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Most recently, I spoke to my banking provider. I needed his help in changing the card limit. The chatbot helped me a lot, but it blocked my card at the end of the conversation. I think it happened because it didn't recognize my command. But it turns out that instead of helping, I unblocked the card for another 20 minutes. So I began to think about how long it will be released software with bugs that are not tested beforehand. And I also wondered if AI could change the financial sector for the better?
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William.Front-end wrote: And I also wondered if AI could change the financial sector for the better?
Given the class of idiot that runs much of the banking sector these days ...
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Banks exist for one purpose: to prevent people having any access to their own money, and where this cannot be prevented by legal means delaying such access as long as physically possible.
Once you understand all the ramifications of this, much of what they do - including apparent bugs in the software - begins to make sense.
The application of artificial intelligence - indeed any intelligence at all - to the financial sector would interrupt the flow of old boys networking, insider trading, and embezzlement that is the mainstay of the whole system and will thus be managed to be as ineffective as possible.
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
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You give them too much credit.
I'm not sure how many cookies it makes to be happy, but so far it's not 27.
JaxCoder.com
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first off wow. and I thought I was cynical.
I knew you were cynical. All geeks are to a certain extent after a certain amount of experience. But my hat is off to you. <grin>
To err is human to really mess up you need a computer
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When it comes time to renew your mortgage, the banks will give you 12 repayment options; only a few of which make economic sense relative to the others.
They leave it up to you to pick the wrong one for you, but better for them.
They also have a whole bunch of weasel words (from a 3rd party) to make you think you need "credit card balance" insurance and makes it sound "free".
It was only in wine that he laid down no limit for himself, but he did not allow himself to be confused by it.
― Confucian Analects: Rules of Confucius about his food
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I made a payment from my bank to pay off my credit card bill for the month. I then wanted to use that credit card a day or so later but it was rejected - lack of available credit. I called them about it and they said it can take up to 10 "business days" to clear the payment. Why? They knew about the payment pretty much instantly as they showed the "balance" reduced - but it took 10 more days for the "available credit" to increase because the sending bank had to confirm that they had sent the money and this can take up to 10 of those pesky business days (two weeks in other words).
At this point I became speechless because my developer brain could not cope, so I hung up and used a different card for my shopping. Luckily I have two cards and can alternate between using them and paying them off. How do people with only one card manage?
- I would love to change the world, but they won’t give me the source code.
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A good reason to use a credit union instead.
Social Media - A platform that makes it easier for the crazies to find each other.
Everyone is born right handed. Only the strongest overcome it.
Fight for left-handed rights and hand equality.
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Actually it was a Credit Union - when I made payments from my regular bank they cleared in a day (still too slow since the actual behind the scenes transactions are near instant when TPF systems communicate).
- I would love to change the world, but they won’t give me the source code.
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� Forogar � wrote: when TPF systems communicate
Is that ACH?
Social Media - A platform that makes it easier for the crazies to find each other.
Everyone is born right handed. Only the strongest overcome it.
Fight for left-handed rights and hand equality.
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TPF (Transaction Processing Facility) is a high speed IBM operating system that, as its name implied, is used for very high speed processing of transactions such as when one bank talks to another (ACH is one example).
- I would love to change the world, but they won’t give me the source code.
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� Forogar � wrote: (ACH is one example).
ACH can be very slow. Depends on the bank's rules.
Social Media - A platform that makes it easier for the crazies to find each other.
Everyone is born right handed. Only the strongest overcome it.
Fight for left-handed rights and hand equality.
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� Forogar � wrote: How do people with only one card manage?
Having a good money management?  
M.D.V. 
If something has a solution... Why do we have to worry about?. If it has no solution... For what reason do we have to worry about?
Help me to understand what I'm saying, and I'll explain it better to you
Rating helpful answers is nice, but saying thanks can be even nicer.
