Spring Labs

In collaboration with the Utah Bankers Association, the Utah Governor's Office of Economic Opportunity, and American Fintech Council, we will be hosting the first AI-Native Banking and Fintech Conference on October 7, 2024, in Salt Lake City, Utah! This event will bring together leading banks, fintechs, and AI providers to explore and advance AI applications in the financial sector. Read more about it in the press release below: https://lnkd.in/g2r8vzuF

The folks at Spring Labs were kind enough to invite me and Brian W. Jones to close out their conference on Generative AI last Monday in Utah (thanks John Sun, Joel Eckhause, Al Goldstein, Anna Fridman). Our talk was entitled “Getting Banks Comfortable with Generative AI: Tips to Take Away”. We provided tips on how to inspire a regulated bank to change, implement new technology, or do tricky things. A few people asked if we had a version of our session on paper…so we have summarized the key points in this article.?Hope you find it interesting!? #cardworks #merrickbank #ai #changemanagement Alex Johnson Rhett Roberts Matt Scarborough

?? Key learnings from the AI-Native Banking & Fintech Conference ?? Now that we’ve returned from Utah, where over 300 financial professionals and regulators came together to exchange insights on the future of AI in finance, we’re excited to share some key takeaways and practical learnings from the event. The future of US banking is undeniably AI-driven. Early adopters are gaining a strong competitive edge, while community banks must begin strategic discussions on leveraging AI to stay relevant. The AI-Native conference highlighted challenges and opportunities in complaint management, credit risk assessment, and data management. Vital insights include: ?? AI's Transformational Impact: Like the internet and smartphones, AI is set to revolutionize financial services. ?? Stronger Regulation as an Innovation Driver: Stricter regulations present opportunities for innovation, fostering trust and collaboration between regulators and financial institutions. ?? Data's Role in AI Integration: Clean, structured data is critical for effective AI and machine learning applications in decision-making and customer engagement. ?? AI in Compliance: Automating compliance processes, such as fraud detection and anomaly monitoring, is a game-changer, but human oversight remains vital for regulatory alignment. ?? Balanced Approach Needed: Trustworthy AI requires thorough testing, explainability, and scalability, especially in compliance and risk management for small and medium-sized businesses. As AI continues to reshape compliance and operational processes, it’s clear that those ready to embrace these changes will lead the way in smarter, faster, and more transparent financial services. Ready to discover how AI can elevate your customer support and compliance operations? Schedule a complimentary demo with our experts at Spring Labs today! https://lnkd.in/ggX9KX7y #AINative #Banking #Fintech #ArtificialIntelligence

It was a honor and a blast to have the opportunity to moderate the panel “Generative AI Transparency: State And Federal Legislative Approaches” with Senator Kirk Cullimore, Anne Romatowski, Zachary Boyd and Robert Savoie at the University of Utah for the inaugural AI-Native Banking & Fintech conference. Grateful for the amazing panelists and our partners: Utah Governor's Office of Economic Opportunity, Utah Bankers Association, American Fintech Council and Stena Center for Financial Technology.

