Money 20/20 Panel: Artificial Intelligence and Machine Learning

As computational technology advances, leveraging trends in data and meta-data will help organizations understand both their customers and other businesses more extensively. AI and ML are going to affect all realms of society, and payments are not immune to this trend. Democratization of tools for analytics in the field will help open up doors for an expanded crowd. As tools and APIs for developers looking towards AI or ML expand, developers will be able to access these complex tools more easily. Speaking to this, Dr. Arif Ahmed of U.S. Bank remarked how, "With deep learning, you have better ways to conceptualize problems. You see how voice recognition, fraud recognition, and more are improving. You start with the technology, and then you host concepts. . Pattern recognition from AI and ML advancements will have a strong impact as it relates to Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) practices. Particularly in the litigation response matters, Husayn Kassai of Onfido explained how often times remediation work today is outdated. "The current way that it is carried out isn't necessarily fit for a digital age," said Kassai. "It doesn't make sense to have fully human authentication systems at a bank." Ensuring a proper intake of data will be key here, the panel said, as financial services players transition to updated or increasingly distributed backend platforms. In the future, many consumer-facing products, including chatbots, will make their way into digital services. For lots of financial players, the ability of machines to understand human slander falls short, as placing consumer-facing concerns in context is a major challenge. People can build chatbots with specific purposes, such as manuals to build a plane or figure out the nature of a mortgage contracts. To minimize errors, look for chatbots in financial services to be developed with specific purposes, such as mortgage loan contracts or ATM interfacing. David Gilvin of IBM remarked how "AI is always on, 365, 24/7. .