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BFCSA
MORTGAGE
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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
When will somebody realise privatisation and outsourcing should be outlawed?   Slater and Gordon stays in business at the mercy of its lenders By business reporter Sue Lannin Posted about 3 hours ago http://www.abc.net.au/news/2017-02-27/slater-and-gordon-operating-at-the-mercy-of-its-lenders/8306088 Troubled law firm Slater and Gordon has admitted it is effectively broke and operating at the mercy of its lenders. The company's latest financial accounts for the six months to the end of December, 2106 reveal its debts exceed its total assets by $126 million and its cash flow is negative to the tune of $11.4 million.   The indebted company made a net loss of $425 million dollars for the six months to the end of December, after it wrote down the value of its UK business by a further $350 million and revenue slumped by a third, mainly in the UK. The firm said it also saw underperformance in both Australia and the UK in...
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If Turnbull has not yet resigned he must still have a few chores to fulfil on his hidden agenda!    Surely not for banks!   One Nation threatens Coalition unity by tearing into Nationals heartland Analysis By political editor Chris Uhlmann Updated about 6 hours agoMon 27 Feb 2017, 8:17am   http://www.abc.net.au/news/2017-02-27/coalition-unity-threatened-by-nationals-fear-of-one-nation/8304864   Malcolm Turnbull's party woes go well beyond Tony Abbott's unholy war.   Because, with One Nation biting deep into National Party heartland, there's a risk the federal Coalition will be torn apart. In a fight for their lives, some MPs might decide they can't battle an anti-establishment insurgency if they are the establishment.   A rational conclusion might be that only way to convince angry voters that you are on their side is to lay siege to the Government. Or leave it.   Mr Abbott's latest intervention will only embolden Nationals who already fear the conservative base is...
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Corporate tax reform stalls while government axes welfare February 26, 2017 http://www.michaelwest.com.au/corporate-tax-reform-stalled-while-government-axes-welfare/   As the government takes the long-handle to penalty rates, family benefits and climate-change funding – while dangling a $50 billion package of tax cuts in the direction of its big business party donors – it is worth bearing in mind that a third of Australia’s biggest companies pay zero tax. Another third pay virtually zero tax, a feeble fraction of their profits. Meanwhile, corporate tax reform has stalled. In the wake of the 2015 Senate hearings on multinational tax avoidance, the government introduced new legislation. One amendment, yet to be acted upon, requires multinationals to file proper financial statements, or “General Purpose” financial statements, so they can’t as breezily conceal dubious tax deals thanks to skimpy disclosure.   A second amendment is a simple transparency measure. For two years straight, the Tax Office has required large companies to...
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Something in this article that sums up what people think of the Libs   The Turnbull Government has only one policy — to punish the poor and advance the affluent, writes managing editor Dave Donovan. 27 February 2017 Dave Donvovan https://independentaustralia.net/politics/politics-display/protecting-the-powerful-and-increasing-inequality,10062 THE TURNBULL GOVERNMENT has been in power for near 18 months. It appears to have only one agenda: to punish the underprivileged and impoverished, increase inequality, and pump up and promote the prosperous and powerful. And so, last week, we saw a decision that cuts the penalty rates for hospitality, retail and fast food employees — some of Australia’s lowest paid workers. This decision, of course, was not made directly by the Government, but by its supposedly “independent” Fair Work Commission. But it was a move energetically lobbied for by just about every Coalition MP since Turnbull took over the country in September 2015. The Commission knows which side its...
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You have got to wonder who is on the Board at JP Morgan Chase and Citibank!  Probably the Mafia!   What JPMorgan and Citigroup Have in Common When it Comes to Crime By Pam Martens and Russ Martens: February 23, 2017 http://wallstreetonparade.com/2017/02/what-jpmorgan-and-citigroup-have-in-common-when-it-comes-to-crime/ On September 8, 2016, the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo $185 million following an investigation that found that its employees had engaged in a widespread practice of “secretly opening unauthorized deposit and credit card accounts” in order to meet sales quotas or qualify for bonuses. An estimated 2 million accounts were involved. One month later, the Chairman and CEO of Wells Fargo, John Stumpf, was gone. Consider that swift action to acknowledge and punish egregious abuse of clients with how the Boards of Directors of JPMorgan Chase and Citigroup have responded to criminal felony charges and seemingly endless regulatory fines for abusing clients’ trust. The Boards...
