From Hype to Reality: Gen AI in Banking and Fintech Summit

The summit, named “From Hype to Reality: Generative AI in Banking and FinTech”,  consists of fireside chats, panels and demos with BNY, Mastercard, TSYS, and more.

Taking AI From Theory to Practice

Since the launch of ChatGPT, generative AI has been the subject of ‌fanatical pan-industry hype. However, it would be fair to say that its practical applications in banking, payments, and fintech are still largely under development.

The summit promises to bring together banking leaders, fintech pioneers, and AI experts who have successfully implemented AI-driven solutions in areas like fraud detection and data enrichment.

One of the key challenges addressed will be how banks and payments companies can develop an effective AI strategy, from scaling to deployment.

Of this issue, Chris Harrison, Industry Executive at Oracle, says "the strategic risk of not engaging in generative AI projects is greater than the operational and compliance risks."

Chris’ comments are representative of a growing consensus that banks must navigate AI implementation carefully. The view is that AI must be regulated across the board, but especially in such a significant (and sometimes volatile) sector.

What Key Challenges Will The Event Discuss?

The summit will feature discussions on building and scaling an AI factory, as well as key use cases like fraud prevention and customer service.

Another critical challenge for the industry’s rollout of AI is ensuring the quality of data, which can either accelerate progress or lead to false starts if mishandled. The summit will also explore new data sources, security considerations and strategies for permissioning access to sensitive information.

In addition, the concept of the "AI Factory" — systems capable of generating and deploying thousands of AI models across their entire operations representing the next industrial revolution — will be a major theme. 

“It is critical for enterprises to have the systems in place to scale AI, from accelerating their data preparation to training more accurate models and deploying these models through accelerated compute in the cloud,” says Pahal Patangia, global developer relations for fintech at NVIDIA.

The goal is to showcase how leading institutions are using such frameworks while keeping governance and data quality front and centre.

Seeing is Believing: In Market Demonstrations and Case Studies

At the event, attendees will get a chance to see practical demonstrations from fintech companies that have successfully moved beyond the AI hype.

Companies like Hummingbird, Reality Defender, Ntropy, and SQream will showcase their AI solutions with real-world examples and practical applications.

What Impact Might This Summit have?

So, what is the significance of this event? Well, we’re at a moment in time where the pace of AI development is rapid but still a little uneven. Fears are driving some to slow their adoption rather than progressing in a well-thought-out strategy that is flexible enough to be modified without rip and replace. The combined partnership of Oracle and NVIDIA accelerates ‌enterprise-wide adoption of AI.

As generative AI is integrated into our everyday lives and workplaces, understanding its practical implications is crucial for banks, payments companies, and fintechs aiming to stay competitive and relevant.

Review the agenda here and plan to attend the summit.  

**************

Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024. 

**************

FinTech Magazine is a BizClik brand.