Since the onset of AI adoption, the financial services market has been rapidly adjusting to new opportunities and challenges posed by the technology. As the tech ramps up at an even faster pace with the introduction of Generative AI, many in the industry have hailed the technology as a transformational change agent for financial services.
FinTech Global recently sat down to talk to Dr Janet Bastiman, chief data scientist at Napier AI, to discuss the transformational role of the technology and how it is bringing change to the day-to-day operations of businesses.
“I think we’re already seeing the need for instant responses,” claimed Bastiman.”So AI and technology needs to be able to support that.”
The role of AI is seen as working hand-in-hand with other technological advancements, and can help to shoulder some of the challenges that come with new regulatory initiatives.
She also outlined how some of the benefits of AI in such areas include being probabilistic and being good at problem-spotting from a wide number of dimensions, which makes it easier for the technology to find and flag suspicious transactions.
“AI is really there to support the scale and speed of the digital real-time economy that we all want,” said Bastiman.
Other areas Bastiman focused on included how AI can work hand-in-hand with compliance issues, supporting the processes and helping to work more in tandem with regulators.
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