Kyndi® CEO Discusses Critical Role of AI in Driving Productivity, Innovation and Fraud Detection in Financial Services
Ryan Welsh Outlines Numerous Ways AI Can Help Financial Services Companies to Solve Problems and Create Business-Building Opportunities, During Speech to FinTech Conference
September 27, 2017 – San Mateo, CA – Kyndi™, the artificial intelligence (AI) company whose products help organizations to anticipate future opportunities and create knowledge faster, today announced that its founder and CEO, Ryan Welsh, advised the attendees to a major financial technology forum to embrace AI as a critical way to boost productivity, drive innovation and strengthen fraud detection. Welsh’s comments were part of his keynote address, “Artificial Intelligence: Why This Time Has to be Different,” which he delivered this week to the iValley FinTech Talk Conference held in San Ramon, CA.
In his remarks, Welsh said that virtually every aspect of financial services, both depository and investment institutions, can be greatly and positively impacted by today’s next generation AI solutions. In particular, Welsh underscored how AI could help solve the problem of declining workplace productivity, which has threatened not just the financial industry but US economic growth. In addition, Welsh said that the “graph-based” methods that underpin many advanced AI solutions are now playing critical roles in driving financial services innovations, including smart advisors, market basket analytics, fraud detection and more.
“The fact is, we still don’t have enough AI today in financial services, or in most other industries for that matter,” said Welsh. “When applied intelligently to solve real-world problems and capitalize on future opportunities, AI can have – and already is having – a signficiant beneficial impact. We should be celebrating AI’s progress in business and technology and encouraging a lot more of it.”
Welsh continued: “One of the major barriers to expanding and extending the adoption of AI is the insistence by some technology providers that they, and only they, have the AI ‘silver bullet.’ Actually, there is no such thing in AI. To paraphrase the AI pioneer Marvin Minsky, the real magic of AI happens when we integrate different AI approaches and technologies to address the specific task at hand. Ultimately, seeing AI not as the product itself, but as one part of a complete solution is what will transform and advance the financial services industry, and fuel positive change in the economy and society overall.”
Educated in quantitative finance and mathematical economics, Welsh began his business career as a quantitative analyst in New York City. His experience analyzing the impacts of the 2008 global financial crisis helped him to realize that humans can no longer keep up with the volume of reading and analysis needed in the modern age. Welsh went on to launch Kyndi with his co-founder Arun Majumdar in 2014.
Kyndi’s proven artificial intelligence (AI) products and solutions give organizations an edge in a fiercely competitive world. The company’s natural language understanding technology helps business and governmental customers anticipate future intentions, opportunities and threats. This allows them to create fully auditable knowledge faster and then act decisively and smarter to compete more effectively and win. With Kyndi’s AI-based platform, customers achieve strong ROI by dramatically amplifying productivity so they can generate the critical answers and intelligence they need to succeed. Based in Silicon Valley, Kyndi is backed by leading venture investors. For more information, visit www.kyndi.com.
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