FinTechs - Oct 11, 2017

Deloitte and Element.AI collaborate to host an AI workshop for Fintech ecosystem players at the Canada Fintech Forum

Jas Jaaj, Deloitte Canada's AI leader and Karthik Ramakrishnan Element.AI's Director of Strategy and Solutions hosted a workshop in the Deloitte Technozone to understand thoughts and perspectives on AI from ecosystem players and to provide an overview of the space from their individual perspectives.

The ecosystem players were concerned about: AI in Banking for Rural Areas, AI in healthcare, use cases for Financial Services, the transition of legacy applications systems to new age machines that will house this technology, and barriers to adoption. This speaks to the rise in interest in the space beyond Financial Services and the growing concern of executives for how AI will eventually impact their organization and what they can do to maintain pace with the market.

With limited time for the session and an intriguing list of concerns from ecosystem players, Jas and Karthik were able to scratch the surface of the topic by describing the concept of AI and explaining it as simulation of human intelligence. They then broke down the concept of AI into layers that ecosystem players need to be cognizant of. These layers, from bottom layer up were:

  1. Algorithms, comprising of: Recurrent Neural Networks, Cognitive Neural Networks and Generative Adversarial Networks
  2. Applications, comprising of: Vision, Natural Language Processing, Natural Language Learning, and Automation
  3. Interaction, comprising of: perception, thinking, acting, and engaging

Jas reaffirmed the group think that if organizations want to be there in 10 years with AI, they need to be there now.

It's safe to say that there will definitely be followups with both companies on the future of AI.