Exploring AI’s impact on fintech innovations
Recently, fintech experts Alex Immerman, Immad Akhund, and René Lacerte had a discussion at a Connect/Fintech gathering where they highlighted the potentials of generative AI in the fintech industry.
They believe that AI can bring about unprecedented efficiency and innovation in financial services, aiding in risk assessment, fraud detection, and the delivery of highly personalised customer experiences.
The need for regulations to manage the ethical and security issues related to AI use was agreed upon by all participants.
Akhund pointed out that AI can help fintech companies manage massive amounts of data and identify trends that might be missed by human analysts.
Lacerte emphasised the importance of transparency and ethics in developing and using AI in the fintech arena.
Meanwhile, Immerman shed light on the potential of AI to revolutionise data analytics and decision-making in the financial sector, expanding beyond traditional boundaries to develop unique investment strategies.
Despite challenges like potential job displacement and data privacy concerns, the trio believed that the rewards far outweighed the risks, provided they are managed effectively.
The event concluded with a commitment to continue exploring the potentials of generative AI, particularly in reshaping the future of the fintech industry.
Lacerte underlined the transformative potential of AI in financial transactions and how it extends beyond automation and fraud detection.
He also highlighted AI’s role in improving workforce productivity by automating repetitive tasks, which allows employees to focus more on strategic decisions.
Akhund stressed the importance of balancing adoption of AI with human interaction, and maintaining transparency for customer interactions to gain trust and acceptance.
On transaction-related data, Lacerte emphasised its importance in developing effective AI models, using the example of Rocket Mortgage’s use of 30 years of data for improved prediction accuracy.
This approach, he expressed, has enhanced the company’s decision-making capabilities and operational efficiency.
The conversation also focused on how advancements in technology may change the roles of financial controllers and CFOs, necessitating ongoing professional development and upskilling to stay ahead of the curve.
Understanding new technologies and mastering data analysis, they believe, is crucial for driving strategic initiatives and achieving sustainable growth in this constantly evolving landscape.
