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House Financial Services Committee Examines AI Regulations in the Financial Sector

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The House Financial Services Committee is examining the need for regulations to govern the use of artificial intelligence (AI) in the financial sector. This article explores the key points of discussion and the potential impact of AI regulations on banks and financial institutions.
The Role of AI in the Financial Sector
AI technologies are increasingly being used in the financial sector to enhance efficiency, improve customer service, and manage risks. From fraud detection to algorithmic trading, AI applications are transforming how financial institutions operate.
Common AI Applications:

Fraud Detection: AI systems can detect and prevent fraudulent transactions in real-time.
Algorithmic Trading: AI algorithms analyze market data to execute trades at optimal times.
Customer Service: Chatbots and virtual assistants provide instant customer support and personalized recommendations.

Regulatory Considerations
As AI becomes more prevalent in the financial sector, there is a growing need for regulations to ensure its ethical and responsible use. The House Financial Services Committee is considering several key regulatory issues.
Key Regulatory Issues:

Bias and Fairness: Ensuring AI algorithms do not perpetuate biases or discriminate against certain groups.
Transparency: Mandating transparency in AI decision-making processes to enhance accountability.
Data Privacy: Protecting customer data and ensuring compliance with data privacy regulations.
Risk Management: Implementing measures to manage the risks associated with AI technologies.

Potential Impact of AI Regulations
The introduction of AI regulations in the financial sector could have significant implications for banks and financial institutions, affecting their operations, compliance requirements, and innovation strategies.
Operational Impact:

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Compliance Costs: Financial institutions may incur additional costs to comply with new regulatory requirements, including bias mitigation, transparency, and data privacy measures.
Operational Changes: Banks may need to modify their AI systems and processes to align with regulatory standards, impacting their operations and efficiency.

Innovation Impact:

Encouraging Innovation: Clear and supportive regulations can promote innovation by providing a stable and predictable environment for AI development.
Balancing Risks and Benefits: Regulations can help balance the benefits of AI with the need to manage associated risks, fostering responsible innovation.

Consumer Impact:

Enhanced Trust: Regulatory measures that ensure fairness, transparency, and data privacy can enhance consumer trust in AI-driven financial services.
Improved Services: By promoting ethical AI use, regulations can lead to better and more personalized financial services for consumers.

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Expert Opinions
Experts from the financial and regulatory sectors provide valuable insights into the potential impact of AI regulations and the steps needed to ensure their effective implementation.
Regulatory Experts:

Clear Guidelines: Experts emphasize the need for clear and detailed regulatory guidelines to help financial institutions understand and meet compliance requirements.
Collaboration: Collaboration between regulators, financial institutions, and AI developers is crucial to develop practical and effective regulations.

Industry Leaders:

Proactive Compliance: Financial institutions should proactively engage with regulators and adopt best practices to ensure compliance with emerging AI regulations.
Focus on Ethics: Industry leaders highlight the importance of integrating ethical considerations into AI development and deployment processes.

Conclusion
The examination of AI regulations by the House Financial Services Committee represents an important step towards ensuring the responsible use of AI in the financial sector. By addressing key issues such as bias, transparency, and data privacy, regulations can promote ethical AI use and foster innovation. Financial institutions that embrace regulatory changes can enhance their operations, build consumer trust, and drive responsible innovation.
Source of the news: FedScoop
The post House Financial Services Committee Examines AI Regulations in the Financial Sector appeared first on HIPTHER Alerts.

