Future of Artificial Intelligence for Financial Services by Ken Cregan
What exactly is Artificial Intelligence(AI) and how can it be used in a financial services context?
The financial world stands on the edge of a technological revolution that will fundamentally alter the way people use financial services. The explosion of data in the financial sector has made it difficult (almost impossible) to analyse, without automated support to drive better, data-driven decisions and leveraging automations to fast and convenient service.
Refresh Boyne, and the M1 Payments Corridor are delighted to welcome Ken Cregan, Head of Financial Services Consulting, IBM Ireland, to discuss AI, and how it will change the way we interact with financial services companies (and other sectors) in the future.
The new EU regulation, PSD2, allows for banks to collaborate with third-party start-ups to better use their customers’ data. This has the potential to drive a flourish of AI developments in finance. Firms will work to enable access to their systems for account aggregators and direct-credit payment initiators and improve authentication for online payments.
Financial institutions are increasingly putting faith in AI to:
– Improve consumer personalisation and automate processes in real time.
– AI helps by analyzing larger volumes of security data and is also able to scale to the size of a company as it grows. This can aid in detecting fraudulent behaviour, suspicious transactions, and potential future attacks.
– Reducing duplicate expenses and human error
– Offering Data-Analytic driven Insights; with AI, you can process a huge volume of data which can be used to create reports that not only increase productivity and revenue, but also help with complex decision-making processes.
– Utilise Chatbots in Financial Services, decreasing costs and increasing data-driven analysis
Opportunities for Fintech Startups: AI technology is becoming increasingly accessible and affordable and is being used to help smaller startups as they can access the tools to compete with larger players within their industry.
The talk will be followed by Q&A session, and networking over pizza & beverage
Ken has over 20 years experience as a transformation consultant principally within Financial Services. Specific expertise in the area customer experience transformation. He has designed and lead some of the most innovative and challenging transformation programmes within the Retail Banking sector, and is currently working with a number leading banks, and non-banks, in applying AI to achieving business objectives.
Refreshments kindly sponsored by Amphenol TCS