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S&P Global Introduces a Novel Artificial Intelligence Benchmark for the Financial Sector

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The debut of S&P AI Benchmarks by Kensho was discreetly announced by S&P Global, a prominent supplier of financial intelligence, on Wednesday. Large language models (LLMs) are used in complex financial and quantitative applications, and this creative solution seeks to establish a new benchmark for assessing LLM performance.

Created by Kensho, S&P Global’s AI-focused division, the benchmarking tool evaluates an LLM’s proficiency in tasks like quantitative reasoning, extracting data from financial documents, and proving domain-specific knowledge. Each model’s capabilities are transparently shown after the results are shown on a leaderboard.

According to Bhavesh Dayalji, CEO of Kensho and Chief AI Officer for S&P Global, “S&P AI Benchmarks combined Kensho’s cutting-edge AI research and engineering with S&P Global’s leading financial intelligence capabilities” in a VentureBeat interview. “We hope that the solution spurs more innovation in the FinAI space and becomes the industry standard for understanding how LLMs perform on complex financial reasoning.”

As more financial services organizations investigate the possibilities of generative AI and LLMs to improve efficiency and gain a competitive edge, the introduction of S&P AI Benchmarks is timely. Unfortunately, organizations find it difficult to evaluate which models are best suited for their particular use cases due to the absence of established benchmarks.

Encouraging Creativity and Thoughtful Judgment

According to Dayalji, “benchmark solutions like ours are critical to helping institutions and professionals across our industry determine which LLMs they should be using for their specific use cases.” In addition, “we think that S&P AI Benchmarks will spur innovation by assisting financial professionals in determining where each model excels and where it can bring the greatest benefit.”

Engineers, researchers, academics, and financial professionals from all of S&P Global’s divisions made up the diverse team of experts who developed and validated the S&P AI Benchmarks methodology. An LLM’s performance in three important categories is rigorously tested by the 600 questions that make up the evaluation set.

A Milestone for AI Adoption in Finance

The introduction of S&P AI Benchmarks, according to industry analysts, may represent a critical turning point in the financial sector’s adoption of AI. With increasingly sophisticated AI influencing the financial sector, companies will need a trustworthy and transparent benchmarking tool to help them choose which models to use. The FinAI space may see innovation spurred by S&P Global’s solution, which could also hasten the responsible adoption of LLMs.

S&P Global believes that S&P AI Benchmarks will be instrumental in influencing how AI will develop in the financial services industry going forward. “Our goal is for LLMs to become more efficient and better tailored to the demands of all the industries we serve, and our solutions will help us get there,” Dayalji stated. “In order for us to keep improving our framework, we encourage participation from all model providers.”

Tools like S&P AI Benchmarks by Kensho, which help organizations harness the power of AI and generative AI while ensuring accuracy, transparency, and responsible deployment, are poised to become indispensable guides as the financial industry navigates the rapidly evolving landscape of these technologies.

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Coforge and Microsoft Establish Copilot Innovation Hub to hasten the Deployment of Generative AI

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Global supplier of digital services and solutions Coforge Limited recently announced a partnership with Microsoft to launch the Coforge Copilot Innovation Hub. In addition to working closely with Microsoft to integrate these solutions with Microsoft’s generative AI products and technologies, such as Microsoft Azure OpenAI Service, Microsoft Power Platform, and Microsoft Copilot, the Hub will concentrate on building a pipeline of new, industry-specific cognitive analytics solutions.

Coforge announced the launch of two new copilots as part of the Copilot Innovation Hub: Underwriter Copilot for insurance companies and Advisor Copilot for financial services firms. An innovative technique to improve ROI and streamline the process of navigating the complexity of underwriting, the Underwriter Copilot for Insurance gives insurance underwriters more authority and the ability to make informed decisions. The goal of the solution is to increase carriers’ combined ratios by two to three percent in order to open up new income streams. Insurance carriers can achieve a 30- to 35 percent boost in underwriter productivity and efficiency by implementing Underwriter Copilot.

By removing the need for time-consuming searches across several tools, documents, and data sources, the Coforge Advisor Copilot solution gives financial quick access to full fund information and performance data through an intuitive interface. Financial advisers and asset managers should become more productive by more than thirty percent thanks to the solution.

