Palantir and xAI are launching a partnership aimed at exploring how companies operating in the financial services sector can use artificial intelligence.
The mentioned partnership was announced on Tuesday, May 6. It is worth noting that this interaction is a continuation of Palantir’s cooperation with TWG Global holding company, which was announced in March. The firms claim that the process of implementing their joint efforts is underway at a time when chief executive officers are recognizing the importance of artificial intelligence, although most brands remain stuck at the proof-of-concept stage.
Palantir chief executive officer/co-founder Alex Karp stated some of the West’s most critical institutions are spending too much time navigating cobbled-together systems and not enough time leveraging the transformative power of AI to unlock enormous growth. According to him, placing artificial intelligence at the core of operations empowers companies to drive faster, more meaningful outcomes for customers and generate far greater value for society.
Mark Walter, TWG’s chairman and chief executive officer, stated that AI’s potential can only be unlocked via a major shift in the approach to its integration. Besides, he noted that it needs to be managed by the very highest levels of the C-suite rather than siloed in a business’s technology group where it has traditionally resided.
Offerings partnerships include an agentic workforce, which the companies describe as modular artificial intelligence agents tailored to specific business processes, with a deep focus on orchestration across and between functions to deliver things like revenue generation to cost reduction.
The results of a special industry study indicate that currently in the United States, more than 70% of financial leaders actively use artificial intelligence in their operations. Among other things, 64% of them leverage machine intelligence to detect fraud. Also, 42% of financial leaders use artificial intelligence to automate customer onboarding. It is worth noting that this is one of the many examples of the integration of AI into the financial industry in the broadest sense of the relevant wording. For example, in the United States, almost all boards of banks have approved initiatives related to the use of generative artificial intelligence. This fact is a clear indication that the industry acknowledges the strategic importance of digital cognitive systems. In the banking sector, in most cases, artificial intelligence is considered as a tool for efficiency and a way to foster hyper-personalized customer experiences.
As we have reported earlier, Plaid Integrates Claude AI.
