General wariness still surrounds GenAI, even as adoption grows. How can we strike the right balance?
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Elevandi

Elevandi Digest

JUNE ISSUE

Navigating Risks and Rewards in AI 

Hi  

 

Over the past year, I’ve spoken with many financial institution leaders across Asia, Europe, and the US. One recurring theme is the need for guidance and a blueprint on how to safely and compliantly adopt GenAI to enhance processes and customer value.
 
While there is plenty of wariness around GenAI, this presents an opportunity to align key stakeholders within the public and private sectors to collaboratively address and develop a blueprint.  
 
This will be one of the key topics of discussion at the Point Zero Forum in Zurich next week, where leaders from financial institutions and technology companies will convene for important conversations to advance AI, ESG, digital assets, and more. 
 
We'll also have key experts such as Dr Rumman Chowdhury (CEO, Humane Intelligence) and Hon. Caroline Pham (Commissioner, Commodity Futures Trading Commission) who will share intellectual insights on how to build a responsible AI ecosystem in financial services.

If you’re heading to Zurich, I look forward to welcoming you there.  

 
Cheers,
Pat Patel 
Executive Director, Elevandi 

FutureMatters

Selected reports from the Elevandi knowledge hub

The Ethical Challenges and Risks of AI Adoption

 

AI has the potential to increase a company’s revenue by up to 15%. In order to achieve this, leaders must first understand its benefits, and the ethical challenges and risks of adopting AI.  

Read: CFO’s Guide to Fast-Tracking AI Adoption 

Are We Overestimating AI’s Abilities? 

 

ModuleQ founder David Brunner and co-founder Anupriya Ankolekar believe so. While large language models (LLMs) appear to articulate themselves logically and analytically, they lack critical thinking skills.

Meanwhile, AI only serves a complementary role in the modern-day—and is only as valuable as the knowledge that it curates and diffuses. 
 

Read: Why AI Hysteria Misses Humanity’s True Potential

Scaling Up AI in Financial Services

 

Financial institutions frequently engage in AI experimentation—but rarely make it past the pilot stages. Why’s that? We examine practical takeaways for institutions and regulators in this BCG x Elevandi report. 

Read: AI in Financial Services: Making It Happen at Scale

Have a story to pitch? Apply to be a FutureMatters contributor here.

Top Headlines This Month

The latest policy, tech and finance news that stirred the industry

Japan is taking a regulation-light approach to lure AI investments away from Europe and elsewhere. In April, OpenAI even set up its first Asian office in Tokyo. 

By 2026, AI-dedicated data centers will require 90 trillion watt-hours of electricity globally—10x the amount used in 2022. Can sustainability standards be imposed for data centres, and how?

Education

Upskill with certificate programmes developed alongside our education partners

Gain an understanding of how GenAI is shaping the finance industry. Across 12 sections, this online course dives into the key risks of its adoption, and the regulatory issues surrounding it. You’ll also learn to evaluate and use GenAI-powered tools and technologies from real-world use cases. 
 
On completion, participants will be awarded with a certificate from the Asian Institute of Digital Finance, National University of Singapore. 
 
Register now

For team enrolment, reach out to yongliang@elevandi.io 

Events

Next week: Point Zero Forum 

1 - 3 Jul, 2024
Zurich, Switzerland

 

Join us for three days at the Forum, in an annual gathering of the top minds in financial regulation, policy, and innovation.

  • View the agenda
  • Secure your pass 

Can’t make it in-person? Get the digital pass.

 

Stay in the know on all things PZF: LinkedIn | X

Coming up: Inclusive FinTech Forum (IFF)

26 - 27 Aug, 2024 
Kigali, Rwanda

 

Africa’s fintech space is rife with potential, and IFF raises important conversations on advancing financial inclusion and attracting global investor interest.

  • Pre-register for IFF

Follow for more insights from IFF: LinkedIn | X

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