Leading fintech professionals, including Alex Immerman, Immad Akhund, and René Lacerte, recently weighed in on the growing impact of generative AI within the industry. They argued that it has the potential to massively influence the fintech sector, specifically for small businesses, while also discussing innovative interview techniques and the importance of a dynamic corporate environment.
René Lacerte, founder and CEO of BILL, shed light on the promising applications of generative AI. He believes it can establish a dependable network for customers in financial services, optimize loan approvals and credit extensions, and help detect fraudulent activities. Lauding AI’s ability to automate complex tasks and improve precision, Lacerte encouraged stakeholders to invest in this ground-breaking technology.
Immad Akhund, Mercury’s co-founder and CEO, also highlighted the use of generative AI in customer support and auditing. He, however, warned against hastily rolling out AI applications without a comprehensive plan and risk assessment. Akhund views AI adoption as potentially transformative but emphasizes the need for measured consideration of its benefits and risks.
Lacerte also championed the use of top-quality data to fuel generative AI, saying relevant information is crucial for developing efficient algorithms.
Generative AI’s significant impact on fintech
The effective deployment of transactional data, versus public data, will lead to the creation of reliable, predictive models.
The conversation then turned to the future roles of financial managers and CFOs in this evolving technological landscape. Lacerte predicted a shift in focus from routine tasks to providing strategic advice thanks to advancements in tech. Knowledge in finance and a strong tech understanding, he believes, will become vital for these professionals.
Financial managers and CFOs must also understand how their financial decisions impact overall business operations. By stepping outside traditional roles, they can gain a comprehensive view of organizational activities, fostering better collaboration and strategic alignment.
In conclusion, Lacerte envisions a future wherein financial professionals are strategic contributors rather than merely number-crunchers. This view is in line with the consensus that the role of financial managers and CFOs will become more challenging and rewarding in the future. Lacerte believes that these evolving roles could improve business decisions, promote environmental sustainability, and boost data analysis capabilities. Ultimately, these changes could help companies stay competitive and efficient in a rapidly progressing market.
