Fintech Insider Podcast by 11:FS
779. Insights: What AI can and can’t do in financial services
Sep 8, 2023
Nick Parfitt, Principal AML - SME, Feedzai, discusses AI in financial services. They explore its current impact, challenges, and potential. The guests highlight the cultural differences between fintech startups and incumbents. They emphasize the importance of human involvement in customer support and the evolving landscape of jobs in the industry.
56:29
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Quick takeaways
- AI in financial services is being used to process vast amounts of data and identify patterns, particularly in areas like anti-money laundering.
- The implementation of AI in financial services faces challenges such as explainability, bias, and data quality.
Deep dives
AI in Financial Services: Exploring the Potential and Challenges
The podcast episode delves into the current state of AI in financial services and its potential. The panel of experts discusses how AI is being used and the challenges of implementing it. AI is seen as a tool to process vast amounts of data and identify patterns that humans may miss, particularly in areas like anti-money laundering. However, the implementation of AI in financial services faces hurdles such as explainability and regulatory considerations. The role of humans is still important, especially in areas like customer service, where emotional understanding is crucial. Despite the hype, AI adoption in financial services is expected to be gradual.
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