AI and Financial Services: Solutions in the Spotlight

By Thomas Depuydt, Business Manager of B-Hive London

The rise of solutions using artificial intelligence creates significant opportunities for the financial services industry.

On December 7, B-Hive organized our first London-based event around this topic. We found an ideal location with the Huckletree co-working space at Finsbury Square, between London City and the up-and-coming tech area near Silicon Roundabout.

Cristina Soviany, CEO and founder of Features Analytics, kicked off the evening with her talk on the market abuse detection for foreign exchange and capital markets. Their eyeDES® platform is being used by two of the top five global investment banks and is able to significantly streamline the process of fraud and anomaly detection, through dynamic threshold alerting and workflow supported investigation.

Jos Gheerardyn, CEO and co-founder of Yields.io, highlighted the application of AI for compliance and risk management, and especially model risk. Model risk evaluation is trying to solve the conundrum of “who guards the guards,” an increased focus of regulatory scrutiny. Jos explained how the Yields.io platform significantly improves model test efficiency, coverage and model accuracy and increases transparency for C-level execs and to lower regulatory capital needs. Needless to say: big numbers at stake.

Omar Yaacoubi, the CEO and founder of Barac.io – Techstars alumnus - gave us some insight on how they leverage artificial intelligence to monitor encrypted traffic going through corporate networks for financial institutions, and explained how also other companies were very interested in their patent-pending technology.

It seems the business case for AI solutions often is centered around two main themes: knowing the unknown and reducing the false positives.

The Q&A part of the evening opened the floor to questions from the attentive audience, who were well-informed on the topic. Questions were raised around topics such as the right pricing model for AI solutions, how to train your AI model prior to having access to the right data sets (tip: weather forecasts), the risk (and reality) of hackers using these tools too.

During the networking drinks, we received very positive feedback from the audience, especially because the three companies presenting did not have a general AI pitch, but are solving specific problems with a real solution.

Interested in future events about artificial intelligence, fintech and more?