7 Takeaways From The Spring Labs AI Native Banking & Fintech Conference American Fintech Council and Spring Labs hosted a fantastic event this week to discuss #AI at the University of Utah! Below are key takeaways, highlighting the opportunity for vendors to work closely with financial institutions. Special thanks to John Sun, Phil Goldfeder and all speakers. Congrats to Kalyani Ramadurgam (Kobalt Labs) and Eden Full Goh (Mobot) on showcasing winning use cases. ?? Efficiency Paradigm: intelligent automation was highlighted as a critical tool for streamlining repetitive tasks, such as fraud detection and customer service, enabling faster and more accurate decision-making. This is especially relevant for fintechs, which are leveraging AI copilots to enhance operational efficiency. ?? Compliance and Risk Management: AI's ability to monitor regulatory risks and consumer complaints in real-time was a central topic. Early warning systems powered by AI can detect potential violations before they escalate, helping banks and fintechs stay ahead of compliance issues. However, managing biases, counteracting third-party AI and understanding the nuances in data remain significant hurdles. ?? Underwriting and Expanding Credit Access: panelists explored how AI can improve credit risk assessments by incorporating alternative data, allowing lenders to offer better rates and include underserved communities. They also discussed the potential bias risks in models and the need for industry-wide transparency standards to ensure fair lending. ?? Transparency Requirements: discussions centered on the emerging role of generative AI and the need for transparency in its deployment. Regulators emphasized that AI's usage must align with existing laws, and consumers should be informed when AI is being used in interactions like customer service. ?? Bank-Fintech Partnerships: intelligent augmentation plays a crucial role in making partnerships more efficient by improving complex onboarding and vetting processes, as well as vendor oversight and dispute resolution. These technologies are helping both banks and fintechs scale and manage relationships better. ?????? Adoption Barriers and Long-Term Potential: while AI’s potential is significant, adoption remains slow due to regulatory complexities and legacy systems in many financial institutions. Discussions pointed toward targeted use cases in risk management and operational processes as the next frontier, with compliance automation as a long-term goal. ?? Data Challenges: a side conversation with executives from a large Credit Union highlighted an often overlooked practical challenge: before embracing AI, many FIs need to modernize their data storage, modeling, and security capabilities. This overhaul can be a gargantuan task, particularly for organizations not originally built like technology firms. This prerequisite to harness AI's potential is often underestimated by those outside financial institutions.

It was fun! Thanks for partnering up on this John Beccia. And thanks Spring Labs for a great event. It was a great day on an important topic.

It was fun speaking with Derek Higginbotham from First Electronic Bank about AI and financial services at the recent conference hosted by Spring Labs. It was a terrific event. It seems like there are more questions than answers at this point, but interesting nonetheless.

?? Grateful to have attended the inaugural AI-Native Banking & Fintech Conference hosted by Spring Labs! Huge kudos to John Sun and his team for organizing such an insightful and forward-looking event. ?? It's clear that AI is not just a buzzword. It has real applications that can drive meaningful growth and efficiency. Collaborating with experts from fintech, banks, and regulatory bodies left me inspired about the future of AI in finance. Looking forward to continuing the conversation on how we can responsibly harness AI in the space! ???? #AI #Fintech #BankingInnovation #SpringLabs

The biggest takeaway from the AI-Native Banking Conference this week is the inevitability of AI within US banking. Those that are implementing AI now are building a huge competitive edge. At Arva AI (YC S24), we're helping those that want that edge. Stronger regulation is an opportunity to innovate and build greater relationships, and hearing from regulators like Travis Hill helps bring the community together. Big thanks to the following folks who’s conversations made it even more enjoyable! Marshall Christy Evan Evette Mark Nathan Chris Carey Alvin Patrick Jordan Rulonna Todd Susan Jerry Peter John John James Anurag Peyman + many more! And thanks to Spring Labs for organising it! Oliver W.

Our team enjoyed participating in Spring Labs’ AI-Native Banking & Fintech Conference in Salt Lake City this past week! It was an action-packed event where we had the opportunity to connect with other industry and regulatory leaders and engage in numerous discussions about the important trends shaping the future of AI in the fintech space. Our CEO, Matt Scarborough, also had the opportunity to announce our latest AI innovation, Agent Assist. This new product (to be released to general availability in 2025) powered by Amazon Web Services (AWS) Bedrock complements our Disputes Module and will provide dispute agents with real-time insights and guidance, plus the ability to ask questions about accounts and receive answers in plain English. Check out our website to learn more - https://lnkd.in/eq38V-Tg Thanks to John Sun, Kevin Lewis, and Joel Eckhause and the rest of the Spring Labs team for putting on such a great event! Also, thank you to the team at AWS for all of their support! Scarlett Cornwallis, Phillip Moussavi, Adrian Coulibaly, Zeek G., Breanne Warner, & Thomas Dantin