In the last panel of NextGen Nordics 2024 in Stockholm, ‘The future of AI - crystallising the potential of this technology’ speakers explored how AI and new trends in tech are impacting the payments industry.
Panellists Malin Lignell, technology and innovation strategy at Handelsbanken, and Jonas Palm, head of Nordic product management and cash management at BNP Paribas, engaged in a conversation on the subject, moderated by Finextra’s head of research, Gary Wright.
Lignell observed that AI has moved from explorative to more operational, where data scientists and analysts are more interested in putting solutions into actions.
On incumbent banks’ use of AI, Palm stated that they are overwhelmed with possibilities and are looking for how much AI they want to implement into technology, and how to manage that efficiently.
“Looking at how we work with AI within BNP, we started around 2016, when it had already been around for quite some time and used in different ways. The big change over the last year has been how generative AI has hit the general public, and the focus that has brought in the bank has really exploded the footprint of what we want to be using it for. We have a various amount of teams that have already implemented up to 700 processes, and around 300 use cases are being analysed currently.”
Lignell stated that the complexity of AI is exciting, and how once it works and becomes embedded into a system, it is no longer AI, it is just there. She pointed out that AI solutions are about the science behind and formation of the solutions.
“AI has become a lot more accessible, it is surrounding us in a way in which sometimes we don’t even realise that it is AI. Because it is so accessible that requires us to find new ways to regulate that technology and manage how data can be kept safe and managed securely,” said Lignell.
Lignell furthered that the accessibility of AI makes it challenging to foresee the consequences of AI integration into day-to-day technology, and requires regulation to step up and ensure the responsible use of data.
Emphasising the role of human interference in AI processes, Lignell continued that they are careful not to lose the human touch when augmenting AI, but advancing further what humans can do and broadening capabilities.
Touching on AI potential to appeal to customer needs at a higher level, Palm explained that AI is used at BNP Paribas in chatbots, monitoring and identifying fraudulent payments, which impacts user experience. He detailed that AI has the power to simplify retail and corporate spaces, which streamlines customer experience.
As the conference came to a close, Lignell highlighted how customers expect good services and a high level of trust, and maintaining that trust as AI becomes more pervasive is critical.