Founder & CTO, Exponential Technologies
Head of Deployed Engineering, Eigen Technologies
Fellow (AI & Machine Learning), The RSA
Having worked in applied ML in industrial sectors for the last 3 years I can safely say there is not going to be a single industry that will not undergo fundamental disruption. As AI becomes more commonplace in the financial markets, it will allow the industry to rise to a higher level of abstractions. Front-office and back-office professionals will be able to stop focusing on manual, low complexity tasks, and will be able to focus on higher level tasks, having more impact with less actions. This will open the doors for areas in the financial markets that will be ripe for disruption.
This is where regulation will have to evolve at least at the same pace as the technological disruptions that precede it. It is always easier to ban than to regulate (as we have seen with cryptocurrencies in several countries), however we will need to make sure that the markets become self-regulated, as the damage that can be caused by autonomous artificially intelligent systems could be disproportionate to what we have seen in the past. Governments need to establish the right policy to ensure AI companies are regulated as much as financial companies are regulated.
There is currently no understanding on the practical implications AI has in industry – the conversations that are happening are quite long-term and hypothetical. The main focus should be on the immediate actions that can be taken in the short term, in order to avoid long term negative effects, through ethical development of Artificial Intelligence.
TAINA Technology Ltd
I do think that if we were to end up in the world where a black box is making all the decisions, for example with regards to regulatory treatment, that would be a dangerous development, but responsible RegTechs and our regulators should not let that happen. Industries that involve repetitive tasks which can be automated will be affected the most. In our world, it would be anything that involves reading standard scanned documents. This will remove the mundane , time consuming tasks, and free up compliance officers to focus on high risk high value issues.
Industries that involve repetitive tasks which can be automated will be affected the most. In our world, it would be anything that involves reading standard scanned documents. This will remove the mundane one consuming tasks and free up compliance officers to focus on high risk high value issues.
The regulators, government and industry associations should all be involved and monitor the developments and not allow machine learning used where it could bring dangerous outcomes.
As a general rule, human educated and responsible supervision has to be a requirement.