It’s not the biggest fintech investment Euromoney has reported on, but the participation of ING Ventures and UniCredit in a €1.3 million series-A funding round for Italian startup Axyon AI might be a signpost to the future for wholesale banking and finance.
Artificial intelligence is most known for being the power behind the ‘if you bought that, surely you’ll want to buy this’ follow-on recommendations on Amazon, adverts on Google suggested by previous search history and fraud detection by retail banks spotting purchases or transfers that don’t fit a customer’s previous habits or locations.
Axyon AI, by contrast, aims to apply AI to the core of the capital markets.
|
Frank Abbenhuis, |
“There are many AI startups active in the finance vertical,” Frank Abbenhuis, vice-president of strategic alliances at Axyon AI, tells Euromoney. “But when we started, there weren’t many focusing purely on building a solid technology platform to apply deep learning to time-series forecasting of financial data.”
Deep learning is a subset of machine learning where an algorithm is ‘trained’ on a set of data through which it establishes a logic structure, and the logic structure is then applied in a ‘decision algorithm’ to infer outputs without supervision.
