SAN MATEO, Calif.--(BUSINESS WIRE)--Feedzai, a leading data science company shaping the future of fraud detection in commerce, and BayPay Forum, a leading business and event network for payment, commerce and Fintech executives, hosted an engaging evening at Wells Fargo to discuss the real world application of AI across payments and banking.
According to Tim Sloan, Wells Fargo CEO and President, AI is featured as one of the five areas of innovation that will shape the future of banking.
Feedzai’s REAL MACHINE series brings together data scientists from leading payments companies to learn about AI and machine learning and their application in the fintech industry. The AI deep dive strives to share best practices and exchange ideas for solving issues with moving modern money.
The subject matter experts on the AI/ML panel discussed the impact that AI and deep learning methodologies would have on the future of business. They also discussed the continued need for Human + AI interaction to achieve the best results.
“Looking ahead, we believe data analytics will be the key competitive advantage in the financial services industry,” said Eric Greene, Lead AI engineer at Wells Fargo. “To realize its full potential, the industry must develop processes and infrastructure that make data smart and improve the customer experience.”
Petros Zerfos, Senior Research Scientist, said, “The aim is not to remove the humans. On the contrary, humans are necessary to provide supervision, to leverage the results AI can produce. AI is augmenting what human capabilities already are. The final decision is always the human’s."
Pedro Bizarro, CSO at Feedzai, also emphasized the role that humans play in any AI system. "There will always be humans in the loop, because you need to calibrate and provide feedback to the models. Otherwise the model will degrade over time. The other perspective is from the user of AI. The user doesn’t mind a god-like system if it’s curing cancer. But if that god-like system is following the user around the supermarket, personalizing ads and pricing, then it becomes too creepy and too powerful. So there is always the context to consider. What we want to do with the system depends on how powerful it should be.”
Feedzai’s technology is built using machine learning and artificial intelligence that adapts with the detection of new malicious threats at scale, helping business customers make data-backed decisions and de-risk commerce transactions in real time.
“When it comes to banking and e-commerce, the REAL MACHINE AI Deep Dive panelists represent the industry's best cross section of AI/ML thought leaders,” said Nuno Sebastiao, Feedzai’s co-founder and CEO. “Feedzai’s REAL MACHINE puts the folks on the front lines of AI ahead of the curve so they can anticipate and address the needs of the data scientists creating the models, as well as the general public, who benefit from the advanced decision making capabilities that AI offers. Smart AI/ML practitioners coming together in one room increase the opportunities for making AI approachable.”
Learn more about Feedzai at www.feedzai.com.
Feedzai is AI. We’re coding the future of commerce with the most
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intelligence. Founded and developed by data scientists and aerospace
engineers, Feedzai has one critical mission: make commerce safe. The
world’s largest banks, payment providers and retailers use Feedzai’s
machine learning technology to manage risks associated with banking and
shopping, whether it’s in person, online or via mobile devices.
Learn more at www.feedzai.com.