As Artificial Intelligence makes its way into our lives, many financial institutions are faced with the difficult question "Should AI be embraced?". While the eagerness to integrate AI into the financial sector has waxed and waned over the past few decades, it now appears that FinTech is ready to dive head-first into AI as a standard for handling customer transactions, financial risk assessment, industry regulatory compliance and reduced institutional costs.
There is no doubt that AI can be invaluable for the financial industry, but it comes at a price.
We expect to witness both success stories and tragic failures over the course of the next few years. With any first-generation technology, there are going to be bugs to solve, and a learning curve before intimate industry familiarity with AI is obtained.
"AI is not only going to revolutionize the financial industry but become the industry itself"
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Introduction of AI in use cases in the industry Gerardo Salandra
Gerardo Salandra
CEO of Rocketbots
CEO and founder of Rocketbots (www.rocketbots.io), a Hong Kong based company specialized in developing AI-powered Chatbot solutions. With previous experience in IBM, Google and several fast-growing startups, he has accumulated profound expertise in artificial intelligence, growth hacking, and digital marketing. Former Head of Growth Marketing at NDN Group, leading the Marketing Technology and Business Automation initiatives.
Applications of AI in Financial Services Benoît Brookens III
Benoît Brookens III
Benoît Brookens III, more affectionately Dr. BigData is an award-winning data scientist and serial entrepreneur. Benoît is the CEO and Co-Founder of the IBM-backed FinTech (financial technology) firm Accrue Inc. He learned to type before he could write, as one of the earliest participants of M.I.T. Media Lab's Lifelong Kindergarten in the early 1990s. In 2002, he pioneered multi-class IP Web Hosting as a teenager, with his first start-up Dataracks. As one of the youngest quantitative traders at a Swiss Bank, Benoît was ahead of the data science industry, leveraging algorithms on datasets that materialized during the 2000s decade.
Juergen holds a PhD in Artificial Intelligence and Machine Learning and is professionally applying cognitive technologies to FinTech and HealthTech. He is a seasoned, internationally experienced IT Manager, with successful track record in Software Development, IT Operations as well as Information Security and Risk. Juergen also holds an MBA in International Management and is a Lecturer at HKU and CityU in Hong Kong.
Mathematician and former Professor for AI in Germany. Serial entrepreneur with over 20 AI start-ups launched in Europe, USA, Russia and Asia. Author of several AI lecture books and over 150 AI related articles. Multiple international AI Award winner. Key-note speaker about AI and C-level/Board Advisor. Investor in AI tech and start-ups.