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.
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AI's Core Role in Financial Crime
- AI excels at processing vast data to spot complex patterns beyond human capacity.
- This capability is crucial to scaling anti-money laundering and fraud detection at financial institutions.
AI as a Competitive Divider
- New fintech startups gain speed through innovation, incumbents rely on distribution but face legacy challenges.
- By decade's end, firms with AI at their core will dominate, changing internal operations and customer solutions.
Better Data Sharing Boosts AML AI
- Enhanced public-private data sharing will improve AI training for anti-money laundering.
- Combining fraud and AML signals with AI boosts accuracy and efficiency in detecting financial crime.