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Sabio Group & Avaya helps Transcom eliminate language barriers in customer service with award-winning AI-powered real-time translation solution

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Transcom, a leading global customer service provider, has partnered with Avaya, a global leader in enterprise CX, and Sabio Group to create an award-winning AI-powered, real-time translation solution that can enable contact centre agents from anywhere in the world to converse with customers in over 100 languages.
The solution, underpinned by the Avaya Experience Platform and integrated by Sabio, an expert services partner specialising in CX transformation, represents a significant step forward for the BPO industry, enabling Transcom to recruit agents based on their knowledge, rather than their language skills. This creates new levels of scalability when it comes to building skilled workforces capable of delivering outstanding CX.
“In our industry, it is sometimes challenging to recruit enough agents to support all our global markets. And if we do, it’s often costly to hire and retain them. Working with Avaya and Sabio, we’re empowering agents around the world to offer high-quality customer service in every required language for our clients,” said Jakob Westgren, Senior VP – Head of IT Products and Partners, Transcom.
The solution integrates real-time translation and conversational AI tools with an Avaya Experience Platform contact centre core. Speech-to-text and text-to-speech AI technology are paired with multiple translation engines and custom dictionaries to create real-time voice translation, eliminating language barriers between agents and customers.
“The open APIs present in Avaya Experience Platform enabled us to integrate what we call the Transcom Translation framework. This means that, when deployed, the solution is seamlessly integrated into core business, customer experience​,​ and operational quality assurance processes. This technology integration, with such an obvious real-world outcome, really becomes a differentiator,” said Westgren.
In addition, Transcom – which earlier this week picked up the ‘Best Use of AI Award’ at the international GITEX Global conference in Dubai for the project with Avaya and Sabio – estimates that the solution can provide clients serving customers in multiple languages with a significantly reduced total cost of ownership. “With real-time voice translation, we believe we can reduce costs for these types of clients by 25%, or as much as 65%, depending on the use cases and markets,” said Westgren.
Cameron Thomson, Group Vice President – EMEA, Avaya, said: “This is an exciting solution leveraging the power of AI, and open platform APIs, to eliminate language barriers between agents and customers. As a result it’s changing the BPO game, and we couldn’t be more proud to be supporting that transformation.”
Rob Scutchings, Chief Technology Officer at Sabio, added: “This market-leading – and now award-winning – solution showcases the transformative power of AI. By integrating cutting-edge speech transcription and real-time language translation capabilities with Avaya’s robust platform, we’re not just breaking down language barriers – we’re redefining the possibilities of global customer service.
“This project exemplifies Sabio’s commitment to driving CX transformation through innovative technology integration. We’re thrilled to collaborate with both Transcom and Avaya on this initiative, which we believe marks the beginning of a strategic partnership where Sabio is the ‘go-to partner’ for these kinds of high-value technology enhancements.
“Our expertise in CX transformation, combined with Transcom’s industry leadership and Avaya’s advanced platform, creates a powerful synergy that will continue to push the boundaries of what’s possible in customer service delivery.”
The solution deployed by Transcom is on display at Avaya’s stand at GITEX Global 2024. Avaya’s participation in GITEX Global comes in partnership with Sestek and Cognigy, as well as additional technology partners.
Avaya and Sabio are hosting a webinar alongside Transcom on Tuesday, October 22nd which will take a deep dive into the real-time translation project.
The post Sabio Group & Avaya helps Transcom eliminate language barriers in customer service with award-winning AI-powered real-time translation solution appeared first on HIPTHER Alerts.

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Hugues Péribère of Overseed Named in the 2024 Business Worldwide Magazine CEO Awards

