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Agenda

Upgrade Reality in Finance

Upgrade Reality in Finance

Combined Session
Thursday, June 06, 2024 11:00—12:00

Can AI Help to Deliver Transaction Integrity at Scale?
11:00—11:40
 

In this session, we will consider the ways in which AI will affect the subset of human interactions associated with financial transactions. The reliability and predictability that is required of systems operating in the general area of “finance,” and the large scales over which it is conducted, depend heavily on more formal, objectively measurable system performance parameters than is the case in many other domains of human behavior.

 

AI-powered information elements introduce both helpful and potentially harmful variables into the financial space. Also, the ways in which AI is integrated into finance can offer reproducible patterns for AI implementation in other domains, as well as lessons to be learned about potential system harms.

The session will offer just a glimpse of the potential AI holds for the future of finance. By harnessing AI responsibly, we can create a more inclusive, efficient, and secure financial system for all.

Let’s explore together:

  • Future of Personalized Finance: How might AI systems act as financial advisors that know you better than you know yourself? AI-powered algorithms can analyze your spending habits, financial goals, and risk tolerance to create personalized investment portfolios, budgeting plans, and even predict future financial needs. How will AI democratize access to financial advice, previously reserved for the wealthy.
  • Frictionless Transactions: The reliability of finance has historically been associated with endless paperwork to generate auditable paper trails for interaction accounting. AI-powered chatbots can handle routine tasks like account inquiries, fund transfers, and even loan applications, making financial transactions seamless and available 24/7.
  • Enhanced Fraud Detection AI will help to identify patterns of fraudulent activity in real-time, by analyzing massive datasets of transactions to help curb and prevent costly criminal activity. Greater reliability and confidence is a pathway to greater trust in financial systems.
  • Algorithmic Trading: With lightning-fast analysis and the ability to execute trades in milliseconds, AI-powered algorithms are already powering high-frequency trading. In the future, their impact could extend beyond Wall Street, potentially making automated investment management commonplace for individual investors. However, ethical considerations and potential market manipulation risks need careful attention.
  • Democratizing Access to Capital: AI can open doors for those traditionally excluded from traditional financial services. By assessing creditworthiness based on alternative data sources beyond credit scores, AI can enable lenders to extend loans to underserved communities, promoting financial inclusion and economic growth. This also comes with challenges, like ensuring fair and unbiased lending practices.

By the end of our session, attendees will have a broader perspective on the role of finance among a broad array of information systems, and how financial institutions and processes, and the many processes that are affected by finance, can be changed – for better and worse – with AI.

Dr. Scott David, LL.M.
Executive Director - Information Risk and Synthetic Intelligence Research Initiative
University of Washington - APL
Scott David, J.D., LL.M., is the Executive Director - Information Risk and Synthetic Intelligence Research Initiative (IRSIRI) at the University of Washington Applied Physics Laboratory and was...
James Garza
CEO
Trillium Capital Ltd.
James Garza has over two decades of experience providing exceptional financial services, during which he has gained extensive industry knowledge in a variety of capacities. James believes that...
Marina Iantorno
Research Analyst
KuppingerCole
Marina joined KuppingerCole as a Research Analyst in April 2022. Her main areas of expertise are Business, Data Analytics and Artificial Intelligence. Background & Education Marina holds a...
Monkey See, AI Do
11:40—12:00
 

Although AI is transforming the way we work, it's believed it'll be a few years before a blockbuster movie is completely AI generated. As we move forward, will AI help with business storytelling or is it just the modern day infinite monkey theorem?

John Ferris
Regional Ecosystem Manager
Ulster Bank
John's professional journey began with a foray into coding for a healthcare tech company in Pittsburgh, setting the stage for a dynamic career marked by versatility and innovation. Transitioning...
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