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Deciphered: The Fintech Podcast
AI in Fintech, Will This Level the Competitive Advantage?
Nov 6, 2023
57:37
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Quick takeaways
- AI has the potential to level the playing field in the financial services industry.
- Generative AI in financial services can provide tailored and improved customer experiences.
Deep dives
AI in FinTech and its Impact on the Competitive Advantage
The podcast episode explores the use of AI in the financial services industry and its potential to level the playing field. The implementation of generative AI is seen as a transformative force in various industries, including finance. While smaller FinTech and BigTech companies are embracing this technology, the impact on leveling the traditional competitive advantages of larger financial institutions remains to be seen. The adoption of AI can enhance back office operations and customer service, reducing operational costs and providing benefits of scale for smaller firms. However, larger players still have access to more resources, brand recognition, and customer bases. The future adoption of AI in the financial services industry is expected to depend on regulations and the speed of technology adoption. The guests also discussed the importance of addressing ethical considerations, biases, and security concerns associated with the use of AI. The podcast concludes with predictions about the future use of AI, including the development of AI companionship, emotional support, and personalized decision-making assistance.
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