The
#AIEye #Podcast: GBT’s (OTCPINK: $GTCH) CTO Discusses #AI in #Fintech Space and
Company’s New Patent Application for “Financial Manager” #artificialintelligence
#Stocks
discussed: (NYSE: $V) (NYSE: $BAC)
Vancouver, Kelowna,
Delta, BC – March 9, 2022
– Investorideas.com (https://www.investorideas.com/), a global investor news source covering
Artificial Intelligence (AI) brings you today’s special edition of The
AI Eye- podcast featuring
an exclusive interview and insight from emerging technology company, GBT
Technologies Inc. (OTCPINK:GTCH).
Listen
to today’s podcast:
https://www.investorideas.com/Audio/Podcasts/2022/030722-AI-Eye-GTCH.mp3
Read
this in full at https://www.investorideas.com/news/2022/artificial-intelligence/03091GTCH-Financial-Manager.asp
The Financial Technology (Fintech) space is seeing
increasingly more adoption of and integration with Artificial Intelligence (AI)
applications. Research from Reports and Data finds that globally, the
AI in Fintech market is projected to reach $49.33 billion USD by 2028. This is
used for fraud detection, transaction risk investigation, consumer analysis and
the employment of virtual assistance for customer support. In a recent
interview with Investorideas.com, Danny Rittman, the CTO of GBT Technologies
Inc. (OTC PINK:GTCH), commented on the
inevitability of this.
“In any type of Integrated Circuit (IC) and its
derivatives, AI will follow it,” Rittman said.
GBT recently announced the filing of a non-provisional
patent application with the US Patent and Trademark Office for systems and
methods of a financial software application for a secured, AI-controlled credit
card management system. According to the press release, this is for the
creation of “a smart "Financial Manager" that helps users with credit
line monetary decisions, always ensuring their best interest.”
Rittman explained how and why such a service would be
useful for credit card users and how the AI works.
“It’s hard to track which card is the best to use
sometimes, in terms of interest rate which one gives you the best frequent
flier mileage and which one earns you the best gifts and benefits overall,” he
said. “Having an AI system as a financial advisor that is connected to
consolidate all credit cards into one account and do this selection for you,
can make a whole world of financial difference. It’s going to automatically
create on the fly, the best financial advisor, telling you which card to use in
which time and occasion in order to reach the best result for the user.”
“The AI constantly monitors and supervises. So for
every transaction it’s connected to the credit card system and the AI is
informed about every charge, and does the analytics per card.”
“It will choose which account and credit card to be
used based on intelligent analytics that will be done at the time. So once the
AI starts studying and learning about the user’s credit accounts, it will know
more and more with time which card to use when and how for the best interest of
the user.”
Credit card, fintech, and digital payments giant Visa (NYSE:V), as early as 2019, employed AI in its
Visa Advanced Authorization, which uses predictive analytics to identify
real-time fraudulent transactions. The company announced that in 2021 it had helped financial
institutions prevent more than $354 million AUD in fraud from impacting
Australian businesses by leveraging its AI technology.
Visa's Head of Risk for Australia, New Zealand and
South Pacific, Carolina Gallegos, said:
"Trust
underpins everything we do at Visa, including our approach to innovation. We
are investing more heavily than ever in systems resilience, fraud management
and cybersecurity, including tokenisation, AI and blockchain-based solutions to
bring even more security to ecommerce and Australian businesses."
Gallegos went on to say:
"Put
simply, commerce is moving online, so fraudsters are focusing their efforts
online and Visa's AI security helps make every single split-second assessment
more sophisticated. A lot of the time, breaches can happen months before actual
fraud takes place, so we help businesses identify if they have been a victim
early on and take action before it occurs,"
Bank of America’s (NYSE:BAC) Erica
is a virtual assistant that leverages advanced analytics and cognitive
messaging. According to a recent press release, 24.6 million Bank of
America clients had interacted with Erica
a total of 659 million times since 2018. David Tyrie, Chief Digital Officer and
Head of Global Marketing at Bank of America, said:
"Now
more than ever, consumers and businesses depend on digital, and Bank of America
continues to deliver efficient, safe and reliable digital financial solutions.
Our digital capabilities allow our clients to easily manage every aspect of
their financial lives across banking, investing, lending and retirement, with
access to advice and guidance from our financial professionals and through our
financial centers when they need it."
Another technology growing alongside AI in the Fintech
space is Blockchain, which overlaps with the former increasingly often in
general, and according to Rittman, in GBT’s aforementioned patent application.
“The blockchain is actually already covered in this
patent as well,” he said. “We use it to secure data, to manage data, and to
make sure that privacy and security is assured especially with today’s
cybersecurity issues that are evolving as we speak. It is imperative to use
blockchain, there is no question about it.”
“We actually have our AI integrated with and managing
the blockchain activities and algorithms, and it’s going to be part of the
overall technology that we develop in the future.”
Sam Mowers,
Investorideas.com
Read and hear other editions of the AI Eye
For a list of artificial intelligence stocks
on Investorideas.com visit here
About
GBT Technologies Inc.
GBT
Technologies, Inc. (OTC PINK: GTCH) (“GBT”) (http://gbtti.com) is a development stage company which considers itself a
native of Internet of Things (IoT), Artificial Intelligence (AI) and Enabled
Mobile Technology Platforms used to increase IC performance. GBT has assembled
a team with extensive technology expertise and is building an intellectual
property portfolio consisting of many patents. GBT’s mission, to license the
technology and IP to synergetic partners in the areas of hardware and software.
Once commercialized, it is GBT’s goal to have a suite of products including
smart microchips, AI, encryption, Blockchain, IC design, mobile security
applications, database management protocols, with tracking and supporting cloud
software (without the need for GPS). GBT envisions this system as a creation of
a global mesh network using advanced nodes and super performing new generation
IC technology. The core of the system will be its advanced microchip
technology; technology that can be installed in any mobile or fixed device
worldwide. GBT’s vision is to produce this system as a low cost, secure,
private-mesh-network between any and all enabled devices. Thus, providing
shared processing, advanced mobile database management and sharing while using
these enhanced mobile features as an alternative to traditional carrier
services.
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