Power Panel: The genAI arms race - the biggest thing to ever hit financial services?

Power Panel: The genAI arms race - the biggest thing to ever hit financial services?

09 Sep 2024|Finovate
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Sarah HinkfussSarah HinkfussPartner at Bain Capital Ventures

Sarah Hinkfuss is a Partner at BCV and works with growth-stage founders across application software and fintech. She loves working with founders who have personal experience in the markets they are disrupting. Prior to BCV, Sarah was a mid-market tech investor both at Bain Capital on the Tech Opportunities Fund and KKR at the Next Generation Technology Growth Fund. Sarah spent the first half of her career in big data / predictive analytics SaaS, helping scale Applied Predictive Technologies (acquired by Mastercard in 2015). She has an AB in Economics and Environmental Science & Public Policy from Harvard, and an MBA from Stanford University.

Ihar MahaniokIhar MahaniokManaging Partner at Geek Ventures

Ihar Mahaniok, an immigrant engineering leader with over 20 years of experience building code and machine learning models for startups and conglomerates, founded Geek Ventures after seeing the difficulties immigrant entrepreneurs faced when trying to raise capital and make connections within the U.S. venture-capital ecosystem.

Ihar raised a $23M fund with Geek Ventures. He invested in 200+ startups, with 15 exits, and 5 seed stage investments becoming unicorns, including Instacart, Pandadoc, People.ai, Jeeves, Airbyte.

Jason HenrichsJason HenrichsCEO at Alloy Labs

Jason is the CEO of Alloy Labs, a consortium of community and midsize banks working together to operationalize innovation through startup partnerships and strategic investments. He co-hosts Breaking Banks, the largest fintech podcast in the world. Jason is a frequent speaker on financial innovation, regulation and compliance as competitive advantage. He served on the fintech advisory boards for the City of Chicago, the AARP, the Financial Health Network Innovation Lab, and the SXSW Accelerator. Jason teaches at the Pacific Coast Banking School, University of Wisconsin Graduate School of Banking, the Digital Banking School at the University of Wisconsin and Graduate School of Banking at Louisiana State University.

Milton SantiagoMilton SantiagoGlobal Head of Digital Solutions at Silicon Valley Bank

Milton Santiago is a distinguished global digital executive and visionary leader known for his expertise in deciphering client needs and transforming them into compelling digital experiences. With a robust background in UI/UX design, security and authentication, and new product development, Milton has an extensive track record of launching profitable and innovative solutions.

As the Head of Global Digital Solutions at SVB, Milton is responsible for driving end-to-end digital client experiences. He has transformed how the organization develops and launches products by establishing an Agile Practice, experience analytics, a user experience and design team, and go-to-market activities. Under his leadership, his team created SVB Go, a multi-year award-winning digital banking platform.

An accomplished industry speaker, Milton covers a wide range of topics, including security and fraud, mobile payments, emerging payments, usability, and innovation. He is also an expert facilitator, creating and leading domestic and global client advisory boards.

As an award-winning inventor, Milton holds over 130 patents in digital commerce, client experience, and financial services. Notably, he created CashPro® Online, a renowned electronic banking platform used by Bank of America. During his tenure at Bank of America, he was responsible for establishing the global strategy for client-facing channels and driving the direction for eCommerce solutions.

Before joining Bank of America, Milton led ABN AMRO's North American Electronic Banking division, overseeing product management and strategy for the commercial and wholesale markets. His career in the financial industry began in 1987, providing him with over 30 years of extensive experience in training, product development, and technology.

Recognized as a successful founder and leader in innovation and user experiences in the financial sector, Milton serves as an advisor and board member for several organizations in the financial and cryptocurrency space. His contributions to mobile payment technology have earned him global recognition, including a top 10 ranking for one of his patents in 2015.

Timothy RickardsTimothy RickardsSr Director, Value Consulting at Hearsay, a Yext Company

Tim leads Value Consulting at Hearsay, a Yext company. His team helps customers identify and tackle pain points across content strategy and development; digital transformation; and compliance advisory, in order to capture growth opportunities and deliver ROI.

Previously, Tim led a team in charge of activation and engagement efforts for self-directed investing clients at Charles Schwab. During his time there, he also led Trading Services client marketing, and held several creative and management positions with the firm’s in-house agency.

An innovator at heart, Tim has been making things happen since before the iPhone. Prior to specializing in financial services, he worked on consumer packaged goods, gaming, and tech brands for Arc Worldwide, Grey Advertising, and McCann.

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Description

ChatGPT is the biggest tech revelation in a decade. It reached 100 million users in two months and is the only app built from scratch ever to achieve that. Massive investment in the AI space will continue to drive innovation. Retail will lead the pack with ChatGPT but other industries will quickly follow

GenAI is in its infancy in banking and payments but there will be profound applications in personalisation; customer support; process optimisation and fraud defence. Which areas in financial services will not be right for GenAI?

As fraud continues to rise exponentially how should banks approach security challenges around GenAI?

It won’t be smooth sailing: regulators have introduced tighter regulations around how customer data is used and banks will have to comply

How banks can create an assurance framework for GenAI to avoid unintended consequences and harness it responsibly?

Enterprise-wide embrace of the technology will take time but early movers will have the most to gain. Financial services providers need to lean into the opportunity; to understand the technology’s constraints and capabilities and to identify high priority use cases and start to experiment and test them

What kinds of innovation frameworks are financial institutions taking to approach leveraging GenAI and other emerging technologies?

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