Why is the rise of artificial intelligence (AI) technology so important in the finance sector?
CWallet has been accepted to be part of NVIDIA Inception, a premier program for AI and data science startups. With that note Tech giants are now diversifying the business sector that they are focusing on and I personally believe that in the startup scene that FINTECH players will be a dominant force in the next 5 to 10 years. And since Fintech itself is a huge market with various components like RegTech, InsurTech, Cryptocurrencies and Blockchain. Those items will require EKYC (electronic Know-Your-Customer) type of services in order to onboard new customers and monitor them at the same time. That's why the dynamics are focusing on AI that will analyze it swiftly for decision making and strategic planning. Does AI fundamentally change how the finance industry serves the economy? I believe AI is a tool. Like Cwallet, a mobile money wallet that promotes Financial inclusion and Financial literacy especially to the unbanked majority.
Now this tool will revolutionize emerging economies promoting cashless societies which local banks cannot just accommodate due to its own business model of dealing only with people with bank accounts. Now AI as a toll will empower both B2B, B2C and B2G sectors to fast track the economies of emerging markets in ASIA and MENAT.
Are current finance practices and regulations adequate for overseeing an AI-driven industry? Regulators most of the time will be the last entity to adapt. They mainly observe and then evaluate if it's good for everyone or at least the wider majority of the consumers and the government itself.
An AI driven industry is an ecosystem where all stakeholders collaborate and periodically review the never ending and fast phase innovation. Everyone should work as a community to communicate. This is also the reason why I personally initiated the very 1st Qatar Fintech Association.
Cwallet and other Fintech startups in Singapore, Russia and Qatar that would like to operate in Qatar are unifying communication channels to allow different parties to be part of the association in order to communicate, discuss, argue and eventually create a decision for the benefit of the consumers.
What are the main uses for AI in the finance industry? Where do you see AI technology headed in your field? AI itself is a huge topic and has different types of applications and use cases even if we just focus on the Finance Sector.
As I mentioned, it's a powerful tool that will help decision makers, innovators, regulators and other entities in a business ecosystem.
AI can be used to examine cash accounts, credit accounts, and investment accounts to look at a person's overall financial health, keeping up with real-time changes and then creating customized advice based on new incoming data. Meaning the proficiency will be higher compared to an individual. So that will be the answer to, "Where do you see AI technology headed in your field?" It will replace jobs which regulators are worried about because they need to keep the balance and order especially to countries that have UNIONS.
How can the finance industry be better prepared to tackle business in the next five years?
It's a never ending evolution and due to uncertainty, things could change instantly.
Like what covid19 did. It has affected lots and lots of businesses but open lots and lots of opportunities as well because everyone is avoiding interaction and the majority of the global population is adapting to the digital world quickly. Mobile Money Wallets all of a sudden become popular because nobody wants to visit Money transfer operator (Brick and Mortar) shops anymore. So more and more adaptation even the banking sector has to move fast because they will be left behind.
As final example, one of the biggest platform that allows their users to publish and upload short video contents in return of likes/views are trying to partner with a community wallet like Cwallet because they can't transfer the payment to those individuals that are mainly millenials that doesn't have bank account because they are below 18 years old. With that notion, its telling everyone that banking is no longer for adults in an expat driven society.
So the adaptation in the next 5 years will be unprecedented.