ROUND TABLE
 

Title: FINTECH, ARTIFICIAL INTELLIGENCE AND CYBERSECURITY: A NEW HOLY TRINITY?

  • Chair - Giuseppe Lusignani, University of Bologna and Prometeia, Italy
  • Pasquale Cirillo, Zhaw University, Switzerland
  • Bruna Szego, Bank of Italy Head of Anti-Money Laundering Supervision and Regulation, Italy
  • Fabio Ugoste, ISO of Intesa Sanpaolo Group, Italy
  • Edoardo Faletti,  CRO Banco BPM, Italy
  • Vittorio Calvanico, MPS, Italy

Innovation (financial technology, artificial intelligence, and machine learning) is crucial in several industries. Statistics expect steady  growth for AI-driven fintech solutions in the next decade. Currently the incredible progress made in AI and machine learning has benefited fintech, allowing financial technology (fintech) companies to collect real-time analysis of large datasets and to learn from the results and adapt their practices accordingly. Artificial intelligence (AI) technology enhances the effectiveness of daily operations and enables firms to manage unforeseen difficulties with novel techniques.  AI and ML  will affect Fintech in several fields:

  • Improved and Stronger security. Cybercriminals and hackers continue to focus mainly on the financial technology sector. For instance, several authorities have predicted that in the future, passwords and user names will be rendered obsolete by security solutions supported by artificial intelligence. Add another layer of protection that’s harder to circumvent than passwords with speech recognition, facial recognition, and other biometric data. Speech, face, and fingerprint recognition are all ways that AI is enhancing financial security.
     
  • Enhanced Customer Service Machine Learning (ML) models aid computers in comprehending human behaviors, intentions, and the laws governing financial transactions.
     
  • Intelligently Tailored Financial Apps. Numerous banking applications give customers individual recommendations for better managing their money and reaching their financial objectives. Self-improving AI systems will improve at analyzing user input and tailoring their offerings accordingly.
     
  • Improved Algorithmic Trading and Decision Making Artificial intelligence (AI) has revolutionized the traditional trading desk by rapidly processing millions of data points and generating insights that statistical methods cannot identify.
     
  • Increased Productivity with low money and resources. There is a lot of potential use for AI-based software that streamlines administrative processes or enhances data processing. Manual processes are typically more time-consuming and costly than automated ones.
     
  • Enhanced Fraud detection One significant benefit of employing AI and ML technologies to manage fraudulent transactions and guarantee financial security is that they can identify outliers, abnormalities, and specific patterns common to uninvited cyber conduct without requiring human interaction.
     
  • Automated Loan approval, credit, and risk assessment Financing businesses may save time and money by using specialized AI tools to analyze loan applications in real time and make informed credit judgments. 
Lusignani

 

 Giuseppe Lusignani is a Professor of Banking and Finance at the University of Bologna, Vice Chairman of Prometeia, and a member of Prometeia Associazione's Scientific Committee.
He is an Independent Director and Chairman of Arca Fondi S.g.r. and an adviser for leading financial institutions on risk and financial management issues.
Cirillo

 

 Pasquale Cirillo is a Professor of Data Science at the ZHAW School of Management and Law.
A specialist in extremes and Machine Learning, he has published in top journals in finance and risk; and collaborated with major institutions and companies. More than 120’000 students have attended his online classes so far.
Szego

 

 Bruna Szego is the Head of the AML Unit at the Bank of Italy. The Unit reports directly to the Governing Board and is responsible for the AML supervision and secondary regulation of the Italian banking and financial system.
Before holding this position, she was Head of the Directorate at the Bank of Italy Financial Supervision Department.
Ugoste

 

 Fabio Ugoste is the Information Security Officer of the ISP Group, Executive Director of the Cybersecurity and Business Continuity Management Division. He is also responsible for fostering a secure and resilient customer digitization path by using the most innovative technologies and anticipating future threats.
Born and based in Turin, he graduated from the University of Turin in 1993.
He began his professional career in 1986 at Sanpaolo Bank as a system engineer.
He is a member of the ABI-LAB Governing Council and CERT-FIN Committee and also a member of the Italian CODISE Committee (Bank of Italy).
Faletti

 

 Edoardo Faletti is currently the Head of Enterprise Risk Management (CRO) of Banco BPM Group. ERM function is pivotal for the risk relationship with the European Central Bank (ECB) and Supervisory Authorities, contributing to the implementation of a “holistic” view of risks by the Internal Control System.
He began his career in Intesa Sanpaolo Group covering roles of increasing responsibility in the Risk function.
He holds the position of Adjunct Professor at the Cattolica University in Milan.
Calvanico

 

 Vittorio Calvanico is a Chief Operating Officer of Bank Monte de Paschi di Siena (MPS). He works for MPS since 2001 where he has been Chief Program, Cost Officer, Deputy CFO, and Chief Data Officer. He was also head of the M&A strategic choices. Vittorio graduated in Economics at Bocconi University and before joining MPS worked for McKinsey & Company.