Thoughts of our co-founder, Levente Szabados, at the Future of Finance 2024 Conference
The revolution of artificial intelligence (AI) is increasingly transforming the financial sector, and Neuron Solutions is at the forefront of innovation. In the first section of the Portfolio Future of Finance 2024 conference, several renowned industry experts – including representatives from Morgan Stanley and McKinsey – discussed the current and future role of AI in finance in a panel discussion. Our co-founder and lead consultant, Levente Szabados, also participated in the discussion.
Levente pointed out that the current development of language models is bringing revolutionary changes. Banks are now shifting much of the analytical work onto their clients, but AI will soon be able to take over this burden as well. However, data transfer between banking systems and AI remains a big question. How will customer data be transferred to an AI-based personal assistant? Solving these issues will be one of the main tasks of the next six months. It was also mentioned that some providers are currently approaching a monopoly in the market for the best AI solutions, but this will likely change with the emergence of open-source tools that could democratize the AI market.
According to Levente, the main question in the coming months is whether AI solutions are advanced enough for widespread application for customers. Experts from Morgan Stanley and McKinsey also highlighted that AI could increase the accessibility of investment advice for the average person, which was previously only a privilege of wealthier individuals.
Among several other topics, the issue of trust came up repeatedly during the discussion. Banks have always been built on trust, and in the future, the question will be when AI can match human advisors in this regard.
Relating to the above topic, we at Neuron Solutions believe that AI will not replace human expertise. Artificial intelligence will instead complement human knowledge, contributing to more efficient work and customer relations both in the financial sector and other industries. Neuron Solutions is working on developing AI-based solutions that combine human intelligence and other human capabilities with the advantages offered by AI. This is the foundation of our enterprise AI transformation methodology, the AI Launchpad.
