FinTech LIVE London: How AI is Driving the Future of Fintech

November 28, 2024

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Insights into AI transforming fintech operations and customer experiences, shared at FinTech LIVE London Global Summit 2024

Providing a platform for fintech and AI thought leaders to discuss how the technology is reshaping financial services. A distinguished panel of experts at FinTech LIVE London explored the challenges and opportunities AI presents for enhancing operational efficiency, revolutionising customer experiences, and preparing for a data-driven future.

Panellists included:

David Palmer, Blockchain Lead Vodafone Business IoT at Vodafone Business
Nelson Wootton, CEO and Co-Founder at SaaScada
Pawan Udernani, Vice President of Data Tech AI Leader, Financial Services at Genpact
Andrew Robinson, Product Director of Conversational AI Innovation at NatWest Group
Isabel Pitt, Digital Payments & Cards Director and Chief Operating Officer at Nationwide

AI in FinTech Panel at FinTech LIVE London Global Summit 2024

Transforming fintech with AI: Success stories from industry leaders

The panel begins with David Palmer, Blockchain Lead at Vodafone Business IoT, outlining how AI has transformed customer service. He highlights the role of AI agents in managing operational tasks and improving customer relationship management.

“Real-time interventions and interactions enabled by AI have redefined how we win and satisfy customers,” he says.

David emphasises that telcos like Vodafone see AI as a driver of next-generation operations and data management.

Nelson Wootton, CEO of SaaScada, supports this view, referring to Gartner research that categorises AI’s biggest wins into operational efficiency and customer service.

He notes that understanding the specific applications of AI is key to achieving meaningful outcomes.

“AI is a blanket term for diverse technologies. It’s crucial to identify the right tools for specific objectives,” Nelson explains.

Andrew Robinson, Product Director of Conversational AI Innovation at NatWest Group, adds that AI has streamlined customer service significantly. He details how summarisation tools used at NatWest have reduced the time staff spend reading customer queries, allowing them to focus more on solving issues.

“By condensing text from 4,500 characters to 300, we’ve improved response times and customer satisfaction,” Andrew says.

David Palmer (Vodafone Business) and Nelson Wootton (SaaScada)

Enhancing customer experience with AI innovation

Isabel Pitt, COO of Nationwide, points to the transformative impact of AI in fraud prevention. She describes how AI analyses transaction data to detect anomalies, reducing fraud rates while maintaining customer trust.

“Fraud prevention has benefited hugely from AI’s ability to assess data in real-time, enabling us to improve accuracy and efficiency,” she notes.

The conversation shifts to the potential for personalised banking experiences, with panellists agreeing on its pivotal role in retaining customers. Isabel cites examples from Latin America, where AI-integrated systems offer personalised services via open banking frameworks.

“The ability to respond to customers in real-time and tailor offerings is the utopia we’re working toward,” she says.

David forecasts a future where AI’s capabilities extend beyond operational support to fully autonomous customer interactions.

“The convergence of AI, Web3, and spatial computing suggests a landscape where human involvement may become optional in digital services,” he predicts.

Isabel Pitt (Nationwide)

Addressing challenges and paving the way forward

Implementing AI in fintech comes with challenges, as the panel acknowledges. Key hurdles include data architecture limitations, regulatory compliance, and workforce readiness.

Nelson highlights the importance of fostering innovation while adhering to strict risk management practices.

“Fintechs have an advantage in agility, but larger institutions must integrate innovation into their culture to stay competitive,” he advises.

Andrew discusses overcoming risk-related challenges by educating and involving regulatory teams.

“Bringing risk colleagues on the journey with us ensures we meet obligations while innovating effectively,” he explains.

Meanwhile, Isabel stresses the importance of partnerships.

“Collaboration with fintechs allows larger institutions to leverage innovation without overextending their resources,” she says.

Data interoperability also emerges as a central theme. David outlines the need for shared data layers to maximise AI’s potential.

“For AI to evolve, stakeholders must exchange data efficiently while addressing biases in existing datasets,” he observes.

Andrew Robinson (Natwest Group)

Building a future-proof fintech ecosystem

The panellists concluded by emphasising the importance of aligning AI initiatives with customer needs. Isabel highlights the responsibility of banks to ensure inclusivity, particularly for vulnerable customers.

“AI must work for all segments of society, and this requires thoughtful integration into both digital and physical channels,” she says.

As the session wraps up, the speakers left the audience with a clear message: the journey to harness AI’s full potential requires collaboration, robust frameworks and a customer-first approach.