Latest news with #financialServices
Finextra
4 hours ago
- Business
- Finextra
Inside AI Assisted Software Development and why tools are not enough (Part 1): By John Adam
The recent squeeze on funding and margins is by no means only being felt in the financial services and fintech sectors. But it's fair to say the pinch is particularly hard and the necessity to quickly and effectively innovate is simultaneously more pressing than ever. The good news is, new AI tools can speed up delivery and improve the quality of software projects without adding to headcount. But even if that general statement is true, just using tools is not enough. Especially in a regulated industry like financial services. If there is no pre-approved list of tools and how and where they are applied in an SDLC (software development lifecycle), organisations have governance, observability, measurability and consistency issues. If 'real' gains are not measured by benchmarking against 'before', do they really exist? Tree falling in a forest metaphor. Certainly not in a way that can be scaled across or up an organisation. There is no clear business case, just intuition. Are tools and where and how they are being used compliant with organisational policy and regulatory frameworks? Has anyone read the privacy policies? I'm personally convinced that a big AI company having its Facebook/Cambridge Analytica moment falls under 'when, not if'. And when the first big AI privacy scandal does break, you don't want your organisation published in a list in a newspaper. To benefit from and scale the gains of an AI-assisted SDLC, organisations need a framework for structured, consistent integration + governance, observability and measurability. Just tools isn't enough. Realistic gains from an AI-assisted SDLC It's important to note that at the time of writing, we are in a period of rapid change in AI tooling. A good framework operates at a level or two higher than specific tools and allows for them to be interchangeable with upgrades. The market most of us operate in is at a point in its cycle where resources are at a premium. Most of the organisations I work with are expected to deliver more with less compared with pre-2023. In that context, banking the productivity gains achievable with AI tooling is non-negotiable. Organisations are demanding it in the demand for greater, better output despite fewer resources. Getting it right is also non-negotiable and that means marrying increased productivity with measurability, observability and governance, which I cover in-depth in Part 2 of this article. As an introduction to building a proper framework, I'll start by explaining the realistic improvements AI can provide to each stage of the SDLC: Product prototyping Developers use prototypes to test idea viability and functionality, and to gather user and investor feedback. Historically, the average prototype required 2 to 6 weeks of teamwork to complete. But by amplifying developers' work via low-code/no-code prototyping and AI-generated code and other AI tools, a clickable prototype can now be completed in days or even hours. UX/UI design UX (user experience) and UI (user interface) designers collaborate closely with developers to design website and app interfaces. Using AI tools that can quickly generate multiple design mock-ups and UI components based on foundational style guides and example concepts, designers can visualise ideas and user flows in various contexts to improve design clarity and direction long before designs touch a developer's desktop. Clarity improves the quality of initial designs and reduces designer-developer back-and-forth, meaning larger projects that took 4 to 6 months to complete now require far less effort and time. Even UXR (User Experience Research) is accelerated and refined. User interviews are, by necessity, long and complex, and result in large, qualitative datasets. AI tools can highlight patterns and repetition in datasets and transcripts in seconds—shining a spotlight on insights, false positives or even biased questions that human researchers may have overlooked. Architecture Software architects plan higher-level design, bridging technical and business requirements. Their diagrams include the sum of a products' components and their respective interactions; until recently, the initial design phase alone took 1 to 2 weeks. Using AI, architects can quickly draw up diagrams to easily visualise these relationships and standardise dependency versions across services. AI can also be trained to use PR comments to report architectural violations, and libraries can be unified to encourage stability across features. Better consistency and immediate feedback mean architects can work faster and create fewer iterations of a product before diagrams meet stakeholder expectations. Coding AI-powered tools for coding have a variety of use cases. My team uses a mix of tools and GenAI to: ensure comprehensive project documentation, automate code documentation and README generation, scan for duplicate code and suggest improvements, improve understanding of complex, inconsistent or unfamiliar code bases, unify code styles and standards across different microservices, and perform code completion and check for bugs and inconsistencies based on defined standards. Paired with manual oversight to catch any mistakes, we've accelerated writing and testing code by a minimum of 20% across projects. GenAI makes complex codebases easily understandable—meaning team members can flexibly move to work on unfamiliar projects and diminish time spent on internal comms by about 25%. One tool we use is SonarQube, which reviews code without executing it. It runs automatically in GitLab CI/CD (Continuous Integration/Continuous Delivery and Deployment) pipeline to find