The AI Revolution: Billions Invested, Jobs Reshaped, and Fraud Fought 🚀🤖

1. Billions 🚀

According to Accel’s 2024 Euroscape report, Generative AI (GenAI) investments are on a remarkable rise, with $31.7 billion invested in 2024 alone, making up 40% of the total $79.2 billion in venture capital for cloud and AI-related companies this year. This adds to $56 billion in GenAI funding since 2023 🤑. Tech giants like Microsoft and Amazon drive this surge, with foundation models leading the way 🦁.

GenAI is transforming industries such as healthcare 🏥, legal services ⚖️, and finance 💼, offering specialised solutions that combine proprietary and generalist models. With businesses embracing hyper-personalised customer experiences and automated workflows, the wave of GenAI investment is set to grow even further.

Read the full report

2. No more fraud? 💰🤖

The US Treasury’s use of AI to fight financial crime is paying off big time. In fiscal 2024, AI-driven machine learning helped recover $1 billion in check fraud—nearly triple the amount from the previous year. Overall, the Treasury recovered $4 billion in fraud, a six-fold increase, by leveraging AI to sift through vast data and detect hidden patterns 🕵️‍♂️📊.

Though this isn’t the generative AI like ChatGPT, machine learning is essential in analysing large amounts of data at lightning speed ⚡. Treasury officials emphasise that while AI flags suspicious transactions, humans still make the final call on whether fraud has occurred 👥✔️.

The Treasury is just starting with AI-powered fraud detection and plans to adopt more advanced tools used by major banks and credit card companies.

3. AI takes your job, reader! 🦾

European banks are embracing AI to streamline operations and cut costs. Italy’s BPER Banca plans to reduce its workforce by 10% (around 2,000 jobs) by 2027 due to AI-driven automation ⚙️. But it’s not all cuts—BPER also plans to hire 1,100 new AI specialists to keep up with the tech shift.

Globally 🌍, AI is expected to have a big impact, with Citigroup predicting it could replace more jobs in finance than any other industry, boosting profitability by $170 billion 💰.

As banks like UBS and Deutsche Bank use AI to scan portfolios and fight fraud 🕵️‍♂️, Spain’s BBVA is testing over 100 AI use cases to improve productivity 🚀.

While AI is reshaping the workforce, it’s also driving up tech investments. In 2024, European banks boosted AI spending by 5.9%, outpacing other tech like cybersecurity and blockchain 🔐. The AI wave is just starting—bringing challenges and new opportunities!

So, there you have it, folks! Whether it’s transforming industries with $31.7 billion in GenAI investments, helping the US Treasury recover $1 billion in fraud, or reshaping the banking workforce, AI’s impact is undeniable. We’re only scratching the surface of what’s to come. As AI continues to evolve, the possibilities are endless—be it boosting productivity, enhancing fraud detection, or even reshaping entire industries. Stay curious, stay informed, and remember: AI isn’t just a trend—it’s the future! 🚀

Stay curious! 🤖

Max

Director of Bandera Agency Limited - a fintech marketing agency.

xx

P.S. It is my Birthday today 🎂

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