Data and AI in Fintech

#AskTheCEO Podcast

Data and AI in Fintech and IBM Z Day Connect with the team: Contact Avrohom: Web: asktheceo.io LinkedIn: https://www.linkedin.com/in/avrohom-gottheil/ Facebook: AvrohomGottheil Twitter: @avrohomg Instagram: @avrohomg Contact Dr. Melissa Sassi: Web: https://www.mlvp.io/ LinkedIn: https://www.linkedin.com/in/melissasassi/ Twitter: @mentorafrika Instagram: @msassifrass Contact Tyler: Web: https://www.darkcryptonite.com/ LinkedIn: https://www.linkedin.com/in/tylercohen78/ Twitter: @TylerCohenWood Contact Helen: Web: https://tigonadvisory.com/ Podcast: https://www.youtube.com/c/HelenYu LinkedIn: https://www.linkedin.com/in/yuhelenyu/ Twitter: @YuHelenYu INTERVIEW HIGHLIGHTS: 1. What are the latest trends with regard to AI and Fintech use cases in big and small banks? 2. What is the role that startup ventures are playing in driving the evolution of financial services, including where AI comes into the picture? 3. How does data privacy impact AI in the financial services sector? 4. What could startups be doing to help them improve their ability to meet industry risk and compliance requirements? 5. IBM Z Day - Oct 18, 2023 6. What is the future of AI in financial services, and Fintech in general? Watch the replay of IBM Z Day: https://ibmz.io/asktheceo A New Frontier: Introducing AI in FinTech Dr. Melissa Sassi from MachineLab Ventures painted a vision of enabling startups and scaleups to leverage innovation for revenue generation, illustrating the massive opportunities in the sector. Ensuring Fairness and Inclusivity in AI-driven Financial Services 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. Addressing the Capital Conundrum: Women in FinTech 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. Striking the Balance: AI's Potential and Data Privacy Concerns 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. Envisioning AI’s Broad-Spectrum Impact on FinTech 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. AI, Jobs, and the Future Society 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. Beyond the Horizon: FinTech and the Web3 Revolution 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.