Skip to main content

Debt Talk: AI, financial services & debt sector (podcast)

Do you know about Artificial Intelligence (AI) and, most importantly, AI within the financial services and debt sector?

In the Debt Talk podcast, Ripon Ray explored the subject with experts from academia, visionaries and tech gurus as they spoke about the actual workings of AI in the financial services and debt sector.

Prof Carmine Ventre - Director of King's College London Institute for Artificial Intelligence - explained the history of AI, machine learning and the algorithm required to create a tool where AI is weak and strong. He emphasised that AI machines require feeding with information and patterns from humans to complete tasks.

Douglas Silverstone - Director of Southern Housing and tech visionary, looked at the use of AI for social purposes and emphasised the genuine operational and organisational need to establish AI to be successful with the ultimate user in mind.

Rachel Curtis - CEO of Inicio AI, a debt recovery firm that uses AI to complete affordability assessments - explored how AI solves the affordability assessment problem within financial services and debt space to provide consumers with a supportive space based on consumer needs and outcomes.

Maysam Rizvi - founder of Elifinty, a debt management firm and a tech entrepreneur - embarked on developing AI to support debt advisers to focus on the consumer journey within a problem debt space.

This is a must-listen podcast for those considering developing AI within the financial services and debt sectors. The panellists have also provided TOP TIPS to Debt Talk listeners considering moving to AI.

Next podcast: The cost of financial exclusion.

Comments

Popular posts from this blog

Budgeting on Your Money Matters...with Ripon Ray

24% greater than on the eve of the financial crisis, Britons owe a total of £72.5bn on credit cards with £400m added to balances in November 2018 alone, according to the Bank of England. In such a mountainous backdrop, it's essential that regulators and the central government put financial education on top of the agenda for the well-being of communities who are struggling with money. On Your Money Matters show, I have tackled this exact issue by interviewing Michelle Turpin Cope, Money Trainer. She personally struggled to manage her money once she resigned from her job as a nurse due to stress and depression. She had devoted her life caring for NHS patients. Once her savings ran out, she had to turn to state benefits; otherwise, would have been destitute. The luxury of spending money on a cup of coffee every day, without realising the impact this purchase would have on her finances, was really an issue for her. Once she went on a money mentor training, she was forced to

A debt free path for a mental health sufferer

It’s a well-known fact that individuals who suffer from a hampered mental capacity - be it mental health or learning difficulties - are most likely to be vulnerable in our communities. They are also more likely to be victims of miss-sold products and services by companies, even though organisations that are providing financial products and services have a duty under the Financial Conduct Authority (FCA) to take extra care towards these individuals. This is what the FCA has to say about vulnerable customers: ‘  The vulnerability of the customer, in particular where the firm understands the customer has some form of mental capacity limitation or reasonably suspects this to be so because the customer displays indications of some form of mental capacity limitation  (see  ■  CONC 2.10) But due to a culture of intensive selling to consumers, generated by employers placing and enforcing - often difficult and unrealistic - performance goals which are attached to tempting

The Post War Welfare State is crumbling - who is to blame for it? Asks Ripon Ray

The current welfare state changed in such a way that a true reflection is required as to how this has come about and and its context. Post Second World War, the Attlee government nationalised  the Bank of England, the coal industry, the Central Electricity Generating Board and area electricity boards, Cable & Wireless Ltd, the railways and the local authority gas supply undertakings in England and Scotland. It introduced free education for all by nationalising institutions which were either provided by parishes or philanthropists. The National Health Service was formed and made accessible to everyone regardless of ability to pay.   If you were unemployed there was infrastructure to support you when you could not afford to pay by creating the welfare system as you see today. The expenses of running such a nationalised state was met by cheap loans borrowed from overseas, contributions made by tax payers and companies in times when Britain was losing imperial dominan