bugs, report security vulnerabilities, and enforce code standards to unify style and mitigate potential misunderstandings down the line with better code readability. Testing and QA (Quality Assurance) As they write code, developers write and run unit tests to detect initial bugs and security issues that eat up between 10% and 20% of their time. The SDLC is slowed further by code reviews and PRs, or feedback from experienced colleagues. Tests are postponed by days, sometimes weeks, if various code reviews are required and dependent on busy colleagues. GenAI can augment developers' efforts by writing unit tests, conducting code reviews and PRs in real time, and automatically generating and solving for edge cases to overcome bottlenecks like a lack of expertise or teammates' availability. AI augmented QA can reduce redundancy, unify access to code, and consolidate fragmented knowledge across a project to make a QA team more efficient. And AI-driven tools like Selenium, for example, can automate web app test writing and execution, accelerating product releases and improving product reliability. Automated testing is especially compelling in the context of projects with tight deadlines and few resources. For example, my team's AI toolkit for QA testing includes Llama 3.3 LLM to generate test cases and analyse code and Excel-based legacy documents, IntelliJ AI Assistant to automatically standardise test case formatting, and GitLab to run and test scripts automatically in the CI/CD pipeline. QA is one of the most impactful applications of AI tools in the SDLC and can commonly slash the resources required by up to 60%, while increasing test coverage. Deployment When a product is deployed to end users, AI can be added to the CI/CD to forecast use patterns and improve caching strategies, as well as automatically prioritise and schedule tasks for parallel execution. With AI oversight, the number of repetitive tasks is automatically reduced and resource allocation anticipated, improving latency and product release cycles without added manual effort. And AI-driven caching accelerates and simplifies rollbacks (reverting a newly deployed system to a more stable version of itself) by analysing previous deployments and predicting the necessary steps, reducing further manual effort by DevOps teams, for instance. My team uses Dytrance during deployment, which monitors and analyses system status, and sends self-healing recommendations in real time. Maintenance and Monitoring At this stage, teams work to fix bugs, keep the system secure and functioning well, and make improvements based on user feedback, performance data and unmet user needs. AI can automatically perform root cause analysis for error monitoring, and suggest solutions for maintenance and debugging. Tools my team uses include AWS Cloud Watch and Azure Monitor with AIOps, which automatically collect, analyse, and suggest responses based on monitoring data, accelerating issue response and system updates by 10x. The big picture The acceleration of the individual stages of software development is incentive enough for some teams to add tools and GenAI models to their workflows; especially at stages like QA and coding, where use cases are various and results potent. But by taking a step back and considering AI's impacts on the SDLC holistically, the argument in favour of AI implementation can be turned into a real business case. A business case that can be used to accelerate AI transformation across an organisation: Backed by a strong framework, organisations implementing AI across their SDLC see a 30%+ acceleration across projects in the first 6 months. The keyword being 'strong.' Organisations need a framework that guides leadership to select tools and govern their use, measures outcomes to understand the amount of value different tools offer, and encourages adoption in teams' workflows. Without it, teams are unable to measurably extract the full potential from new tools and efforts, and risk breaching internal and third-party governance in areas such as data privacy. Keeping my word count and your patience in mind, I split my deep dive into a framework for AI governance, measurement and adoption into a separate article: Here is Inside an AI-assisted software development framework: using tools is not enough Part 2.
Yahoo
15 hours ago
- Business
- Yahoo
Elon Musk's X to Offer Investments, Trading 'Soon:' FT
Elon Musk's X is stepping up its push to turn the social media platform into an "everything app," the Financial Times reported on Thursday. The platform, formerly known as Twitter, will "soon" allow users to make investments or trades on the platform, CEO Linda Yaccarino told the newspaper in an interview at the Cannes Lions advertising festival. "Soon you're going to be able to live your whole financial life on the platform," Yaccarino said in a panel appearance at the same event, listing peer-to-peer (P2P) payments, storing value, paying creators or watching pay-per-view (PPV) events as examples. X partnered with Visa to develop "X Money" earlier this year as a digital wallet and P2P-payment service. This forms part of Musk's ambition to turn X into a super app, akin to the Chinese WeChat, which offers numerous retail and financial services as well as messaging. Elon Musk has become closely associated with cryptocurrency over a number of years, due to his fondness for memecoin DOGE and the 11,500 BTC ($1.2 billion) that his electric-car manufacturer Tesla holds. As such, crypto observers will think it likely that any plans Musk has for X to provide financial services will involve cryptocurrency in some form. X did not immediately respond to CoinDesk's request for comment.
Yahoo
15 hours ago
- Business
- Yahoo
Oportun Harnesses Advanced Technology: Could This Be a Turning Point?
