Data and AI in FinTech: The future of Financial Services

I recently had the pleasure of hosting an enriching panel discussion on the #AskTheCEO podcast, diving deep into the role of Data and AI in FinTech. The discussion attracted some of the brightest minds from the industry, and I wanted to share some of the key takeaways from our conversation.

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The panel consisted of the following experts in the FinTech sector:

?·????? Helen Yu , Founder and CEO of Tigon Advisory Corp.

·????? Tyler Cohen Wood CISSP , CEO and Co-Founder Dark Cryptonite

·????? Dr. Melissa Sassi , Venture Partner, Machinelab Ventures

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Watch the replay here

Listen to this discussion on SoundCloud

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A New Frontier: Introducing AI in FinTech

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Our dialogue began with an introductory note from Avrohom Gottheil, setting the stage for what was to become a comprehensive exploration of AI in FinTech. Dr. Melissa Sassi from MachineLab Ventures painted a vision of enabling startups and scale ups to leverage innovation for revenue generation, illustrating the massive opportunities in the sector.

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Ensuring Fairness and Inclusivity in AI-driven Financial Services

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Helen Yu spotlighted a crucial aspect of the FinTech realm: the convergence of self-service and AI. For her, the emphasis rested on fairness and inclusivity. By harnessing the capabilities of AI, the potential to promote inclusive banking and enrich customer experiences becomes tangible. However, as Tyler highlighted, this advancement doesn't come without its set of challenges, especially pertaining to data privacy and security.

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Addressing the Capital Conundrum: Women in FinTech

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Melissa Sassi's journey in financial services, stretching from GMAC to Ally Bank, served as a testament to the vast potential and challenges in the sector. Bringing to the fore concerning statistics from the World Bank, Melissa underscored the disparity women-owned businesses face in accessing capital. By placing emphasis on lived experiences, she illuminated the barriers many women confront. Yet, the silver lining resides in AI's potential to empower and uplift women, even those at the most vulnerable rungs of the socio-economic ladder.

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Striking the Balance: AI's Potential and Data Privacy Concerns

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The conversation took a deep dive into data privacy and security, anchored by insights from Tyler Cohen Wood. While AI's promise spans across industries, the shadow of data privacy looms large. Melissa introduced solutions like IBM's Hyper Protect Services as a beacon for startups, offering them robust security in the cloud computing realm. However, as Helen Yu and Tyler pointed out, a blend of education and technology remains pivotal, especially as data breaches persist despite best efforts.

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Envisioning AI’s Broad-Spectrum Impact on FinTech

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Helen Yu encapsulated the transformative power of AI in reshaping key facets of FinTech, be it investment strategies, enhanced fraud detection mechanisms, or revolutionizing customer service. But it's not just about financial optimization; it's about ethical considerations and ensuring digital inclusivity.

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AI, Jobs, and the Future Society

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An often-debated topic is AI's influence on the job market. Helen Yu envisions AI as a job creator, not just a job replacer. However, challenges persist, especially when considering the skills gap, with a mere 30% of the US tech workforce equipped for AI-driven roles. Herein lies the emphasis on diversity in tech and creating solutions that are universally inclusive.

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Beyond the Horizon: FinTech and the Web3 Revolution

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In wrapping up our discussion, Helen introduced the audience to the next paradigm in finance: the blend of FinTech with Web3 solutions. With automation and digital assets taking center stage, the financial world as we know it stands on the precipice of a radical transformation.

In the midst of rapid technological advancements, our panelists provided invaluable insights into the trajectory of FinTech. I'd like to express my gratitude to our esteemed guests and listeners for their active engagement.

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View the replay of IBM Z Day discussions

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About the Author

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Avrohom Gottheil is the founder of #AskTheCEO Media, where he helps global brands get heard over the noise on social media by presenting their corporate message using language people understand.

?Avrohom presents his clients as Thought Leaders, which challenges his audience to reimagine their own mission and vision, delivering actionable insights, and leaving them passionate, motivated, and with the necessary tools to take immediate action.

?Avrohom comes from a 20+ year career in IT and Telecom, where he helped businesses around the world install and maintain their communication systems and contact centers. He is a Top-ranked global expert in IoT, AI, Cloud, and Cybersecurity, followed worldwide on Twitter, and a frequent speaker on leveraging technology to accelerate revenue growth.

Listen to him share the latest technology trends, tools, and best practices for IoT, AI, Cloud, Cybersecurity, and more on the #AskTheCEO podcast — voted as the #1 Channel Friendly Podcast 2019 by Forrester.

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Contact Avrohom:

Web:?https://asktheceo.io/

LinkedIn:?https://www.dhirubhai.net/in/avrohom-gottheil/

Facebook: AvrohomGottheil

Twitter:?@avrohomg

Instagram:?@avrohomg

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