Back to the future: Reimagining the future of payments

In the Hot Seat

What does an AI future mean for fintech? Matthew Gardiner, from A1 AI, jumps in the hot seat for a burning discussion on what fintechs need to do today to be part of an AI future, how fraudsters provide a great learning opportunity, and why you need to start using AI in your organization today.

Key Takeaways

• [0:0] Denise Johansson puts Matthew Gardiner, founder of A1 AI, in the hot seat.
• [3:15] Matthew shares how long he has been learning about AI.
• [4:23] Why this AI revolution cycle is the most important one to date as we walk into the supercomputing age.
• [5:46] Matthew shares where AI can impact fintech, and which industries are currently making the most of AI.
• [6:39] Finance has very nascent AI usage, and the more data can be fed to it the better.
• [7:28] The worst of AI in the financial world (and one current success story).
• [8:27] Can hallucinations ever be under control?
• [9:22] Local and agent-based models with local data may point the way to the future.
• [10:08] The diversity bias problem with AI and why getting involved now is important.
• [11:04] Where is Europe on the AI racetrack?
• [11:56] Just try it!
• [13:35] There is a rapid proliferation of AI models you can interact with, and they are getting smarter.
• [14:17] AI can cut through the fat like no other and that is the key to tackling many issues, including climate change.
• [15:09] Matthew touches on robotics and education as two massive fields AI can propel forward.
• [16:27] Our robotic future and our existential future.
• [18:05] When is this future arriving? Matthew shares the probabilities.
• [19:04] How is AI impacting healthcare?
• [20:25] How are fraudsters so effective, and how do we outsmart them?
• [22:46] Matthew’s advice for fintech leaders looking to work with AI.
• [:] Denise signs out until the next time she puts an industry leader in the hot seat.

People

• Guest Matthew Gardiner, founder of A1 AI, In this dynamic world of technology A1 AI offers expertise and the ability to look into the future.
• Host Denise Johansson, co-CEO and co-Founder of Enfuce, a female-founded fintech helping drive business growth, solve customer challenges, and extend financial inclusion.

Links

• A1 AI
• Enfuce

Guest Quotes (edited)

• A model which learns locally and has answers locally is far more intelligent. — Matthew Gardiner, A1 AI, InTheHotSeat
• This is very early days and it's good to be involved now. Sure, a year down the line, problems will be fixed, but it's very good to have it within your processes now, so you can iterate upon it. — Matthew Gardiner, A1 AI, InTheHotSeat
• Experiment! Before you're in a critical space, try it. Think of that future. Should our lives be changed quite dramatically by AI, how are you going to cope with it? How are you going to lead everybody forward through it? — Matthew Gardiner, A1 AI, InTheHotSeat
• Multi-layer, multi-level governance is a massive problem. So AI is very good at getting through to actually what needs to be done and proposing a solution. — Matthew Gardiner, A1 AI, InTheHotSeat
• We've lived in this industrial revolution era, it’s very prescribed and we deal with a lot of legacy systems. What did we do before we had mechanization? — Matthew Gardiner, A1 AI, InTheHotSeat
• We're going through a burn-up on re-entry at the moment, massive storms of fraud coming towards us. But it's much more opportunity and data to learn from. — Matthew Gardiner, A1 AI, InTheHotSeat
• Have a strategy. We are at a crucial phase, some say we've got around two years to get it right. If you're concerned about AI being destructive, bring some very high-quality data into it, so it does the best, rather than a mediocre job. Who wants to be governed by a mediocre entity? — Matthew Gardiner, A1 AI, InTheHotSeat

Denise Quotes (edited).

• How will we overcome hallucinations? Won't there always be room for lying? That's what humans have been doing so far. When we don't have the answer, we come up with an answer. So that's kind of smart of AI. — Denise Johansson, Enfuce, InTheHotSeat
• Currently, the data is from the internet, it’s from public sources. We need to start to feed in big data that can have a bigger impact on societies. — Denise Johansson, Enfuce, InTheHotSeat
• At Enfuce today using AI is almost mandatory, at least on a weekly basis. If not, we will start to lag behind the rest of the room. — Denise Johansson, Enfuce, InTheHotSeat