The Daily Leo | GoHenry, Stripe and ChatGPT on the Spotlight
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GoHenry, Stripe and ChatGPT on the Spotlight
Financial Technology (FinTech) is growing and gaining attention in the financial services sector. There is a significant upgrade in several Finech designs allowing for improved collaborations for better delivery to teeming users. This comes with improved adoption, creating bigger opportunities for the future. This compilation explores the latest Fintech partnerships and strides of Fintech firms and products. The featured articles are worth your reading time.
GoHenry - Fintech to help kids develop good money habits
GoHenry is a UK-based fintech platform to help kids develop good money habits. Gohenry features a savings account for kids and teenagers to receive money and manage it. Users are taught the importance of financial discipline and help them develop money management habits through features like chores to earn money, parental controls, debit cards, account top-ups, and security measures. Parents can monitor and guide their kids' financial decisions through the platform. Through GoHenry, kids and teenagers could pick up important money management habits like making a budget, spending only when its necessary, making savings and many other things.
Bitstamp Partners with Stripe for EU Fiat-to-Crypto Onramp
Bitstamp, a cryptocurrency exchange has partnered with a top financial technology giant, Stripe to support Stripe's fiat-to-crypto onramp in the EU. This collaboration integrates Stripe's customizable widget into apps and websites, enabling seamless cryptocurrency purchases, including Bitcoin, Ethereum, Solana, Stellar, and USD Coin. With this partnership, Bitstamp will handle the fiat-to-crypto conversion and transaction settlements, to enhance its service offerings. Both Bitstamp and Stripe emphasize the partnership's role in improving accessibility and security for crypto transactions across the EU.
ChatGPT Mobile App Data Peaks
The impressive capabilities of GPT-4o, including its multimodal AI model and ability to understand emotions, have led to record-breaking revenue and downloads for the ChatGPT app available on App Store and Google Play. The app offers benefits to both free and paid users, with paid users having access to more features, including the Advanced Voice Mode, which allows for real-time conversations with ChatGPT, contributing to the app's success. ChatGPT's revenue peaked in July, with $28 million in net value. In addition, the firm found that Apple’s App Store accounted for 83% of the app’s revenue — a figure that has grown 20% since June.
Data Protection Commission Sues X Over GDPR Violations in AI Training
The Data Protection Commission of Ireland filed a lawsuit against X for violating the General Data Protection Regulation (GDPR) by using personal data without a valid legal basis. The suit alleges that using user data without consent to train its AI model Grok. The lawsuit was filed after the implementation of the Data Protection Law in 2018. The DCP is seeking a court order to restrict data processing for training AI models, including Grok, and there could be penalties of up to 4% of X's global annual turnover.
Big Data Analytics versus Financial Services
Big data analytics is primed to help financial institutions manage risk, improve customer experience, and fight fraud in a competitive market. This is made possible by providing accurate risk assessment tools, analyzing market risks, creating personalized customer experiences, providing real-time support, and detecting fraud through machine learning algorithms. The link between big data analytics and financial services should not be overlooked. How profitable can a career in Big data analytics be?.
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"ChatGPT's impressive AI capabilities and emotional understanding have led to huge success,