Oportun Financial OPRT has been leveraging technology to boost its underwriting standards and offer personalized customer service. The company uses artificial intelligence (AI), particularly machine learning (ML), to use alternative datasets to assess the credit profiles of its clients. This enables it to provide a score to roughly all its clients, including those who have little to no credit the company has been leveraging data from the recent inflationary period to enhance the V12 credit model to align with conservative credit standards through granular decision-making. OPRT acquired Hello Digit, Inc. in 2021, a neobanking platform offering automated savings, investing, and banking tools. This enables enhanced underwriting, leading to lower default risks, and ensures consistent revenue growth while mitigating costs. As a result, OPRT's annualized net charge-off (NCO) rate declined in 2024 to 12% from 12.2% in 2023. The NCO rate rose to 12.2% during the first quarter of 2025 due to lower average daily principal balance as the company sought to reduce back-book loan the lending database allows OPRT to scale up its operations efficiently with minimal infrastructure investment. Additionally, the company offers the Set & Save product, which helps its clients manage their money by analyzing their obligations and expense routines. Thus, the assimilation of sophisticated technology to address its customers' needs offers the company a competitive edge over its counterparts, which often rely on traditional datasets to provide credit scores. This enables it to grow its market share rapidly and achieve efficiency alongside solid underwriting. Oportun's peers like Enova International, Inc. ENVA and Regional Management Corp. RM have also been using robust technology to improve credit underwriting capabilities. Enova uses The Colossus Analytics Engine, a proprietary technology, to offer analytics and customer service capabilities to quickly evaluate, underwrite, and fund loans or provide financing. Roughly 90% of the models are ML-based for Regional Management has been improving its technological infrastructure to reduce its delinquency rates and source low-risk originations. Regional Management had a 7.1% delinquency rate during the first quarter of 2025. Shares of Oportun have surged 80.4% so far this year against the industry's decline of 6.3%. Image Source: Zacks Investment Research From a valuation standpoint, OPRT trades at a price-to-book ratio of 0.72, well below the industry average. Image Source: Zacks Investment Research The Zacks Consensus Estimate for Oportun's 2025 and 2026 earnings indicates year-over-year growth of 63.9% and 39.2%, respectively. Earnings estimates have been revised downward for both years over the past 30 days. Image Source: Zacks Investment Research Oportun currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regional Management Corp. (RM) : Free Stock Analysis Report Enova International, Inc. (ENVA) : Free Stock Analysis Report Oportun Financial Corporation (OPRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Globe and Mail
19 hours ago
- Business
- Globe and Mail
Outsourced Accounts Payable Services by IBN Technologies Improve U.S. Payment Workflows
U.S. businesses are adopting outsourced accounts payable services to improve invoice processing, vendor coordination, and payment accuracy. With rising transaction volumes and the need for compliance-ready workflows, providers like IBN Technologies offer structured solutions that enhance Accounts Payable Aging visibility and streamline financial procedures for long-term operational growth. Miami, Florida - 19 June, 2025 - Financial strategies across U.S. businesses are evolving as more companies reassess how they manage day-to-day operations amid rising internal demands. Accounts payable, once handled entirely in-house, is now a key area where outsourcing is gaining steady ground. Many organizations are responding to growing workloads and limited staff capacity by exploring external support to manage essential financial functions. Among the most adopted solutions are outsourced accounts payable services, now seen as a practical step toward maintaining consistency in payment processing. With administrative volume rising, business leaders are using outsourcing to refocus internal teams on higher-value work while ensuring vendors are paid accurately and on time. From mid-sized firms to expanding service-based enterprises, outsourcing AP functions helps reduce delays, improve oversight, and support healthier cash flow cycles. As part of this shift, processes such as invoice reconciliation are completed with greater accuracy, helping companies maintain clean records and minimize payment disputes. Business leaders across industries are viewing outsourced AP as a steady and reliable measure to reinforce operational discipline and protect financial stability in a competitive market. Streamline your AP process and measure the financial stability Today! Get a free Consultation: In-House Pressure Impacts AP Flow Finance departments managing accounts payable internally see rising demand for consistency and speed. As organizations grow, leadership teams are closely reviewing AP performance to support vendor trust, financial visibility, and operational efficiency across payment cycles. Invoice mismatches occur with high manual input volume Approval timelines depend on staff coordination across departments Extended payment cycles reduce responsiveness to vendor terms Categorization inconsistencies affect monthly financial clarity Audit tracking requires additional reconciliation time Teams allocate hours to locating documentation and invoice details Vendor follow-ups extend without structured dispute handling Legacy practices reduce process adaptability during scaling Strong financial decisions often begin with dependable accounts payable systems and structured accounts payable procedures. Business service firms with AP expertise are supporting companies with proven methods to enhance stability. Organizations such as IBN Technologies deliver customized AP management solutions, helping businesses maintain accuracy, improve payment flow, and strengthen overall financial operations with confidence. Expert Services Strengthen AP Control As more finance leaders revisit internal workflows, the demand for outsourced accounts payable services continues to grow. Trusted