PODCAST:The AI in Business Podcast
TITLE:Financial Services Challenges and Solutions in the Age of Generative AI - with Fabrizio Burlando of Mastercard
DATE:2023-12-19 00:00:00
URL:
MODEL:gpt-4
Podcast: The AI in Business Podcast Title: Financial Services Challenges and Solutions in the Age of Generative AI - with Fabrizio Burlando of Mastercard Date: 2023-12-19 GUID Modified: dd7e9e84-5940-4469-a09f-0b2f0b40595a Run Time: 25 min File Name: 20231219The AI in Business podcastFinancial Services Challenges and Solutions in the Age of Generative AI - with Fabrizio Burlando of Mastercard___dd7e9e84-5940-4469-a09f-0b2f0b40595a.mp3
Summary
Overview: The episode features Fabrizio Burlando, Global Head of Advisors Consulting in Digital Labs at Mastercard, discussing the impact of generative AI on the financial services sector and how small and medium businesses (SMBs) can benefit from it.
Key Points:
Generative AI in Financial Services: Burlando highlights the rise of generative AI, which can train itself on large datasets and develop its own rules. This marks a shift from rule-based AI, which has been prevalent for decades.
Data Responsibility and Ethical AI Application: Mastercard emphasizes data responsibility principles, focusing on ethical AI applications. They stress the importance of data security, privacy, transparency, and consumer ownership of data.
Use of AI for Fraud Detection and Customer Service: AI, particularly generative AI, plays a crucial role in real-time transaction analysis for fraud detection and enhancing customer experience through digital humans and hyper-personalization.
Challenges and Opportunities: Burlando discusses the need to approach AI solutions responsibly and ensure they are used to solve specific problems. He also touches on the challenges of AI ethics and transparency.
Democratization of AI: The episode discusses the broader concept of AI democratization, where AI tools become accessible and beneficial for a wider range of users, including SMBs.
Future of AI in Financial Services: Burlando envisions a future where AI, especially generative AI, will significantly impact customer interactions and decision-making in financial services.
This episode provides insights into the evolving role of AI in financial services, highlighting the benefits and challenges of adopting these technologies in the industry.
