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Misconceptions vs. Progress in Financial Institutions [Webinar Insights]

Missed our webinar? Don’t sweat it. Watch the recording of our presentation and find out the Common Misconceptions about AI for Financial Institutions.

On September 5th, Zuci Systems President, Vasudevan Swaminathanand Online Lenders Alliance CEO & Policy Director, Mary Jackson and Michael Dayteamed up to talk about how Artificial intelligence is leaping from the imagination of sci-fi authors and computer scientists into consumer and corporate life. But even as the theories become reality, the general idea about AI – the lens through which the technology is viewed – often carries with it misconceptions and faulty assumptions that, over time, could impede AI’s progress. And that could end up costing financial institutions that don’t get it right.

From discussing core grounds to debunking common misconceptions and myths, the three provided actionable insights on how to implement AI for the betterment of Financial Institutions.

You can watch the full recording here – we also included a link to a non-audio version of the presentation on SlideShare. And, as promised, we answered the questions we didn’t have time to address during the presentation below. Enjoy!

Questions We Didn’t Have Time To Answer

1. You mentioned about Data as the foundation of AI. What data would be ideal to use and how do we know that?
Diverse data helps in building a robust AI solution. However, there is a process involved in starting from cleansing the data to using it to build an AI model.

2. So are you saying that robotic automation won’t help as an AI tool?
Over the years, automation has matured. Starting with Business Process Automation we are now talking about Cognitive Automation. There are ways to look at AI in Robotic automation but Robotic automation itself is not AI.

3. As a financial services firm, how do we know if we are AI-ready?
There are ways to measure an organization’s maturity for AI. As we discussed, the “AI Pyramid” can help in doing some assessment on the maturity side combined with other approaches.

4. Does Zuci build AI solutions?
Yes, we do.

5. Big words, little depth. Let’s discuss in-depth how AI is disrupting all industries. You fail to mention the Apple Card as the best example of AI application so far in the industry.
Given the nature of the audience, we couldn’t go into the technical details of AI implementation, etc. We’ll be glad to discuss your questions and share further information in other forums.

Janaha Vivek

I write about fintech, data, and everything around it | Assistant Marketing Manager @ Zuci Systems.

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