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-&nbsp;SME Elevate highlights that 95% of all customer interactions will be powered by AI by 2025  
Dubai – United Arab Emirates –&nbsp;15<a></a>&nbsp;October&nbsp;2023:&nbsp;Day one of&nbsp;Fintech Surge 2023, the global gathering for the entire fintech ecosystem,&nbsp;commenced today at the iconic Dubai Harbour. The event is uniting&nbsp;regional and global players from across the fintech industry – from banks and financial institutions to regulators,&nbsp;start-ups, governments and investors.  
On the opening session of Fintech Surge, the primary focus was on the impact of generative artificial intelligence (AI) on the banking sector.&nbsp;  
Ahmed&nbsp;Alzarouni, VP&nbsp;and&nbsp;Head of IT&nbsp;at&nbsp;Investment Corporation of Dubai,&nbsp;said during&nbsp;a&nbsp;panel that humanity has just seen&nbsp;the tip&nbsp;of the iceberg of generative AI and that it is difficult&nbsp;to&nbsp;even imaginewhat is going to come next.&nbsp;  
He commented:&nbsp;“The latest&nbsp;updates on Gen&nbsp;AI can detect tone of voice, text and feelings&nbsp;of humans which is something we have never&nbsp;ever&nbsp;seen before.&nbsp;Gen&nbsp;AI will be a huge&nbsp;added value&nbsp;for the banking sector as it will detect many&nbsp;kinds&nbsp;of issues&nbsp;and&nbsp;improve accuracy of advanced&nbsp;services to the clients.&nbsp;The more input you add to gen AI,&nbsp;the better the outcomes are.&nbsp;Gen AI can empower humans for both good and bad reasons and it is important that we take the risk to explore the benefits. It is important that people do not input any confidential data into gen AI. In terms of impact on jobs, my message to everyone is if you are not using generative AI, it will replace you with someone who is.”&nbsp;  
Anand&nbsp;Krishnan, Director,&nbsp;Head&nbsp;of Technology&nbsp;at&nbsp;Emirates Investment Bank PJSC,&nbsp;said:&nbsp;“Gen AI&nbsp;ishelping&nbsp;both banks and customers. In seconds,&nbsp;AI can provide investment strategies like never before.&nbsp;Hyper&nbsp;customization is a big trend within the banking sector as customers are looking for a personalized, tailored service rather than a one size fits all approach. New fintech investment organizations are bringing out micro-customized products. These systems understand how customer demographics change over the years and this will have a major impact on the banking sector.”&nbsp;  
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Alex De&nbsp;Vries,&nbsp;Data&nbsp;Scientist, Financial Economic Crime&nbsp;Unit, Dutch Central Bank,&nbsp;added:&nbsp;“AI is energy&nbsp;intensive technology and&nbsp;we risk increasing total power demand which is not good for the climate. We&nbsp;also&nbsp;see a&nbsp;danger from AI in terms&nbsp;of&nbsp;creation of fake images&nbsp;and&nbsp;fake information,&nbsp;and we need to find solutions and policies to avoid the use of these.&nbsp;GDPR regulations&nbsp;are also critical, aswe need to keep data safe&nbsp;whilst using AI. We should not be collecting the wrong type of informationthrough AI and it is vital that we raise awareness on these challenges. When it comes to financial services, we need to avoid biases of algorithms.&nbsp;All new technologies are not&nbsp;flawless and have limitations.”&nbsp;  
SME Elevate also commenced today providing&nbsp;an engaging platform for interaction with policymakers, business leaders, advisors, entrepreneurs, and founders.&nbsp;SME Elevate&nbsp;underscores the growing adoption of digitalization in today's evolving economic landscape, providing direct access to leading solution&nbsp;providers SME owners.&nbsp;  
N.S Nanda Kishore,&nbsp;Director &amp; CEO,&nbsp;Novac&nbsp;Technology Solutions&nbsp;highlighted&nbsp;during SME Elevatethat the main barriers in scaling AI initiatives are around managing AI related risks. However&nbsp;he said&nbsp;that 70% of companies&nbsp;will&nbsp;adopt AI in one form or another by 2030,&nbsp;and 95% of all customer interactions will be powered by AI by 2025.&nbsp;  
With more than&nbsp;100 exhibitors,&nbsp;160 speakers&nbsp;and 1,000 investors expected to attend,&nbsp;Fintech Surge&nbsp;is&nbsp;a leading platform for the global fintech ecosystem. For the 2023 edition, sponsors include industry-leading organisations&nbsp;Mastercard, Emirates NBD,&nbsp;Geidea&nbsp;Technology LLC, FINTX and&nbsp;Forus&nbsp;Invest, among others.  
The international event is taking&nbsp;place on 15-18 October at a brand new location, the Middle East’s largest superyacht hub, Dubai Harbour. A GITEX Global production and co-located with Expand North Star, it&nbsp;is&nbsp;a platform to scale up the deeply interconnected fintech ecosystem.&nbsp;  
More information here&nbsp;<a href="https://www.fintechsurge.com/" rel="noopener noreferrer nofollow">https://www.fintechsurge.com/</a>  
ENDS&nbsp;  
About Fintech Surge  
Fintech Surge is&nbsp;the most sought after gathering for the global fintech industry. Capitalising on&nbsp;Dubai’spioneering status as&nbsp;a leading location for&nbsp;fintechs, it is the foremost platform&nbsp;where&nbsp;international finance and technology players meet&nbsp;to create limitless opportunities.&nbsp;  
More than 1,000 investors and 100 exhibitors&nbsp;from more than 25 countries will gather&nbsp;to chart the way forward and inspire industry-wide transformation.  
Taking place in October 2023, the second edition of Fintech Surge will take place alongside GITEX Global, uniting the global community at a new venue, the iconic Dubai Harbour. It is co-located with Fintech Surge, North Star and Marketing Mania.  
For media enquiries please contact:  
Claudia Dalton&nbsp;  
Account director&nbsp;  
Four Agency Worldwide  
fintechsurge@four.agency&nbsp;&nbsp;  
+971 58 850 5420 
The post <a rel="noopener noreferrer nofollow" href="https://optimisus.com/news/fintech-news/day-1-of-fintech-surge-2023-generative-ai-is-revolutionizing-the-banking-sector/">DAY 1 OF&nbsp;FINTECH SURGE&nbsp;2023:&nbsp;GENERATIVE&nbsp;AI IS REVOLUTIONIZING&nbsp;THE BANKING SECTOR</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://optimisus.com">Optimisus</a>.

DAY 1 OF FINTECH SURGE 2023: GENERATIVE AI IS REVOLUTIONIZING THE BANKING SECTOR

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