AI and the Future of Banking - Activate at Money 20/20 Highlights
The prospective role of artificial intelligence in the financial industry was a key focus at this year’s Money 20/20. Treasury Prime’s Activate user conference, held concurrently at the Venetian, gathered expert panelists to discuss fintech partnerships and Banking as a Service (BaaS), and where they think the future of AI and banking lies.
Treasury Prime’s Chief Platform Officer Mark Vermeersch led a panel with Unit21’s co-founder and CEO Trisha Kothari, Cable’s co-founder and CEO Natasha Vernier, and Sardine’s co-founder and CEO Soups Ranjan. The panelists discussed how they are currently using AI and where they see the technology fitting into financial services in the future.
AI and the future of banking top insights:
- Operational efficiencies: Deploying AI and machine learning in business operations can automate manual compliance and risk management tasks, reducing employees' workload, according to Ranjan. He says Sardine uses tools like AutoGPT to streamline manual processes, making compliance more cost-effective by at least 30%.
- Money laundering: Vernier added that AI and machine learning could also help fight money laundering. By facilitating data sharing and communication between financial institutions, AI technologies can contribute to a comprehensive understanding of how money is moving, she says.
- Banking AI regulations: Kothari believes AI can enhance transparency and eventually help address regulatory worries. She says Unit21 is deploying large language models in the hopes of helping regulators better understand customer scoring and decision-making processes among banks and fintechs.
Here are some video highlights from the session:
Watch the full panel on demand to hear how fintechs are utilizing AI in their companies, and how they are addressing risk:
Want to see other Activate panels? Watch more video highlights.