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Hang on to your hats!  The used car salesmen in disguise as bank CEO’s are   up to new tricks!   Is that Desperation Hanging Over Europe’s Banking System? by Don Quijones • Feb 25, 2017    http://wolfstreet.com/2017/02/25/desperation-over-europe-banking-system-senior-non-preferred-bonds/ Turns out, Italy’s banking crisis is not fixed. By Don Quijones, Spain & Mexico, editor at WOLF STREET. 25 February 2017 Many of Europe’s and America’s biggest banks have begun begging, cap in hand, for a new, innovative way of raising vast sums of dirt-cheap debt on Europe’s financial markets. The Association for Financial Markets in Europe (AFMA), an organization that prides itself on serving as “the voice of Europe’s wholesale financial markets,” just sent a strongly worded letter to the European Central Bank, urging for the prompt creation of EU-wide regulation allowing banks to sell a newfangled class of bail-in-able debt called “senior non-preferred bonds.” “A swift agreement is essential to enable...
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Banking sector face new wave of reforms The Australian 12:00am February 25, 2017 Richard Gluyas   The Turnbull government is preparing a second wave of financial sector reforms, including consideration of a framework to make senior executives individually accountable for serious lapses in governance and conduct. The package — which could see executive bonuses frozen when scandals occur inside banks — will require legislative backing and could be released in April, and will be presented as a knockout blow for the Labor Party’s electorally popular call for a banking royal commission. “The government wants to bundle all these things up,” a source told The Weekend Australian. “The intention is to send a clear signal that all the issues have been dealt with and there’s no need for a royal commission to determine what the issues are.” As part of the first wave of ­finance sector reforms, announced in response to the...
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Re disclosure and codes of conduct and the 457 VISA rort...blame Tony Abbott and liberal backers.  Abbott is the KING of Watering down laws put in place by Labor to protect the people and the economy.   Four stories in this email...banking code of practice...ministers can keep shares...tax disclosure rules wound back...457 VISA rort     Banks that have adopted versions of the Code of Banking Practice http://www.bankers.asn.au/Industry-Standards/ABAs-Code-of-Banking-Practice/Banks-that-have-adopted-versions-of-the-Code-of-Banking-Practice Dates of adoption Bank Code of Banking Practice 2013 Modified Code of Banking Practice 2004 Revised Code of Banking Practice 2003 Code of Banking Practice 1993* Adelaide Bank Limited (a division of Bendigo and Adelaide Bank as of 1 December 2008) 1 February 2014 4 April 2005 12 August 2003 AMP Bank Limited 1 February 2014 10 December 2010     Arab Bank Australia Limited         Australia and New Zealand Banking Group 1 February 2014 16 August 2004 15 August...
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Domain on sale as Fairfax topples like the Twelve Apostles February 21, 2017   http://www.michaelwest.com.au/domain-on-sale-as-fairfax-topples-like-the-twelve-apostles/   It is a vile and scurrilous accusation that during Greg Hywood’s time as chairman of Tourism Victoria, the Twelve Apostles became Eight. The last of the iconic limestone stacks to collapse was in 2005, just before Greg arrived. It is a damn good gag though and fits well the narrative of a chief executive who, in his next job, presided over the demise of Australia’s greatest newspaper mastheads. These, the Sydney Morning Herald, The Age and Australian Financial Review are but a shadow of their former selves and today’s foreshadowing of a spin-off of Fairfax Media’s Domain business will merely expedite the decline. Like the Twelve Apostles, the Fairfax asset base is shrinking. It should be said, in Greg Hywood’s favour, that newspapers were in serious structural decline during his stewardship, globally, and he simply...
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APRA fiddles on bank risk while Rome burns By Unconventional Economist in Australian banks at 2:14 pm on February 22, 2017 | 16 comments Cross-posted from The Conversation: http://www.macrobusiness.com.au/2017/02/apra-fiddles-bank-risk-rome-burns/   Australian Prudential Regulation Authority (APRA) chairman Wayne Byers has made it clear the bank regulator will be cracking down on bank capital levels this year. Bank capital reserves are a loss-absorber, designed to protect creditors if banks suffer significant losses. That protection, in turn, will – ostensibly – prevent panicked withdrawals by depositors, thereby preventing financial contagion and financial crises.   Byers has decided that Australian banks’ capital levels must be “unquestionably strong” in keeping with the findings of the Financial System Inquiry. But how much capital equals “unquestionably strong”? We don’t know. What we do know is that the inquiry handed down that finding in November 2014. More than two years have passed and only now is APRA getting a...
