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WASP-HS community reference meetings aim at learning for public and private organisations in Sweden about challenges and questions of their interest and sharing recent developments within WASP-HS in order to identify opportunities for collaboration in different sectors. During the meetings, we will make use of interactive breakout sessions to generate recommendations for the reference meeting, to keep a continuous link to society in our plans and strategy.
Developments in intelligent technologies are transforming financial products and services. Automated decision making plays an increasingly important role in the provision of financial services, fraud detection and credit audits. At the same time, consumer finance providers are relying on conversational AI agents that can engage directly with customers, and algorithmic trading, including high-frequency algorithmic trading, is shaping markets and driving policy.
These changes affect access and the cost of capital for individuals and companies. Consequently, in the long run, they may determine the development paths of countries and regions. Alongside new opportunities created by the advances in financial technology, numerous challenges are emerging that require a broad and multidisciplinary approach.
In this meeting, WASP-HS brings together academics and practitioners to discuss these issues and build the foundation for further analysis for the emerging field of FinTech from the perspective of the social sciences and humanities.
Please note that the whole event takes place online via Zoom and is held in English.
14:00-14:10 – Introduction by Virginia Dignum, WASP-HS Program Director and Professor in Responsible AI at Umeå University
14:10-14:30 – Keynote
Keynote title: AI Trends in the Financial Industry – A Practitioner Point of View
Keynote: Nicolas Moch, Chief Information Officer, SEB
Keynote abstract: What is happening in the crossing between AI and finance? From automated trading to Ethical AI-based decisions in our financial system, Nicolas will share experiences of both SEB’s own journey and of the Fintech landscape in general.
14:30-15:30 – Roundtable discussions
Accountability in (and of) FinTech
Chair: Magnus Strand, Senior lecturer/Associate Professor at Department of Business Studies, Uppsala University
Co-chair: Mattias Levin, Deputy Head of the Digital Finance unit at the European Commission’s Directorate-General of Financial Stability, Financial Services and Capital Markets Union (DG FISMA)
Abstract The last ten years have seen intense rulemaking with regard to the financial markets. As a parallel process, rulemaking in order to harness the possibilities as well as risks in AI-based technology is beginning to take shape, e.g. the proposed Artificial Intelligence Act for the EU. FinTech is right at the intersection of these sets of rules. What are the accountability structures that emerge for FinTech businesses? What lies around the corner, still brewing with the policymakers? Join our roundtable to discuss accountability in the FinTech industry, and also whether it is possible to hold supervisory authorities to account if they overstep.
The Good and the Bad of FinTech: When and for Whom Is It Helpful and When and for Whom Is It Detrimental?
Chair: Kinga Barrafrem, Postdoc, Department of Management and Engineering, Linköping University
Co-chair: Gustav Tinghög, Associate Professor, Department of Management and Engineering, Linköping University
Abstract AI-based FinTech solutions often aim to help consumers achieve their financial goals. Such decision aids have a great impact on the most vulnerable consumer groups (e.g., with low financial literacy), but can sometimes even be counter effective for other users. In this round table we will discuss how AI can and should aid decisions of different customer segments, what are the pitfalls we should avoid when designing AI-based solutions, and how consumer segmentation can boost the effectiveness of AI-based solutions in improving financial well-being.
Does AI Bring Radical Change to the FinTech Sector?
Chair: Magnus Mähring, Professor, Department of Entrepreneurship, Innovation and Technology, Stockholm School of Economics
Co-chair: Sebastian Krakowski, Assistant Professor, Department of Entrepreneurship, Innovation and Technology, Stockholm School of Economics
Abstract Given that rapid advances in AI are causing disruption to a range of industries, this roundtable will discuss two foundational issues in relation to banking and FinTech. First, while AI is reshaping finance in areas such as credit decisions, fraud prevention, and personalized banking, its role outside of traditional finance is less apparent to the uninitiated observer, especially in areas where advanced algorithm-based solutions have existed for decades, such as program trading. We will therefore discuss what role AI plays in enabling genuinely new and potentially disruptive services in the FinTech sector that goes beyond conventional IT systems. Second, we will explore how AI is affecting the banking landscape. For instance, while consumer preferences for lower-cost or more streamlined challenger offerings seem to be driving the emergence of a more modular industry structure, for example in payment solutions, restrictive regulation related to AI could counteract such developments. This begs the question what the future holds for banking and FinTech, and we invite you to join us for a stimulating discussion of the role of AI in this context.
15:30-16:00 – Reflections from the roundtables
Registration is closed. All registered will recieve an e-mail with more information closer to the event.
