative AI powered credit risk assistant in the U.S. to inform and scale lending decisions for private capital firms and banks. The new tool automatically pieces together vast amounts of financial data to create credit reports, reducing timelines from hours and even days to mere minutes while ensuring compliance. By saving time on report creation, credit analysts can now increase their focus on assessing complex risk decisions.

In response to ongoing inflation and growing pressure to transform, the financial services industry is seeking to boost efficiencies by doing more with less. But despite the benefits offered by the cloud in speed, scalability and business agility, many companies are making missteps during the process of migrating their business to cloud-based infrastructures. Inefficiencies in these areas cost companies 14% more than their anticipated spend each year and have created months-long delays for more than 38%.

Traditional banks are at a critical point in their digital trajectories, having amassed significant consumer trust beyond that of digital-first challengers.