According to Sudhir Singh, Executive Director & CEO of Coforge, “Coforge is leveraging its deep industry strengths and customer partnerships to build industry specific generative AI solutions on the Microsoft platform to drive transformation and enhance productivity.” Our efforts to provide our clients with generative AI solutions that lead the market will go even faster thanks to our partnership with Microsoft. He went on, “We are announcing two new copilots today: Advisor Copilot for financial services businesses and Underwriter Copilot for insurance carriers.

“Our combined commitment to transforming and scaling organizational capabilities of financial services firms globally is demonstrated by the Coforge Copilot Innovation Hub. The 2024 Work Trend Index Annual Report states that 75% of individuals utilize AI at work, and that the use of generative AI has nearly doubled in the last six months. According to David Smith, Vice President, WW Channel Sales, Microsoft, “Coforge and Microsoft are dedicated to spearheading AI adoption, fostering innovation, and unleashing business value for businesses worldwide.”

Through the automation of manual chores, the improvement of decision-making through the creation of suggestions based on corporate data, and the streamlining and optimization of business processes, these copilots will increase operational efficiency by utilizing Microsoft’s generative AI products and technologies. These solutions will help businesses generate new value streams and speed up change.

Microsoft’s generative AI products will be easier to implement with the Coforge Copilot Innovation Hub, leading to increased productivity and better business results.

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Samsung Appoints New Leader for Chip Unit as AI Competition Intensifies

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As the race to build artificial intelligence processors heats up, Samsung Electronics has replaced the leader of its semiconductor division.

In an unexpected announcement made by the business on Tuesday, Vice Chairman Jun Young-hyun has been named head of Samsung’s device solutions division. The company’s foundry, memory, and system semiconductor divisions are managed under the device solutions division.

“Vice Chairman Jun Young-hyun is the key player who took Samsung Electronics’ memory semiconductor and battery businesses to the global top-tier level,” the company stated in a news release.

Samsung is making this announcement as it battles to overtake its regional rival SK Hynix in the market for AI memory chips. When it comes to high-bandwidth memory (HBM) chips, which are essential for AI computing, SK Hynix is in the lead.

According to Samsung, if the board and shareholders approve, Jun may also be named as the company’s chief executive. Samsung has two chief executive officers: one leads the company’s semiconductor division, while the other oversees its mobile and visual display businesses.

Before taking on the role of chief executive of Samsung SDI, the company’s battery division, Jun led Samsung’s memory chip business team for three years, from 2014 to 2017. In 2000, he made his debut as a member of Samsung’s memory chip business team.

Kyung Kye-hyun, who oversaw the semiconductor branch since2022, is replaced by Jun. During the memory chip market collapse, the division under his direction reported billion-dollar losses. The 61-year-old Kyung has been posting lengthy and in-depth posts on social media platforms like LinkedIn and Instagram about subjects including technology and climate change.

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Kudos Secures $10.2 Million for Its AI-Powered Smart Wallet

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The Four Cities Fund, Samsung Next, SV Angel, Precursor Ventures, The Mini Fund, Newtype Ventures, Patron, and The Points Guy creator Brian Kelly all participated in the funding round.

Kudos, an app and browser extension, was founded in 2001 by a group with prior expertise at Google, PayPal, and Affirm. It functions as a smart wallet assistant by suggesting or choosing the best credit card for customers to use when making payments in order to optimize rewards and cash back.

Recently, the company introduced a number of new features: Dream Wallet, which suggests cards to members based on their spending patterns; MariaGPT, an AI-powered card discovery tool with over 3000 cards in its database; and Kudos Boost, which offers personalized rewards across over 15,000 partner brands, such as Walmart and Sephora.

Since its initial fundraising round, Kudos has raised its annualized checkout Gross Merchandise Value to $200 million and expanded to over 200,000 registered users.

It intends to use the additional funds to develop MariaGPT into a comprehensive personal finance assistant, introduce an AI-powered hub offering expenditure optimization insights, and create a gateway that lets users book flights using points.

As consumers budgets, various credit cards, and sometimes complex rewards programs, they want to know they’re receiving the best value for their money, according to Tikue Anazodo, CEO of Kudos. With just one user-friendly app and extension, Kudos streamlines everything.”

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