Synechron’s InSync New York
InSync New York Assembles Industry Thought Leaders to Discuss the Rise of Artificial Intelligence in Financial Services
Overlooking Central Park, this April, Synechron hosted clients, innovators and industry leaders at the Landmarc Restaurant for its InSync New York 2017 event focused on the rise of Artificial Intelligence in Financial Services. AI is not a new concept, but the technology is rapidly evolving and is empowering users to achieve things previously dismissed as impossible. Inspired by innovation, the gathering of the financial industry’s best and brightest, discussed how we got to where we are, and how far AI can still take us.
The evening began with Synechron’s Co-founder & CEO, Faisal Husain, who cited the tremendous growth Synechron has undergone this past year and the success achieved by our award-winning Blockchain accelerators. He focused on the continued investment into R&D through Synechron’s Financial Innovation Labs (FinLabs), which has led to the launch of its Artificial Intelligence Accelerators – Neo – which have received incredibly favorable reception from the industry, and his ongoing commitment to deliver clients “The Power of 3” (end-to-end digital, business and technology consulting capabilities).
Presenting the keynote speech, Gideon Mann, Head of Data Science at Bloomberg, spoke about the evolution of machine learning, from Deep Blue to the wide array of modern uses such as self-driving vehicles, voice and face recognition, and machine translation – formerly technologies for science fiction. He discussed how integral data is in the financial world, and how not only does AI help make sense of the data, but it’s helping to harness unstructured data to create new data sources like sentiment related to news feeds. While AI teases us with the potential to analyze anything and everything around us, Gideon warned, we need to be careful with how we use it.
What followed was a lively discussion regarding AI’s current place in the financial market and strategies for firms looking to develop AI projects of their own. We had a panel of experts including Bill Nosal, VP, Market Technology at Nasdaq, Dr. Spencer Greenberg, Co-Founder of SparkWave and Peter Memon, Executive Director, Emerging Technologies at JP Morgan, which was led by Sandeep Kumar, Managing Director, Capital Markets at Synechron.
The panel touched on practical application for AI within financial services, including top use cases to consider and how to build trust around AI projects within the organization. The panelists suggested:
- AI can combine and process information in ways that human beings can’t to address fincrime issues such as market manipulation, fraud and money laundering.
- AI is helping traders augment stale information by scanning news stories and identifying pertinent data.
- Compliance and regulation remain a top obstacle, but if data context and compliance reporting are considered as part of the process, this can be overcome.
- Cloud computing is making it easier to process vast amounts of structured and unstructured data to power complex cognitive applications.
- Data governance is crucial to the success of an AI application.
- Start small, focus on the right use cases, build up credibility in your firm, develop an infrastructure that can support AI growth, and evolve your AI use over time.
- A successful AI project requires a mix of skill-sets ranging from developers to statisticians, ideally with experience in machine learning.
Following a rousing panel discussion, the agenda concluded with a short presentation of the AI accelerators from Synechron’s Sandeep Kumar and a cocktail reception with hands-on demos for clients.
The evening commenced with dinner, drinks and live jazz music – and a shared belief that AI has the potential to transform the way financial services firms operate, and that change is happening today.
News, tweets and good stuff.