The past couple of years have witnessed the cropping up of AI solutions across various sectors. Businesses have been leveraging AI tools to reduce costs, increase efficiency, and occasionally improve bottom lines.
In a survey Forbes ran on the application of AI in the workforce, a whopping 64% of respondents anticipate that AI will improve customer relationships and increase productivity, while 60% believe that it will drive sales growth.
With the prospect of AI solutions being hardwired into business processes today, we sat down with Flavio Villa, Chief Technology Officer of MENA-based fintech company Creed&Bear, to learn more about the potential and applications of AI in financial services and how Creed&Bear is poised to capitalize on it.
I believe that there will be stronger regulations surrounding generative AI and that the world will be taking them more seriously. I think everyone's going to have an AI-driven competitive advantage, and that's good. That'll eventually push for more innovation.
In FinTech especially, AI will speed up the most repetitive, manual, and time-consuming work and also improve the probability of good quality output being generated.
What we have developed at Creed&Bear is basically an AI engine that is able to run on different data sets, which is currently being applied to crypto, but it can also be used to study weather data or other kinds of data sets.
So yes, we are able to scale our technology and our vision outside the traditional sectors because the capability of our AI to understand, process and clean data is unfathomably huge.
We have already explored the possibility of using our AI core engine outside the traditional sectors. For example, we ran a test where we were able to calculate the performance of a famous football player (from a very important football team) at their next match with very precise accuracy.
The concept of blockchain as we know it today will change completely in the future. The reason is the technology behind it, it's moving faster than the adoption. For example, one year ago the world was talking about NFTs and how it was so technologically advanced that it could transcribe the real world to digital. But today, we talk about generative AI the same way. In short, we know that blockchain technology will move fast and that the change in this space is constant.
We position ourselves as a leader by prioritizing one aspect of our business: Investing in the research and development of AI and ML. Its adoption is picking up steam in the financial world.
The global market for artificial intelligence in asset management was worth about $2.6 billion in 2022 and is expected to expand at a compound annual growth rate of 24.5% from 2023 to 2030. That's a great indicator of adoption. Of course, at Creed&Bear, we're already a few steps ahead, but we want to be light years ahead.
Our AI-powered data analysis helps us extract meaningful insights from up to 40 GB of data every second, but the thing is, that number continues to grow.
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