From Space to Commerce: Our CEO Shares His Journey at Money 20/20
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Money 20/20 is Europe’s largest Fintech event, with companies coming together to share their visions of the digital economy disruption that’s well underway. Our CEO, Nuno Sebastiao, delivered the keynote address on Day 3, closing the event that also featured the likes of Square’s Jack Dorsey and Stripe’s Will Gaybrick.
Here’s an excerpt from his speech:
In my work with the Space Agency, I led a team of scientists and really smart people, as we built simulations and models with the information we were gathering — literally trying to understand the unknown and be a kind of beacon that would guide our team in these explorations.
The word “frontier” refers to the border that separates the known from the unknown. I truly believe that we have no idea what we don’t know, that there’s unlimited new frontiers left to discover, not just in the spatial sense like new continents and new planets, but similarly in new technology, in new ideas and ways of interacting with each other.
Artificial intelligence is the frontier that my team and I am are exploring now, and it’s an incredibly exciting to time to be in this industry. It’s not just artificial intelligence that’s exciting, but truly attainable AI that virtually every business will be able to use.
We also need tools that can evolve along with our customers and their own needs, and ones that put the power and freedom to do with their own data what those customers want, while still providing frictionless and secure banking and commerce experiences.
That’s the goal behind initiatives such as PSD2 and the wider open banking movement. You are the owner of your data, and you deserve to do with it what you want. No longer can single entities control their customers data like a trade secret.
And how can we ensure that those customers are getting top notch experiences while also having the security they deserve? We can start by trying to really understand the profiles of good customers from criminals – we need to understand customers in a digital way in the same way we do in human interactions. We need to understand all the subtle digital actions as we in person to person interaction. Basically meaning that we need to get hypergranular when we look at customers. User behavior is a tricky thing to understand.
That’s where AI comes in as a tool for taking the massive amounts of data each of us produces in our digital interactions, not only about a transaction or event but about a user and their environment, to constantly update the individual profile of each of us, so that when, not if, someone tries to impersonate us in order to scam the system, we understand that it is not the real person and prevent risk in real time. With such complexity it is also fundamental to explain what AI is doing, which has been a challenge until now, my team and I are so proud of Feedzai’s advanced technology to build a semantic layer on top of those decisions so that the human users in charge can understand exactly why a transaction or an account creation may look suspicious.
The next Money 20/20 show kicks off in Las Vegas this October where Nuno will be back on stage. Feedzai will be hosting a day of presentations in partnership with Money 20/20 on the first day of the conference called AI Deep Dive summit. All conference attendees are invited to join to hear presentations from industry experts and AI thought leaders.