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RBA boss Philip Lowe sets the agenda by airing Australia's economic dirty laundry Analysis By business reporter Carrington Clarke Updated yesterday at 7:24pmThu 23 Feb 2017, 7:24pm   http://www.abc.net.au/news/2017-02-23/rba-boss-philip-lowe-airs-australias-economic-dirty-laundry/8298364   "If you don't like how the table is set, turn over the table" — Frank Underwood, House of Cards.   The Reserve Bank governor is either venting out of frustration or is a master of strategy. Yesterday, he aired Australia's economic dirty laundry. He was appearing before former Canadian prime minister Stephen Harper, but his real audience were those warming the seats in Canberra. Philip Lowe knew he was due to be grilled by the house committee for economics on Friday. With his commentary, he has ensured he's set the agenda. The RBA has never been this explicit: people have taken on mountains of debt to ride the property boom and it's now a risk to the economy. Many others have...
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Claim George Brandis was involved in Bell Group matter earlier than he says 7.30 By Andrew Probyn Updated about an hour agoFri 24 Feb 2017, 7:42am http://www.abc.net.au/news/2017-02-23/claim-brandis-involved-in-bell-group-matter-earlier-than-he-says/8297792   Attorney-General George Brandis was personally involved in the Bell Group matter one month earlier than he claims he was, the ABC has been told. If the claim is true, Senator Brandis may have misled Parliament over the issue.   7.30 has been told Senator Brandis spoke to West Australian Attorney-General Michael Mischin about the case in early February last year — a full month before Senator Brandis said he first became personally involved. Senator Brandis said he could not recall the conversation. "I have no recollection or record of any telephone conversation with Mr Mischin on or about 1 February 2016," Senator Brandis told 7.30 in a statement. But 7.30 has been told Senator Brandis informed Mr Mischin he had had a briefing...
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Splendid! Let’s lock an entire generation of Australians out of the property market 23 February 2017 http://www.michaelwest.com.au/lets-lock-an-entire-generation-of-australians-out-of-the-property-market-yes-minister/   As the government dithers over money laundering policy, policy which would keep a lid on Chinese buyers whipping up a frenzy in city property – and as baby boomers and politicians revel in their suite of superannuation tax lurks and holiday homes – an entire generation of young Australians remains locked out of the real estate market. We rang up the government yesterday to find out how its long-awaited money-laundering legislation was coming along. This is a biannual affair: a call to the relevant minister, a call to the relevant department and a call to money laundering agency Austrac to ask why the Anti-Money Laundering and Counter-Terrorism Financing legislation, which was supposed to have been introduced nine years ago, had still not been enacted. House prices surge on China black money; authorities dither...
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Jail for these parasites in white collar crime and rightly so!      Former IMF Chief, Dozens of Former Bank Execs Just Got Sentenced to Jail by Don Quijones • Feb 23, 2017 • 0 Comments   But will they actually warm a bench in a Spanish prison? http://wolfstreet.com/2017/02/23/former-imf-chief-dozens-of-former-bank-execs-just-got-sentenced-to-jail/ By Don Quijones, Spain & Mexico, editor at WOLF STREET. The unimaginable just happened in Spain: two former bank CEOs, Miguel Blesa (CEO of Caja Madrid) and Rodrigo Rato (CEO of Bankia) were just awarded prison sentences of six years and four-and-a-half years, respectively, for misappropriation of company funds. Rato was also Managing Director of the IMF from 2003 to 2007. He was succeeded by another luminary, Dominique Strauss Kahn. Now, the question on everyone’s mind is will Blesa and Rato actually serve the sentence (more on that later). Dozens more former Caja Madrid senior executives, most of whom are closely connected...
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Desperate developers dangle insane commissions   By Tim Fuller in Australian Property, MB fund at 11:18 am on February 24, 2017 | 39 comments http://www.macrobusiness.com.au/2017/02/desperate-developers-dangle-insane-commissions/   An interesting article out yesterday revealed the largesse local developers are now showering on brokers and real estate “advisers” to help move unsold stock from upcoming off the plan apartment developments: Commission payments of up to 15 per cent, free tickets to Adele concerts and luxury holidays to Greece are on offer to mortgage brokers and financial advisers to recommend, sell and advertise property or consider mortgage products.   That means up to $90,000 for selling a $600,000 apartment, can be pocketed by the adviser, rebated to the buyer, or split between the adviser and client. Taylor Dow, director of Taylor Dow Property Group, which last year sold $2 billion of Australian property to buyers in seven countries, including China and the US, said commissions...
