The Fintech Magazine #28

The Fintech Magazine #28 is here! This latest edition is packed to the brim with fantastic insights & opinions from some of the most prominent names in our industry. From financial crime to the rise of AI, it’s all here in the latest edition of The Fintech Magazine.

Message from the editor:

“At the risk of adding to an already crowded debate, in which the world and its dog and Elon Musk hold a view, how have we come so far in the development on AI and yet made so little progress on deciding how/if to regulate it in some key jurisdictions – notably the UK and US.

OpenAI’s ChatGPT made history in January by becoming the fastest-growing consumer app, accruing 100 million daily active users in just 40 days – it took TikTok 9 months to achieve such popularity. 

The unprecedented speed of adoption, and the step change that generative AI presents in the way we interact with machines, has prompted a host of concerned commentary, government hearings and tech bosses themselves to call for closer scrutiny and control of the technology. And yet civil society groups, academics and developers have all been highlighting concerns for years about the potential problems with large language models like these.

Not everyone has been sleepwalking into a regulatory moral mess. The EU is in the process of introducing legislation that, once approved, will be the world’s first on AI. Biometric surveillance, emotion recognition and predictive policing AI are set to be outlawed and there will be tailor-made regimes for general-purpose AI and foundations models like GPT, with regulatory categories for low, limited, high and unacceptable risk. The rules allow for complaints to be made about AI. Welcomed by civil society groups, the rules go for a vote before the whole parliament later this month.

AI is a thread that runs through this issue – sustainability, open banking, regulation and the discussion on how to monitor and eliminate AI bias in financial services on p68 is particularly interesting.

When asked recently if AI was a threat to humanity, ChatGPT replied: ‘It is up to us, as the creators and users of AI, to ensure that it is used in a responsible and ethical many.’ There was a deal too much species confusion in that sentence for me. Regulators need to get a grip.

Our last issue’s spine-tingler, “How many people had that kind of crazy dream and lived to see it come to fruition?” was by Dee Hock, founder of Visa (1929-2022)

• Sue Scott, Editor of The Fintech Magazine

Featured in this edition, we have:

• Carsten Wengel – Netcetera
• Gabrielle Bugat – G+D
• Peter Frick – Netcetera
• Mehdi Heidari – G+D
• Chitua Kalio – G+D
• Junai Wahedna – Wahed
• Petr Baron – tbi bank
• Merve Ferrero – Zopa Bank
• Jason Cozens – Glint
• Stuart Thomas
• Brian Hanrahan – Nuapay
• Claire Melling – NatWest
• Brad Carr – National Australia Bank
• Nikolaj Hartvig – Neonomics
• Tom Wijnen – Worldline
• Eddie Vaughan – LexisNexis Risk Solutions
• Jim Winters – Nationwide Building Society
• David Callington – HSBC
• Linda Weston – Barclaycard
• Andrew Shikiar – FIDO Alliance
• Quintin Stephen – G+D
• Ron Rock – JobsOhio
• Jim Marous – Banking Transformed
• Peter van de Venn – Mobiquity
• Anne-Sophie Castelnau – ING
• Martin Richards – HSBC
• Clinton Abbott – SunTec
• Alex Garkov – EcoVadis
• Jamie Rodney – Reask
• Roque Martinez – SmartStream
• Tanya Kopytina – ACI Worldwide
• Gürer Kural – Rabobank
• Ash Booth – HSBC
• Justus Roux – Mambu

Don’t miss out on the latest groundbreaking insights and opinions, all here in the latest edition of The Fintech Magazine.