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It always used to take 3 days to move any money anywhere, but the rules changed and now it's pretty much instantaneous in the UK.
In fact, I can do a transfer from my (Spanish owned) UK bank account to my US dollar account (with a US bank address and sort code) so fast that I get an SMS saying it's arrived before it shows as having left my UK account via the internet banking page ... 
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
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I wouldn't mind if was only three days - but two weeks?
- I would love to change the world, but they won’t give me the source code.
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Your delay might be a combination of Nacha and the "three days good funds" model.
"One man's wage rise is another man's price increase." - Harold Wilson
"Fireproof doesn't mean the fire will never come. It means when the fire comes that you will be able to withstand it." - Michael Simmons
"You can easily judge the character of a man by how he treats those who can do nothing for him." - James D. Miles
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Wow, do you have Italian banks, in the Wales?
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A good reason to use Credit Unions instead.
Social Media - A platform that makes it easier for the crazies to find each other.
Everyone is born right handed. Only the strongest overcome it.
Fight for left-handed rights and hand equality.
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William.Front-end wrote: So I began to think about how long it will be released software with bugs that are not tested beforehand.
It will...? 
Have you read the insider news the last couple of years?
Microsoft and many IoT companies are already doing it for years... 
M.D.V.
If something has a solution... Why do we have to worry about?. If it has no solution... For what reason do we have to worry about?
Help me to understand what I'm saying, and I'll explain it better to you
Rating helpful answers is nice, but saying thanks can be even nicer.
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If I knew how AI could improve FinTech I'd be developing something right now.
One area I'll have to do myself soon that maybe AI could help with is with reviewing transactions and looking for patterns.
Social Media - A platform that makes it easier for the crazies to find each other.
Everyone is born right handed. Only the strongest overcome it.
Fight for left-handed rights and hand equality.
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William.Front-end wrote: I spoke to my banking provider. I needed his help in changing the card limit. The chatbot helped me a lot
Your banking provider is a chatbot?
Given the fees I pay to my bank, they'll be losing a customer the instant I can't pick up the phone and talk to an actual real, live person.
That said, I still give them the benefit of being away outside regular business hours.
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William.Front-end wrote: change the financial sector for the better
Leading fintech companies already extensively use AI to change the sector for the better.... for them. As others have said, fintech companies generally don't care about what's best for the customer. Like any business, their goal is to improve their profits.
Having had some "FinTech" clients as a freelancer I know that in many cases their idea of "AI" involves a single IF statement. More often it involves totally ignoring the customers' input and directing them to whichever financial product they want to push that week.
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By getting rid of money.
I'm serious. How much money is in your bank account is such as moronic and archaic way of measuring "wealth", by which I mean one's skills, knowledge, and things that don't have any real value in the world at the moment unless you can somehow "get rich" on your talents. What a f****** up way to live and do commerce.
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I'm going to be the grumpy old ![Elephant | [mastadon]](https://codeproject.freetls.fastly.net/script/Forums/Images/elephant.gif) here. If I need to adjust my account in some way that affects my access to something I rely on, I'm not going to do it through phone automation, especially when it wants you to talk to it. If I'm on the phone it means the web access couldn't do it. The chances that the phone system can do it are less than that. I think I have a reasonably understandable and clear speaking voice, yet a lot of these systems think when I say "operator" they think I said "fork your mother" and get all pissy about it.
If I'm on the phone, I want to talk to a human being. The AI's being touted for these customer-facing systems aren't artificially intelligent at all. The AI or machine learning is just a fancy way to let humans use sloppy syntax negotiating their 14-node tree of permissible operations.
Software Zen: delete this;
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I don't.
The key word is artificial - definitely NOT intelligence!
The people who support it must be very unaware of themselves and feel quite inferior.
It makes me laugh. Maybe AC would be a better name "artificial comedy".
AI reminds me of quick sand. The more you struggle with it the deeper you sink.
Sorry all but after 35 years in IT that's my view.
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