In the concluding panel of NextGen Nordics 2024 held in Stockholm, titled “The Future of AI – Realizing the Potential of This Technology,” industry leaders discussed the transformative effects of AI and emerging technologies on the payments sector.
Moderated by Gary Wright, head of research at Finextra, the dialogue featured influential speakers, including Malin Lignell, who oversees technology and innovation strategy at Handelsbanken, and Jonas Palm, head of Nordic product management and cash management at BNP Paribas.
Lignell remarked that AI has transitioned from a phase of exploration to operational implementation, with data scientists and analysts increasingly focused on actionable solutions. Palm noted that traditional banks are faced with a plethora of opportunities and are navigating the extent to which they should integrate AI into their technological frameworks while ensuring efficient management.
Reflecting on BNP Paribas’s journey with AI, Palm shared that the bank began its AI initiatives around 2016, when the technology was already in various applications. He highlighted a significant shift in the last year due to the public’s engagement with generative AI, which has considerably expanded the bank’s vision for AI applications. “We have numerous teams that have successfully implemented around 700 processes, while approximately 300 additional use cases are currently under assessment,” he stated.
Lignell expressed enthusiasm for the complexity of AI, noting that once it becomes integrated into systems, it often ceases to be recognized as AI. She emphasized that the essence of AI solutions lies in the underlying science that forms these technologies.
“AI has become increasingly accessible, often permeating our environment in ways we might not even recognize,” Lignell observed. This accessibility prompts the need for new regulatory frameworks to ensure that data is managed securely and responsibly. She further highlighted the challenges this presents, stating that the ease of AI integration complicates the ability to predict the implications of its use in everyday technology, necessitating a proactive regulatory approach.
Lignell also stressed the importance of maintaining human oversight in AI processes. She remarked that while augmenting capabilities with AI, it is crucial not to diminish the human element, but rather to enhance what humans can achieve.
In discussing how AI can meet customer expectations, Palm elaborated on its application at BNP Paribas in areas such as chatbots and the detection of fraudulent transactions, which significantly enhance the user experience. He asserted that AI’s capabilities can simplify operations in both retail and corporate environments, ultimately streamlining customer interactions.
As the event concluded, Lignell reiterated the importance of maintaining high standards of service and trustworthiness. As AI becomes more embedded in society, ensuring customer trust amid its pervasive integration is vital.