The event: Fintech is Dead. Long Live FinAI was organised by the Parliament Street think tank and saw over 70 industry experts, academics, and CEOs enter into debate. 

Hosted by MP Dean Russel and chaired by Steven George-Hilley from Centropy PR, the debate aimed to dissect the influence AI is set to wield over both the public and private sectors, with the forthcoming global AI summit in November looming overhead.

“We are witnessing the rise of genAI. More than just picture and text generation, genAI’s ability to work with both human input and data analysis tools has the clear potential to semi-automate much of the traditional knowledge work we associate with finance roles,” said Michael Mortenson, associate professor at the Gillmore Centre for Financial Technology while at the debate. 

This technology has proven controversial not just for business leaders, but for consumers as well. According to a survey with over 10,000 consumers from across 10 countries by the global technology consultancy Thoughtworks, 68% of respondents are calling for more government regulations on how genAI follows data privacy laws. 

On top of this, over half (57%) of UK consumers don’t trust businesses to follow these regulations, and a further 35% say businesses should stop the development of genAI until more effective government regulations are in place. 

“One of the biggest problems I find is regulating something that you don’t know is very hard,” said Jamie Beaumont, founder of Playter at the debate earlier this week. “The trajectory of AI has gone crazy over the last year. When we don’t know the next step or where AI will be in a year, how do we regulate?” 

“If you can’t understand, you can’t regulate. The businesses are the ones that understand what needs to be stopped,” continued Dominic Duru, co-founder of DKK Partners.

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This point is critical for the AI leaders, who are burdened with the challenge of enhancing customer experiences, creating value, and driving good outcomes all while meeting regulations that ensure both the safe and ethical use of AI. 

This debate comes just ahead of the UK’s AI Safety Summit to be held at the beginning of November in Bletchley Park. According to the government, the summit will focus on risks created or significantly exacerbated by the most powerful AI systems, particularly those associated with the potentially dangerous capabilities of these systems.

This recent Fintech is Dead. Long Live FinAI summit provided leaders a platform to voice their perspectives, concerns, and aspirations ahead of the AI Safety Summit. From it, industry collaboration and education emerged as critical instruments in harnessing the full potential of the technology.