With the rising use of AI, consumers and businesses alike are running into questions on data security, sovereignty and the ethics of emerging technologies.
Samrah Kazmi, RESRG founder and chief innovation officer and Hanna Helin, London Stock Exchange Group global head of technology innovation, sat down with Alexander Bourgeois, a digital transformation analyst at Informa Tech, to discuss the emerging role of AI throughout industries, and how businesses can adapt to this shifting landscape.
When it comes to innovation, both Kazmi and Helin spoke of the importance of leveraging data to identify trends and demand in both consumers and surrounding businesses.
“Every organization is generating a lot of data and we as consumers are doing explosive data generation,” said Kazmi. “Just through our devices companies can gain insight on spending patterns and use this data to generate insights and create more personalization for products. That’s a huge opportunity. Computing power has really advanced I would say more than tenfold over the last few years.”
“We need to really understand what’s happening with emerging technologies in the wider innovation landscape,” said Helin. “We also work closely with startup programs to see what capabilities they have that we can plug in to benefit our customers. Understanding our external customers also drives innovation, understanding where global financial services are going and what they’re focussing on and using that to adapt our solutions and capabilities.”
Financial services is one of the industries most concerned with the threat of cyberattack, and with the rise of AI and digitalization driving businesses online, questions have arisen over how to fortify the sector, and how AI could be harnessed to detect fraud.
“We’ve seen financial crime explode recently,” said Kazmi. “And as we move toward immersive or virtual spaces, we see financial crime getting higher. When it comes to fraud, traditional systems have always been very rules based and backward-looking – they can’t predict events, and they’re not good at continuous monitoring.