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Hugues Péribère, CEO of Overseed, has been named CEO of the Year in Europe’s Biopharmaceutical Industry in the 2024 Business Worldwide CEO Awards.
Internationally acclaimed for celebrating the most esteemed C-level executives, the awards recognise outstanding leaders across a wide range of industries. The focus is on the visionaries—CEOs, Managing Directors, and senior managers—whose leadership drives their organisations to success.
Péribère’s achievement highlights his exemplary work in leading Overseed, a pioneering force in France’s biopharmaceutical landscape, particularly in medical cannabis production. Under his leadership, Overseed has emerged as a frontrunner in the development of pharmaceutical-grade medical cannabis in France. With expertise in genetics, agronomy, and pharmaceutical chemistry, Overseed is set to become the first French manufacturer of 100% cannabis-based medicines, helping to shape the future of healthcare as France prepares for the legalisation of medical cannabis in 2025.
Péribère, an agronomic engineer with a strong background in managing specialised plant cultivation across Europe, founded Overseed in 2020. His deep understanding of supply chains, geopolitical and climatic issues related to production, and the medical benefits of cannabis has positioned Overseed as a key player in addressing critical public health needs through innovative cannabinoid treatments.
The company is dedicated to producing high-quality, pharmaceutical-grade cannabinoid products that meet the needs of patients suffering from conditions such as chemotherapy side effects, multiple sclerosis, and neuropathic pain. By focusing on national sovereignty and producing its treatments within France, Overseed ensures reliable patient access and mitigates risks of supply chain disruptions.
“Overseed is not just about responding to market demands; we are building an industry that will serve the public health of France for years to come,” said Péribère. “This award reflects our team’s commitment to advancing medical research and setting a high standard for cannabinoid-based therapies.”
Overseed has been a leader in research and development since 2021, when it became the first company to receive R&D authorization for the cultivation of Cannabis sativa L. in France. The company’s partnerships with institutions such as the CNRS/CBM and the University Hospital of Orléans have enabled critical research into expanding the therapeutic use of cannabis.
With plans to further scale its operations, Overseed is set to meet the growing demand for medical cannabis as legalisation approaches. Overseed’s diverse product portfolio, including CBD- and THC-dominant oils, will address the specific needs of patients suffering from conditions approved for medical cannabis treatment.
To learn more about Overseed’s journey and its pioneering work in medical cannabis production, visit www.overseed.fr.
Further information about the Business Worldwide CEO Awards can be found at https://www.bwmonline.com/2024-ceo-awards-winners/
The post Hugues Péribère of Overseed Named in the 2024 Business Worldwide Magazine CEO Awards appeared first on HIPTHER Alerts.

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The Readyverse Debuts AI Tool “Promptopia” for Limitless Creativity in Gaming

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Readyverse Studios, a leading next-gen game publisher, proudly unveils Promptopia, an AI-powered generative creation tool that brings unmatched creative possibilities to the digital world. Making its debut at the Blockworks tech conference Permissionless III, Promptopia is an innovative sandbox experience where players can bring their imaginations to life by creating game-ready objects, environments, music, and more with the simplest of text prompts.
Unlocking  a new level of digital creativity, Promptopia combines multiplayer gameplay with real-time AI asset generation allowing users to build, share, and play in a world shaped by their own ideas. By harnessing the latest in AI technology, Promptopia shatters the boundaries between creators and players, transforming anyone into a game designer with ease.

Promptopia provides players with limitless creative freedom, integrating AI tools in real time to generate 3D assets and environments within The Readyverse platform, which already includes a variety of globally recognized IP, such as Reebok, Cool Cats, DeLorean and Ready Player One. From stunning scenery to interactive objects, Promptopia opens a world of possibilities in a social, collaborative virtual environment. 
“Promptopia is a new experimental game experience that allows us to see how generative AI and game mechanics can come together in interesting ways,” said Readyverse Studios Co-Founders Aaron McDonald and Shara Senderoff. “Promptopia builds the groundwork for the UGC experience in The Readyverse. We’re giving players the ability to make what’s in their mind an immediate reality, and have prompt engineering become part of a deeper immersive gameplay experience. We’ve prioritized creativity and fun at the core so the interactive user experience can be appreciated by every gamer as they bring their imaginations to life through gameplay. It’s a blank canvas waiting for your ideas to be incorporated.”
While many tech giants are exploring the possibilities of AI, Promptopia from Readyverse Studios sets a new standard by offering an unparalleled level of integration within gameplay. As part of The Readyverse ecosystem, and using the novel “Altered State” generative 3D model developed by Futureverse and music AI platform Jen, players can generate real-time, game-ready assets, environments, and soundtracks through simple text prompts. Promptopia is designed to democratize game creation, allowing anyone to become a creator regardless of their technical skill level.
The post The Readyverse Debuts AI Tool “Promptopia” for Limitless Creativity in Gaming appeared first on HIPTHER Alerts.

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