In the dynamic world of financial services, artificial intelligence (AI), particularly Generative AI (GenAI), has become the linchpin of transformative change, redefining the operational and strategic horizons of the banking sector. GenAI’s capacity for creating new, original content is not merely an incremental advancement but a change in basic assumptions that is propelling banking toward a future ripe with innovation and efficiency

GenAI models such as GPT, with its transformer architecture, mark a quantum leap from the AI of yesteryear, which primarily focused on understanding and processing information. Today, these models are the architects of text, images, code and more, initiating an era of unparalleled innovation in banking. The strategic deployment of GenAI is much more than a trend; it is a comprehensive reimagining of operations, product development and risk management, allowing banks to deliver personalized services and novel solutions while streamlining mundane tasks.

The evolution of AI in banking has been nothing short of revolutionary, moving from foundational concepts to the creation of sophisticated, innovative applications.

This transformation is apparent in the broad spectrum of available AI applications, from automated knowledge management to investment research and bespoke banking services, each underscoring the remarkable advancements and potential of GenAI. Major banks, especially those in North America, have been pioneers in this journey, making substantial investments in AI to spearhead innovation, talent development and operational transparency. Their investment strategies encompass a wide range of applications, including enhancement of fraud detection mechanisms and customer service chatbots. Their focus is on acquiring critical hardware, such as NVIDIA chips for AI processes, and making strategic investments in human and technological resources. The aim of refining existing processes is driving this strategic shift, combined with an ambition to explore and capitalize on high-impact AI use cases, balance potential benefits against risks, and scale innovative prototypes into robust solutions.

The Financial Services Industry has entered the Artificial Intelligence (AI) phase of the digital marathon, a journey that started with the advent of the internet and has taken organisations through several stages of digitalisation. The emergence of AI is disrupting the physics of the industry, weakening the bonds that have held together the components of the traditional financial institutions and opening the door to more innovations and new operating models. 

How Artificial Intelligence is Transforming the Financial Services 

AI is an area of computer science that emphasises on the creation of intelligent machines that work and perform tasks like humans. These machines are able to teach themselves, organise and interpret information to make predictions based on this information. It has therefore become an essential part of technology in the Banking, Financial Services and Insurance (BFSI) Industry, and is changing the way products and services are offered.

USACO (USA Computing Olympiad)

Overview:

A highly respected online programming competition for middle and high school students worldwide. It is the U.S. national pathway to the IOI.

Divisions:

• Bronze – beginner level

• Silver – intermediate

• Gold – advanced

• Platinum – elite (pre-IOI level)

Language Support:

C++, Java, Python (limited for upper divisions).

Schedule:

Four contests per year (Dec, Jan, Feb, March).

Highlights:

• Fully online and auto-graded.

• Great for self-paced learning and progression.

• Strong emphasis on problem-solving and algorithmic thinking.

LeetCode (Online Coding Platform)

Overview:

A global online coding platform widely used for technical interview preparation, algorithm practice, and coding competitions.

Problem Types:

Covers arrays, strings, trees, graphs, dynamic programming, and much more.

Contests:

• Weekly Contests

• Biweekly Contests

• LeetCode Cup (China region)

Language Support:

Python, C++, Java, JavaScript, Go, and more.

Highlights:

• Problems range from easy to hard.

• Useful for both competition prep and real-world job interviews.

• Community solutions and discussions available for learning.

NOI (National Olympiad in Informatics, China)

Overview:

The most prestigious informatics competition for high school students in China. It serves as the path to the IOI (International Olympiad in Informatics) through national team selection.

Structure:

• CSP, NOIP, then NOI

• National team members are selected from NOI training camps

Language:

Primarily C++, with emphasis on efficiency and algorithm depth.

Highlights:

• Extremely competitive.

• Mastery of algorithms like DP, graphs, trees, search, and optimization is required.

• Medals are highly valued for university admissions in China.

CCC (Canadian Computing Competition)

Overview:

Organized by the University of Waterloo, CCC is a prestigious algorithmic programming competition for high school students, open to both Canadian and international participants.

Levels:

• Junior: Focuses on logic, simple programming tasks.

• Senior: Focuses on data structures, algorithmic problem solving.

Language Support:

Python, C++, Java.

Timing:

Held annually in February.

Highlights:

• Recognized by top universities in Canada and abroad.

• Top scorers are invited to CCO (Canadian Computing Olympiad), a stepping stone to the IOI.

• Problems emphasize clarity, logic, and clean algorithmic thinking.

Preparing for the USA Computing Olympiad (USACO) requires a structured learning schedule, determination, and practice. Here's a step-by-step guide to help you build an effective learning plan:

1. **Understand the Basics:**

   - Familiarize yourself with the rules, format, and difficulty levels of USACO contests.

   - Explore past contest problems and their solutions on the USACO website.

2. **Choose a Programming Language:**

   - Select a language you're comfortable with for competitive programming. Common choices include C++, Python, and Java.

3. **Learn Data Structures and Algorithms:**

   - Develop a strong foundation in data structures (arrays, lists, stacks, queues, trees, graphs) and algorithms (sorting, searching, dynamic programming, etc.).

