Ali Meli recently shared an optimistic view of the financial sector, which is experiencing a dynamic transformation with the continuous evolution of technologies and their impact on how people relate to money.
Ali Saadat Meli stated: Financial solutions companies face challenges in operating effectively, anticipating the needs of their clients, and developing products that meet consumer expectations and demands.
Ali Meli selects some technological trends that could shape the industry's future, from the accelerated adoption of artificial intelligence to the expansion of open financial systems and cloud-based platforms, making such models' development possible.
The idea is to explore the numerous benefits of the technologies that impact operability, security, service personalization, and the relationship between the company and the client, providing reassurance about the positive changes in the financial sector.
The role of AI in the financial services of the future is a thrilling prospect that Ali Meli is eager to explore.
In recent years, banks have implemented the latest technological innovations to stay competitive and redefine how they interact with customers. Artificial intelligence (AI) has been no exception. Different financial solution providers that have integrated these technologies into their offerings have achieved various benefits, such as increased revenue through greater customization of their services and products, cost reduction through process automation, and the generation of strategies with the analysis of large amounts of data.
According to a report by International Data Corp, global spending on artificial intelligence reached $166 billion last year, with the banking sector being one of the largest contributors, with approximately 13%. This value is expected to reach $450 billion by 2027.
The main benefits of AI for the financial sector are greater efficiency with the automation of complex and repetitive processes, predictive analysis and pattern identification for risk prevention, personalized experiences tailored to individual customer needs, and the development of innovative and disruptive products.
Banks, fintechs, and other companies began testing models with another approach to this technology: generative artificial intelligence, capable of generating new and original content and not simply processing data or making decisions based on existing patterns.
Generative AI can create images, text, music, and much more. This new content includes, for example, synthetic data, which is information generated from real data samples to train models. The algorithm is based on learning patterns and correlations and, once trained, can generate identical data. This trend has come to boost productivity and performance in day-to-day operations and has great potential to transform the financial services of the future.
Investments in optimizations in the financial sector
Since the beginning of 2023, several financial solutions companies have applied different generative AI models. They are expected to continue investing their efforts and money in the next five years, implementing improvements and optimizations.
Ali Saadat Meli talks about the Challenges of Generative AI
Among the big banks, hyper-personalization is one of the main goals of generative AI. Algorithms can interact with customers in services that include alerts about fines after invoices are due, blocking suspicious financial transactions, and proposals to change services.
Trust and ethical management:
Organizations should focus on developing trustworthy algorithms that, in addition to technical efficiency, incorporate ethical and socially responsible aspects. Transparency stands out as an essential component to build and maintain customer trust.
Security, privacy, and control:
Potential risks include data concentration in large companies and possible privacy breaches in the collection of public data without consent. To prevent AI models from inadvertently exposing data, it is suggested that privacy measures be incorporated from the start of the project. Obtaining customer consent and maintaining strict security procedures are essential to prevent malicious uses, such as creating fakes or phishing content.
Regulation:
Regulatory responses to AI generate regional differences and uncertainties, affecting competition. Regulations vary between jurisdictions, with possible penalties in different countries worldwide. Therefore, increasing the transparency of models, especially those that drive generative AI, is a way to ensure more security and demonstrate their impact on business.
Cloud Financial Solutions
Cloud platforms have emerged as fundamental catalysts in digital transformation, marking a significant change in how various companies offer their financial services. Their technological capacity provides flexibility, scalability, and operational efficiency, allowing them to face complex challenges and adapt to a constantly evolving environment.
The cloud facilitates the agile implementation of new technologies, such as artificial intelligence, advanced analysis, and open financial services, which we have seen above. Thus, it widens the path to innovation and continuous improvement.
Ali Meli highlights that implementing cloud interfaces and ecosystems has been a priority for banks, fintechs, cooperatives, and other institutions. Therefore, cloud platforms go beyond a simple storage place. They are a model capable of boosting innovation in today's financial solutions businesses to meet growing technical demands and cybersecurity challenges.
