The fintech industry- and the business world- is grappling with generative AI, which experts say has the potential to revolutionise financial services. Spearheaded by the rival of ChatGPT, fintechs are being wooed by generative AI’s potential to transform their way of working, from back to front office.
In this podcast, we chat with Alexandra Mousavizadeh, an economist who benchmarks banks’ adoption of AI and Christian Trummer, the co-founder and CTO of crypto company Bitpanda, about the potential of AI.
Mousavizadeh says generative AI will be as transformative as email and “change the way we work”.
“The release of ChatGPT has put AI at the top of mind of every CEO in every sector,” she says.
But she caveats this by saying generative AI is not a “plug and play” and highlights the challenge of running Large Language Models (LLMs), the algorithmic basis for AI-powered Chatbots like ChatGPT, on financial data.
Trummer, meanwhile, predicts that in the future amid the rise of generative AI, “everyone will need to be a prompt engineer”.
Bitpanda has recently made a whopping $10m investment in AI and Trummer discusses how the money will be spent and what impact the technology will have on his business and fintech more broadly.
Tech.eu