Strands’ CEO Erik Brieva gave the first keynote talk at the “AI in Financial Services: Unleashing the Potential” conference in Barcelona. The two-day event, also referred to as #AIinFS, gathered close to 200 banking professionals, academics and technology experts from around the globe.
During his “Artificial Intelligence in Banking: State of the Art” keynote, Brieva broke down the top current challenges for banks and unfolded how AI plays a key role in overcoming them and in exploiting untapped growth opportunities.
“There is a 450 billion dollar market opportunity for the applications of artificial intelligence in the financial sector,” Brieva told the full auditorium of ESADE’s Pedralbes Campus. Strands’ CEO revealed that trillions of transactions and events happen every day in banking, and most of them contain hidden patterns and relationships that can enable banks and merchants to anticipate customer needs.
“AI-driven financial technology allows banks to understand data, which is vital to engage on a different level with customers,” Brieva said, noting that the lesser served sections of society represent a huge opportunity for banks to grow their business and branch into less-conventional revenue streams. “By leveraging AI, banks can grow beyond their core, forming a network of value across industries and create their own ecosystem to provide other services at a lower cost and with great convenience,” he added.
During his keynote, Brieva also pointed out how Open Banking provides exciting opportunities for banks to reinvent themselves, offer third-party services, open APIs and a whole host of benefits to their customers, who are demanding new and improved ways of doing business.
Key Takeaways From Erik Brieva’s #AIinFS Presentation
AI-based financial technology:
- Generates deep customer insights that are valuable for both the bank and customers.
- Enables banks and merchants to anticipate customer needs and proactively suggests the next best actions.
- Helps banks to empower people to better manage their life and business, and make financial decisions in a smarter, more transparent and independent way.
To make the most of their data, banks need to implement an AI platform that:
- Is integrated with their core systems.
- Provides out-of-the-box and pre-configured rules, algorithms and actionable insights.
- Has the capability to extend with new algorithms and rules to generate more insights.
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