Recent innovations in artificial intelligence AI have given financial institutions FIs the ability to fight fraud and better serve their customers As of late FIs and law enforcement agencies have been using AI-enabled tools to tighten the noose around money laundering and putting an end to human rights abuses happening around the world In the latest Digital Banking Tracker PYMNTS explores the latest on FIs use of AI to improve customer service among other use cases Around The Digital Banking World A growing number of players in the financial services space are working to use open banking data to offer new services with the help of strategic partners Micro-investing app Moneybox for example is collaborating with Santander on a new integration The company recently unveiled a new partnership with the FI which allows Santander customers to use the Moneybox app to round up each transaction amount and prompts them to invest or save that extra change The alliance is Santanders first open banking partnership Elsewhere in the financial space Starling Bank announced plans to expand into the Banking-as-a-Platform BaaP space enabling third-party partners to use its banking license and application programming interface API infrastructure The new offering allows retailers and FinTech firms to develop and scale their own financial offerings including savings accounts current accounts and debit cards Meanwhile Facebook also seems to have its focus trained on open banking initiatives According to reports the company recently asked banks to share customer information such as checking account balances and card transactions as part of an effort to bring more commercial and payment offerings to the site allowing users to check account balances or receive fraud notifications Facebook is just one of many companies looking to offer new services with the help of open banking partners To read more on these stories and the latest headlines from the digital banking space check out the Trackers News and Trends section How Banks Can Help Reduce Human Trafficking Banks can use data AI and machine learning ML to find patterns in large collections of data in an anti-money laundering AML effort to identify the presence of fraud or a cyberattack In the same way FIs can use those tools to recognize patterns that indicate human trafficking according to the United Nations Financial Sector Commission on Modern Slavery and Human Trafficking The group led by Dr James Cockayne head of secretariat for the Commission and director of the Centre for Policy Research at United Nations University is working with FIs to create a roadmap for players in the financial sector to crackdown on the issue In a recent interview for this months Digital Banking Tracker feature story Dr Cockayne explained how banks can use tools like data AI and ML to interpret collected information I think there are two very promising developments we already see in the financial sector he said One is the use of Big Data to understand how the patterns of engagement differ between wholly legitimate businesses and those that are hiding this kind of problem To read the full story download this months edition of the Digital Banking Tracker About the Tracker The Digital Banking Tracker powered by Feedzai brings the latest news research and expert commentary from the FinTech and consumer banking space along with rankings of over 300 companies serving or powering the digital banking sector YOU MIGHT ALSO LIKE AI AML Digital Banking Digital Banking Tracker Facebook Feedzai FinTech Human Trafficking Main Feature mobile apps mobile banking Moneybox News real time payments Santander Starling Bank United Nations