Day one of Fintech Surge 2023, the global gathering for the entire fintech ecosystem, commenced today at the iconic Dubai Harbour. The event is uniting regional and global players from across the fintech industry – from banks and financial institutions to regulators, start-ups, governments and investors.
On the opening session of Fintech Surge, the primary focus was on the impact of generative artificial intelligence (AI) on the banking sector.
Ahmed Alzarouni, VP and Head of IT at Investment Corporation of Dubai, said during a panel that humanity has just seen the tip of the iceberg of generative AI and that it is difficult to even imagine what is going to come next.
He commented: “The latest updates on Gen AI can detect tone of voice, text and feelings of humans which is something we have never ever seen before. Gen AI will be a huge added value for the banking sector as it will detect many kinds of issues and improve accuracy of advanced services to the clients. The more input you add to gen AI, the better the outcomes are. Gen AI can empower humans for both good and bad reasons and it is important that we take the risk to explore the benefits. It is important that people do not input any confidential data into gen AI. In terms of impact on jobs, my message to everyone is if you are not using generative AI, it will replace you with someone who is.”
Anand Krishnan, Director, Head of Technology at Emirates Investment Bank PJSC, said: “Gen AI is helping both banks and customers. In seconds, AI can provide investment strategies like never before. Hyper customization is a big trend within the banking sector as customers are looking for a personalized, tailored service rather than a one size fits all approach. New fintech investment organizations are bringing out micro-customized products. These systems understand how customer demographics change over the years and this will have a major impact on the banking sector.”
Alex De Vries, Data Scientist, Financial Economic Crime Unit, Dutch Central Bank, added: “AI is energy intensive technology and we risk increasing total power demand which is not good for the climate. We also see a danger from AI in terms of creation of fake images and fake information, and we need to find solutions and policies to avoid the use of these. GDPR regulations are also critical, as we need to keep data safe whilst using AI. We should not be collecting the wrong type of information through AI and it is vital that we raise awareness on these challenges. When it comes to financial services, we need to avoid biases of algorithms. All new technologies are not flawless and have limitations.”
SME Elevate also commenced today providing an engaging platform for interaction with policymakers, business leaders, advisors, entrepreneurs, and founders. SME Elevate underscores the growing adoption of digitalization in today’s evolving economic landscape, providing direct access to leading solution providers SME owners.
N.S Nanda Kishore, Director & CEO, Novac Technology Solutions highlighted during SME Elevate that the main barriers in scaling AI initiatives are around managing AI related risks. However he said that 70% of companies will adopt AI in one form or another by 2030, and 95% of all customer interactions will be powered by AI by 2025.
With more than 100 exhibitors, 160 speakers and 1,000 investors expected to attend, Fintech Surge is a leading platform for the global fintech ecosystem. For the 2023 edition, sponsors include industry-leading organisations Mastercard, Emirates NBD, Geidea Technology LLC, FINTX and Forus Invest, among others.
The international event is taking place on 15-18 October at a brand new location, the Middle East’s largest superyacht hub, Dubai Harbour. A GITEX Global production and co-located with Expand North Star, it is a platform to scale up the deeply interconnected fintech ecosystem.
