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:text-davinci-002-render-sha
Summary of the "AI in Business Podcast" episode titled "Financial Services Challenges and Solutions in the Age of Generative AI - with Fabrizio Burlando of Mastercard" on December 19, 2023:
- Title: Financial Services Challenges and Solutions in the Age of Generative AI - with Fabrizio Burlando of Mastercard
- Date: December 19, 2023
- Run Time: 25 minutes
- 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
Key points from the episode:
- 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.
- It highlights that while AI has been around for decades, there is a new wave of generative AI that can train itself on large datasets and develop its own rules.
- Generative AI is described as capable of producing probable truths, not binary ones, and may sometimes generate incorrect answers (hallucinations).
- The podcast emphasizes the importance of responsible AI adoption, with a focus on data security, privacy, and transparency.
- Mastercard's approach includes data ownership by consumers and a commitment to ethical AI applications.
- The use of aggregate data is discussed, particularly for fraud protection and pandemic-related insights, while ensuring individual data privacy.
- The progression of AI adoption in financial services is outlined, starting with deterministic and rules-based systems for repetitive tasks, then moving to supporting decision-making, and finally achieving hyper-personalization through generative AI.
- The discussion touches on the use of AI in automating operations, anti-money laundering, and customer value management.
- The potential of generative AI in creating hyper-personalized experiences, including virtual and augmented reality, is highlighted.
- The conversation concludes with insights into the future of AI in financial services and the role of digital humans in customer interactions.
Overall, the episode explores the challenges and opportunities that generative AI presents in the financial services sector, emphasizing the need for responsible and ethical AI adoption.
