Alice Chambers |
Money20/20 USA opened with a Sunday Night Live session on fintech’s 20-year progress and future, spotlighting the transformative role of artificial intelligence in finance and innovation.
Zac Anderson Pettet, vice president of fintech strategy at Money20/20, began by summarising how fintech hasn’t “just done good” but that “there’s proof it’s done well” since its inception and will continue to progress.
“A fintech spring is coming and it’s going to be driven by AI,” he said.
Lynn Martin, president of the New York Stock Exchange, then discussed AI use cases the exchange has implemented. For example, it uses machine learning to process 750 billion order messages per day.
“AI is driven by good access to data […] there’s been tremendous innovation at a time of uncertainty,” she said.
Alan Murray, president of Dow Jones interviewed Martin at Money 2020’s Sunday Night Live
Later, Sarah Friar, chief financial officer at OpenAI, explored AI’s role in the industry and beyond.
“On the AI front, it’s happening,” she said. “It’s happening right now! If you think it’s experimental, it’s not. People are absolutely using this technology to up their productivity game, to think about costs, and to help manage their business. Whoever you are, it matters to you now.”
Open AI is “drinking its own champagne,” according to Friar. For example, team members from across the company’s finance department discussed daily challenges at work and worked with its own developers to create internal agents to automate repetitive tasks.
Next, Friar explained that OpenAI and other AI providers will keep growing to meet operational improvement demands.
“We have no choice but to keep investing [in AI],” she said. “For a lot of people, technology is inaccessible.”
However, the new ChatGPT models, such as the ability to talk with your device, will allow people to glimpse into “our world”, said Friar.
Friar was joined on stage by Amy Nauiokas, founder and CEO of Anthemis
Sunday Night Live also covered a new awards programme – which was introduced by Money20/20’s president Tracey Davies and chief strategy and growth officer Scarlett Sieber – and the future of open banking from Rohit Chopra, director of Consumer Financial Protection Bureau (CFPB).
CFPB’s Director Rohit Chopra spoke about the importance of transparency, trust and compliance with Fintech Take’s founder Alex Johnson
Discover more news from this year’s financial services events on our dedicated landing page.