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Property money launderers have no better friend than Oz government By Unconventional Economist in Australian Property   at 12:12 am on February 24, 2017 | 20 comments By Leith van Onselen http://www.macrobusiness.com.au/2017/02/property-money-launderers-no-better-friend-federal-government/   For several years, this site has lobbied the federal government to extend Australia’s anti-money laundering (AML) regime, which currently only extends to financial institutions, to real estate gatekeepers including realtors, lawyers and accountants. These “second tranche” of AML rules have been in limbo since the federal government first promised to bring them into the regulatory net in 2003, and were recently deferred indefinitely by the Turnbull Government. This came despite explicit criticism from the global regulator, the Paris-based Financial Action Taskforce, that Australian homes are a haven for laundered funds, particularly from China, as well as similar warnings from Austrac. The end result is that realtors, lawyers, accountants and other real estate gate keepers are currently exempted from...
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Bill shock for landlords as land tax skyrockets 24 February 2017 Simon Johanson http://www.theage.com.au/business/property/bill-shock-for-landlords-as-land-tax-skyrockets-20170224-gukiya.html   Landlords have been hit by steep land tax increases from soaring property values, in some cases more than doubling tax bills and making investments uneconomic. Many landlords, property owners and lessors, confronted with sharp increases in land tax bills this month, were reacting with "shock or disbelief", agents and lawyers said. Landlords have been hit by steep land tax increases from soaring property values, in some cases more than doubling tax bills and making investments uneconomic. Many landlords, property owners and lessors, confronted with sharp increases in land tax bills this month, were reacting with "shock or disbelief", agents and lawyers said. Landlords have been hit by steep land tax increases from soaring property values, in some cases more than doubling tax bills and making investments uneconomic. Many landlords, property owners and lessors, confronted with sharp...
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After a string of scandals the insurance industry has a long way to go 22 February 2017 Adele Ferguson http://www.smh.com.au/business/comment-and-analysis/after-a-string-of-scandals-the-insurance-industry-has-a-long-way-to-go-20170221-guhr3s.html A parliamentary inquiry into the $44 billion life insurance industry is likely to dredge up a range of issues in a sector that has been dogged with controversy for years, including engaging in unethical practices to avoid paying claims. The life insurance inquiry that will kick off in Melbourne on Wednesday follows a joint Fairfax Media-Four Corners investigation into Commonwealth Bank's life insurance arm CommInsure, then a separate Fairfax investigation showing how a number of super fund trustees were renegotiating life insurance contracts on behalf of members that resulted in some of them being little better than junk insurance. It is one of a number of inquiries taking place into the financial service sector after a string of scandals laid bare deep problems. It is why a royal commission makes so...
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It’s a world wild virus!   How Much Money Laundering is Going On in the Housing Market? A Lot by Wolf Richter • Feb 24, 2017    http://wolfstreet.com/2017/02/24/how-much-money-laundering-in-us-housing-market/   Answers trickle in. Tough luck for New York, San Francisco, Miami… “I am shocked – shocked – to find that money laundering is going on in here!” – Borrowed and twisted from Casablanca. The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced on Thursday that it would extend for another 180 days a “temporary” program that was due to expire on Thursday, and that it had originally kicked off in January 2016 and expanded in July, to identify and track secret homebuyers who hide behind shell companies and “other opaque structures” for the purpose of money laundering. And it has already gleaned some insights. The US housing market has been a perfect platform to launder large amounts of money, no questions...
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It’s a world wild virus!   How Much Money Laundering is Going On in the Housing Market? A Lot   by Wolf Richter • Feb 24, 2017    http://wolfstreet.com/2017/02/24/how-much-money-laundering-in-us-housing-market/   Answers trickle in. Tough luck for New York, San Francisco, Miami… “I am shocked – shocked – to find that money laundering is going on in here!” – Borrowed and twisted from Casablanca. The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced on Thursday that it would extend for another 180 days a “temporary” program that was due to expire on Thursday, and that it had originally kicked off in January 2016 and expanded in July, to identify and track secret homebuyers who hide behind shell companies and “other opaque structures” for the purpose of money laundering. And it has already gleaned some insights. The US housing market has been a perfect platform to launder large amounts of money, no...
