Greg Woolf sat down with John Siracusa of the Bank On It podcast to discuss Boston FinTech week, The Future of AI, and technology trends in financial services. Here are a couple of the topics discussed…
What trend in FinTech do you think will revolutionize the industry?
We are at a cusp right now. Where AI is moving from this conceptual, lab perspective to the conversation being more around ‘how does it work?’, ‘how can we use it?’, ‘can we get ROI?’. So I think the trend we are starting to see is that AI is no longer an experiment. People are actually using it, implementing it, and frankly thinking about some of the risks around it.
What are some of the other trends that you’ve found in AI that financial institutions are following today?
We see two different levels of how this technology gets used. On the low end, we are implementing AI to automate the laborious, tediuos work that happens in financial services all day long. It’s really automating the ‘doing’. We think AI needs to follow a crawl, walk, run methodology when implementing this technology. On the higher end, AI gets to a point where we can actually produce more predicitive analytics and insights and interpretations of data given that AI has the ability to understand huge amounts of data.
Here at Coalesce, we strongly believe the future of work will leverage humans and machines in a way that plays to each’s strengths. Humans excel at being empathetic, asking questions, and innovating. Machines do best with routines, calculations, and repetitive tasks. The path to having both a human and digital workforce starts with automating the mundane.
Hear more from Greg, and other FinTech Innovators, on episode 159 of the Bank on It podcast with John Siracusa.
Interested in learning more? Let’s chat.