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Speaking at BenzingasFintech Deal Day event in New York in November, panelists discussed data-driven decision-making and risk management in FinTech.

Andr Beganski, a journalist at Decrypt Media, moderated the discussion, which featured panelists Antonio Goncalves from Devexperts and dxFeed, Paul Fahey of Northern Trust Asset Servicing, and Traci Mabrey from Dow Jones.

Fahey emphasized that the field of artificial intelligence (AI) is still in its nascent stages, notingthat there are tremendous upsides for AI but if I take it back to what we're seeing today I think it's early stages from an investment standpoint.

He added thatNorthern Trust Asset Servicingis looking at where the firm can use AI for internal efficiencies and asking what that looks like from an investment standpoint for both asset managers and asset owners.

Goncalves discussed the capability of experts to gather a wide array of data, such as corporate actions or reference data, and integrate it in real-time with simulations. This process leads to the creation of decision-making tools tailored to specific needs, like automated portfolio management. He added, it's possible to create a completely artificial intelligence data feed.

He further cautioned that the wealth management sector is among those most likely to be impacted, as the existing technology has the potential to entirely replace registered advisors (RAs). His firm, DevExpress, offers a solution capable of fully automating portfolio management and rebalancing, as well as enabling users to create their own indices.

Mabrey added to the conversation, noting the significance of harnessing new technology effectively and advocating for its optimal use. She pointed out the challenges posed by the prevalence of fake news and misinformation in recent years, stating, We're talking about video validation, we're talking about media literacy there's a lot of different ways to give improper or incorrect information.

She stressed that information quickly becomes super gospel that people are making not only incorrect business decisions, they can be making things that are very difficult to come back from. Mabreysaid there is an immense responsibility to come together and talk about what it is that we should be doing with AI.

Read also: One Of The Hottest Wall Street Trends In 2023 Has Been AI Trust Stamp Is Leveraging AI To Ensure Security In The New Reality

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