providers are helping businesses move beyond routine challenges by delivering structured, reliable solutions that support long-term financial visibility and operational strength. • Efficient payment handling improves consistency across high-volume invoice cycles • Well-defined review systems reduce errors and billing inconsistencies • Specialist-led insights support financial planning and vendor coordination • Flexible service structures evolve alongside company growth and workflow • AP aging analysis improves visibility into outstanding liabilities and timing • Invoice processing with three-way match ensures accuracy and control • Clear dispute resolution frameworks help maintain vendor trust • Duplicate prevention systems protect data integrity and payment history • PR and PO alignment simplifies process across departments and vendors • Accurate transaction recording ensures smoother month-end closings • Compliance tracking supports internal policies and vendor agreement terms • Statement reconciliation enhances clarity and timely payment resolution • Master file management maintains clean and current vendor records • Secure payment processing helps maintain confidence across finance teams "Outsourced AP services are becoming essential to help companies maintain control, accuracy, and scale. Strategic finance decisions increasingly rely on dependable partners who understand operational demands. — Ajay Mehta, CEO at IBN Technologies. Timely choices in accounts payable and receivable management, powered by refined accounts payable procedures, allow businesses to operate with precision. Firms such as IBN Technologies offer trusted outsourced accounts payable services, led by experienced professionals who deliver structured support, accurate results, and scalable financial solutions. Outsourcing AP Shows Strong Results Turning to outsourced accounts payable services, many U.S. businesses are seeing better results in how they manage payments, reduce costs, and work with vendors. Providers like IBN Technologies are helping lead this shift with real, measurable improvements. Invoices are handled faster, improving cash flow by up to 40%. Simpler approval steps help reduce time and manual effort. In-time payments lead to stronger supplier relationships. These results show how working with experienced providers like IBN Technologies gives businesses more control, fewer delays, and stronger financial performance. Future-Ready Accounts Payable Solutions Outsourcing is shaping the future of accounts payable as U.S. companies look to streamline financial operations and scale with confidence. Facing growing invoice volumes and tighter regulatory timelines, finance leaders are adopting outsourced accounts payable services to gain better control, improve processing speed, and strengthen vendor relations. The approach frees internal teams from manual burdens and creates space for more strategic financial planning. IBN Technologies delivers targeted solutions that address every layer of the solution AP, including invoice validation, vendor reconciliation, and Accounts Payable Aging analysis. Their structured services help businesses maintain accuracy across high-volume workflows while improving visibility into outstanding liabilities. By refining the Accounts Payable Procedure, their model supports faster approvals, cleaner audits, and stronger financial positioning. As outsourcing becomes a long-term strategy, companies are leaning on their expertise to turn routine AP into a driver of stability, compliance, and operational growth. Related Service: About IBN Technologies IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive AR efficiency and growth. Media Contact Company Name: IBN Technologies LLC Contact Person: Pradip Email: Send Email Phone: +1 844-644-8440 Address: 66, West Flagler Street Suite 900 City: Miami State: Florida 33130 Country: United States Website:
Yahoo
a day ago
- Business
- Yahoo
Experienced Leader Owen James Promoted to President of PRA Group Europe
Promotion Builds on Successful 13-Year Career at PRA Group, Most Recently Overseeing Record Portfolio Investments as Global Investments Officer NORFOLK, Va., June 19, 2025 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has promoted Owen James to president of PRA Group Europe. As president of PRA Group Europe, James will provide leadership across 15 markets in Europe, Canada and Australia. He will also be responsible for overseeing portfolio investments across Europe, while building on the continued profitability of the European business. James will report to President and CEO Martin Sjolund, who he succeeds. "I am honored to serve as president of PRA Group Europe and to build upon the success of our European business. I am excited to continue working with our senior leadership team in this new capacity to execute our strategy and further strengthen our company's presence in key strategic markets across Europe," said James. Over the past seven years, PRA Group's European business has delivered strong results and become a significant driver of the company's performance, with more than $3 billion successfully invested in portfolios across Europe. James has more than 30 years of experience in financial services. He joined PRA Group 13 years ago, through the company's acquisition of Mackenzie Hall Holdings in 2012. James performed various leadership roles in PRA Group's European business before serving as global investments officer, where he oversaw the company's global investment strategy. Prior to joining PRA Group, he worked for more than 15 years in a variety of senior roles at Intrum, a major European debt servicer and buyer. "Having worked with Owen for more than 10 years, he is the ideal person to lead PRA Group Europe to continued success. Owen has deep investment experience, strong operational know-how and is a highly respected leader in the global nonperforming loan industry. I know he will build upon PRA Group Europe's track record of success as one of the most efficient debt-buying operations," said Sjolund. About PRA GroupAs a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit Media Contact:Giovanna GenardVice President, Global Communications and External Affairs | Marketing Leader(757) Investor Contact:Najim Mostamand, CFAVice President, Investor Relations(757) 431-7913IR@ SOURCE PRA Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
