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UNTHINK TANK - THE FUTURE OF AI IN FINTECH

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by Euan McGonagle
IT & Technology , Technology , Tech Industry , Tech Recruitment , Developers , News , Fintech , Machine Learning & Al , Industry , Artificial Intelligence , AI , Clients , Advice , Candidates
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Euan McGonagle, who specialises in the field of Python FinTech at Understanding Recruitment, recently attended the Unthink Tank event in London.

This edition explored the concept of 'unthinking', inviting leaders and innovators from the tech, disruptor, and creative communities to discuss the issues that impassion and empower them.

Technologist, author, applied Artificial Intelligence designer, technologist, accidental polymath, mental health campaigner, and co-founder of 'Us Ai', Pete Trainor, explored the growing role that Artificial Intelligence plays in our every-day lives, from our mental health to our money.

Over the last three years, Pete has helped to pioneer an entirely new approach to AI focused products, one that looks at ‘self-evolving systems’ and ‘minimum viable personality’ to help solve societal and human issues. He was recently voted, by the industry, as one of the 5 most influential people in the British digital industry in Econsultancys 2017 industry report.

 
Here's Euan's take on his evening spent at the Unthink Tank:
I thoroughly enjoyed Pete Trainor’s talk on the Future of AI in FinTech. The talk focussed on the use of AI as a tool within Financial applications to identify risks to the user’s mental health. In effect, indicators like credit card debt or unusual spending habits are identified and as a result, help is offered to hopefully prevent any harm coming to the user, with a real emphasis being placed on reducing suicide rates.
 
Firstly, I think the idea is absolutely brilliant and the use of technology to possibly save lives can only be applauded. I also think the tech involved is really cool! The ability of AI to learn what is and isn’t normal behaviour, using the data created by the individual and then tailoring its response based on this is a brilliant idea.
 
In my last post I wrote about the use of Open Banking and The FinTech Revolution. This is a brilliant example of that revolution, the use of technology to bring Financial services into the 21st century. Traditionally from an outside perspective at least, the finance sector has looked to make as much money as possible and not think about the customer. I think it’s brilliant that it is moving completely in the other direction with a far more customer centric approach. I think the revolution of the “Disruptive FinTech” has really driven this.
 
The biggest challenge to this kind of technology is to decide where you draw the line between support and surveillance? Ethically, Artificial Intelligence has always thrown up a number of conundrums (although if you believed the media, sometimes you’d think the robots are taking over!). As AI advances, these kinds of issues are going to become more and more prevalent. How we are going to deal with that? I’m not sure…
 
Pete highlighted this issue and put forward a really interesting question on the topic:
 

"Is one person’s life worth more than the privacy of 99 others?"

 
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If you're looking for you next tech role in Fintech get in touch with Euan emcgonagle@understandingrecruitment.co.uk 01727 225 551 or check out our latest roles.