Unthink Tank - The Future of AI in FinTech - Pete Trainor


Last night I attended Pete Trainor’s talk on the Future of AI in FinTech and I thoroughly enjoyed it.

The talk focussed on the use of AI as a tool within Financial applications to identify risks to the user’s mental health. In effect, indicators like credit card debt or unusual spending habits are identified and as a result help is offered to hopefully prevent any harm coming to the user, with a real emphasis being placed on reducing suicide rates.

Firstly, I think the idea is absolutely brilliant and the use of technology to possibly save lives can only be applauded. I also think the tech involved is really cool! The ability of AI to learn what is and isn’t normal behaviour using the data created by the individual and then to tailor its response based upon this is a brilliant idea.

In my last post I wrote about the use of Open Banking and “The FinTech Revolution”. This is a brilliant example of that revolution, the use of technology to bring Financial services into the 21st century. Traditionally from an outside perspective at least, the finance sector has looked to make as much money as possible and not think about the customer. I think it’s brilliant that it is moving completely in the other direction with a far more customer centric approach. I think the revolution of the “Disruptive FinTech” has really driven this.

The biggest challenge to this kind of technology is where do you draw the line between support and surveillance? Ethically, Artificial Intelligence has always thrown up a number of conundrums (although if you believed the media, sometimes you’d think the robots are taking over!). As it does advance these kinds of issues are going to become more and more prevalent, how we are going to deal with that? I’m not sure…

Pete last night put forward a really interesting question on that topic:

Is one person’s life worth more than the privacy of 99 others?

What do you think?

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