Latest FinTech Futures event highlights deep learning as the key to big data value
In the latest of Vlerick Business School’s FinTech Futures series in Brussels, some of the world’s leading AI and Fintech experts highlighted how deep learning is the key to extracting true value from big data.
With Fintech on the rise, data is clearly becoming a key ingredient of tomorrow’s business models, where organisations are going to need to stand out as the sharing of data increases with the emerging introduction of PSD2, open banking and cross-industry collaboration.
Andy Pardoe, a Top 30 Artificial Intelligence Influencer as listed by IBM Watson, summed up by saying: “Building the model is the easy bit, it’s working with it which is the true challenge.”
Dr Gautam Shroff, head of Tata Consultancy’s Innovation Lab in Delhi, echoed this. “AI and deep learning are about understanding what is needed to train the machine, what it takes to actually make things work. We have language translation, event prediction, handwriting recognition, logo detection, pedestrian detection. We know how to look and listen by means of devices, but what we need is a business of knowledge synthesis, to help collaborate and make things effective.
“We have to learn to sit on top of things, and do more than allowing the machine to do its thing.”
Tine Holvoet, Senior Research Associate at Vlerick Business School, added an overview, saying: “The talks from all the experts were very different, but they shared common ground with an urgent call for mature technology models.
“The first challenge is to increase the expertise of knowledge workers and to step up their digital engagement. There also needs to be more understanding of how career paths rather than jobs are likely to be disrupted. Another opinion was the need for augmented intelligence instead of the budget being spent entirely on data acquisition, formatting and cleaning.”