   - Study books like "Introduction to Algorithms" by Cormen, Leiserson, Rivest, and Stein, and take online courses or tutorials on data structures and algorithms.

4. **Practice Contest Problems:**

   - Start with the USACO Training Gateway, which offers a variety of problems and solutions.

   - Use online judges like Codeforces, AtCoder, and LeetCode to practice similar problems.

5. **Participate in Contests:**

   - Join local programming contests or online contests regularly to build your problem-solving skills under time pressure.

   - Use platforms like Codeforces, TopCoder, and CodeChef to compete in contests.

6. **Read and Analyze Solutions:**

   - After solving problems or participating in contests, study the solutions of others, especially those with higher ratings.

   - Understand different approaches, algorithms, and coding styles.

7. **Review and Refine Your Code:**

   - Maintain a personal library of algorithms and code snippets for quick reference during contests.

   - Keep your code clean, efficient, and well-documented.

8. **Simulate Contest Conditions:**

   - Practice by simulating real USACO contest conditions—use the same environment and time constraints.

   - Refrain from using external help during practice contests.

9. **Participate in Mock Contests:**

   - Join online platforms that offer mock USACO contests. These contests mimic the official USACO experience.

10. **Master USACO-Specific Topics:**

    - USACO often features topics like depth-first search (DFS), breadth-first search (BFS), dynamic programming, greedy algorithms, and more. Focus on mastering these.

11. **Read and Review Problems:**

    - Carefully read the contest problems and understand their requirements before starting to code.

    - Test your code thoroughly on sample inputs and edge cases.

12. **Time Management:**

    - Allocate time for learning, practice, and taking breaks. Regular, consistent practice is more effective than occasional cramming.

13. **Seek Help and Collaborate:**

    - Join online forums or communities where you can ask questions and discuss problems.

    - Collaborate with other competitive programmers to learn and grow together.

14. **Stay Updated:**

    - Keep an eye on the USACO website and mailing list for announcements about contests, dates, and rule changes.

15. **Stay Persistent:**

    - Competitive programming can be challenging, but persistence is key. Don't get discouraged by initial failures; keep practicing and learning from your mistakes.

Remember that consistent practice, a solid understanding of algorithms and data structures, and the ability to think critically and creatively are the keys to success in USACO. Good luck with your preparations!

By Stanley White and John McCrank

TOKYO/NEW YORK (Reuters) - Asian shares and U.S. stock futures fell on Friday as record-breaking new coronavirus cases in several U.S. states stoked concerns that new lockdowns could derail an economic recovery, while investors looked forward to earnings season.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.76%. Australian stocks dropped 0.42%, while Japanese stocks declined by 0.4%.

Shares in China fell 0.72%, the first decline in more than a week, as investors booked profits on a surge in equities to a five-year high.

E-mini futures for the S&P 500 erased early gains to trade down 0.01%.

The Antipodean currencies fell and the yen rose as traders shunned risk and sought safe havens.

More than 60,500 new COVID-19 infections were reported across the United States on Thursday, the largest single-day tally of cases by any country since the virus emerged late last year in China.

That heightened concerns that renewed lockdowns could hurt the economic recovery.

The number of Americans filing for jobless benefits dropped to a near four-month low last week, data showed.

But investors remained cautious as the report also said a record 32.9 million people were collecting unemployment checks in the third week of June, supporting expectations the labor market would take years to recover from the COVID-19 pandemic.

"Weakness in financial stocks, with the bank sub-index down 2.5%, comes ahead of next week's Q2 reporting season that sees JP Morgan, Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) all report next Tuesday and following news that Wells Fargo is planning to cut 'thousands' of jobs starting later this year," said Ray Attrill, head of FX strategy at National Australia Bank (OTC:NABZY).

On Thursday, the Dow Jones Industrial Average fell 1.39% and the S&P 500 dropped 0.56%, but the tech-heavy Nasdaq rose 0.53% to its fifth record closing high in six days.

Mainland China shares fell on Friday for the first time since June 29. Shares had surged to the highest since 2015 on Thursday, fueled by retail investor enthusiasm and policy support, even as regulators cracked down on margin financing and as state media warned of market risks.

The rise in China's mainland equities has some similarities to the bubble there five years ago, but it is not yet close in scale, and prices could continue to inflate for some time, said Capital Economics economist Oliver Jones.

"That said, another boom-bust cycle in China's equities could have even greater knock-on effects for markets elsewhere than before, with foreign holdings far higher now than five years ago," he said.

Fueled by illegal margin lending, the 2015-16 market bubble saw the benchmark Shanghai index fall more than 40% from its peak in just a few weeks.

In the currency market, the yen edged up against the dollar and the euro as investors bought the traditional safe haven.

The Australian and New Zealand dollars, which are often traded as a liquid proxy for risk because of their close ties to China's economy, both fell against the greenback.

The Aussie also fell as local officials use lockdowns and border restrictions to contain a sudden increase in coronavirus cases.

U.S. crude fell 0.23% to $39.53 a barrel, while Brent crude edged 0.02% lower to $42.34 per barrel due to concerns about a long-term decline in global energy demand.