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The abuse of 4500 innocent children by collective vile church leaders did not matter?   There is no forgiveness known to decent people.  What happened to “Suffer the Little Children?”   These Leaders knowingly covered up criminal abuse.  Starting with the evil and deceitful Cardinal George Pell, these Leaders ought to be thrown in a cell and left to rot!!! The Archbishops should all be turned into stone as a reminder of their wickedness.  Without the RC the truth would have remained buried under a pile of church rubble.   It is not good enough to say "Yes we knew" and then spend decades in cover up mode.  All are culpable and worthy of receiving extreme public contempt and a bitter need for punishment prevails.   If there was only one child, there is no forgiveness - ever.  Trust has been Trashed.   Catholic leaders admit child sex abuse ‘was criminal negligence’ The Australian 12:00am February 24,...
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CBA QUOTA SYSTEM is alive and thriving selling toxic mortgage products.  EVERY broker agent and sales managers must PRODUCE a minimum of 3 TOXIC LOAN PRODUCT SALES per month or you get the CBA chop!   Sub Prime Selling still in brutal “Full Swing.”   SUB PRIME WILL BE PRIME MINISTER'S DOWNFALL   CBA culls inactive mortgage brokers The Australian 12:00am February 24, 2017 Michael Bennet   Commonwealth Bank, the nation’s biggest lender, has cut off mortgage brokers who aren’t providing enough business, drawing criticism from the industry. In a note to some brokers this week, Sam Boer, CBA’s general manager: broker sales, advised them their accreditation with the bank was being removed because they had not been “active” for “some time”. CBA was this month applauded by analysts and investors for reporting a drop in the proportion of mortgages flowing to the bank via brokers in comparison to branches, reducing...
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http://www.abc.net.au/news/2017-02-22/will-the-government-crack-down-on-mortgage-broker- commissions/8294442   O’Dwyer has it wrong again re BANK SCANDALS.  It’s the Banking CARTEL of 17 Lenders ROBO APPROVING toxic loans Minister.  It’s not the Brokers you twit!  Kelly is either stupid or corrupt....take your pick!  Blame the Brokers at your own Political Peril!!!!     The Federal Government is facing pressure to ban lucrative mortgage broker commissions, which consumer groups say encourage bad behaviour and are contributing to record household debt. Financial Services Minister Kelly O'Dwyer ordered the Australian Securities and Investments Commission (ASIC) to investigate the risks around mortgage broker remuneration as part of the Government's response to 2015's Financial System Inquiry. The report is expected to be handed to the minister within a few weeks. Consumer group Choice hopes the report will uncover greater detail on how mortgage broker commissions and other types of "soft payments" work. "According to the Credit Act in Australia, a broker has...
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Here we go...on the list to be privatised if one follows the pattern!  Time to speak out and run a change.org campaign to "hands off Aunty"   ABC boss Michelle Guthrie aims to save millions by taking axe to management   17 february 2017 http://www.smh.com.au/federal-politics/political-news/abc-boss-michelle-guthrie-aims-to-save-millions-by-taking-axe-to-management-20170216-guecwe.html ABC managing director Michelle Guthrie is poised to announce a sweeping overhaul of the broadcaster's management structures that is designed to free up tens of millions of dollars to invest in programming. Ms Guthrie's plan - which she has been developing since she arrived at the ABC last May - will be presented to the ABC board for final approval next week, with an official announcement scheduled for next month. ABC sources said the plan to "take a scythe" to the broadcaster's layers of management could eventually save up to $50 million a year when fully implemented. The savings would be invested in original television and...
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ANZ have decided to now have ROBO financial advice.  No matter how these Bankers intend to sell this concept…….computer driven answers will immediately smell of FAKE ADVICE coupled with FRAUD and double the amount of TOXIC LENDING generated by high speed loan approvals.     Watson is coming: IBM supercomputers to launch in Australia with ANZ Bank, Deakin Uni 8 October 2014 http://www.theage.com.au/it-pro/business-it/watson-is-coming-ibm-supercomputers-to-launch-in-australia-with-anz-bank-deakin-uni-20141008-1137bs.html   ANZ Bank's latest financial planner is a quiz-show champion with zero personality and no feelings. Long hours aren't a problem for Watson, and holidays aren't necessary. It's a new kind of "cognitive" supercomputer, capable of digesting mountains of information and delivering the best bits in response to queries posed in conversational language. Watson processes information more like a human than a computer, generating hypotheses based on evidence, and learning as it goes. ANZ, which first started testing Watson a year ago, says it will soon use the technology...
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