Trace3's Evolve Technology Conference 2024 in Las Vegas, NV, will spotlight AI's transformative role in the financial services industry. Featuring insights from thought leaders like Tony Olzak (CTO), Rich Fennessy (CEO) and Joe Quaglia (President), the event will explore AI's impact on customer interactions, operational efficiency, and cybersecurity. As the sector's AI adoption accelerates, Evolve provides a premier platform for IT leaders to explore innovative solutions.
IRVINE, Calif., Aug. 15, 2024 /PRNewswire-PRWeb/ -- A survey revealed that 43% of consumers are willing to use artificial intelligence (AI) to answer financial questions. (1) This is just a glimpse of how this technology is revolutionizing the FinServ industry. With over 40% of financial institutions already using generative AI and an estimated investment of $35 billion just last year, the sector has become one of those with the highest AI adoption rates. (2) To explore opportunities presented by these transformative changes, the Evolve Technology Conference, hosted by Trace3 in Las Vegas, NV, will take place September 11-13, 2024. "AI models are revolutionizing customer interactions and operational efficiencies," states Tony Olzak, CTO of Trace3, a leader in emerging technologies for over 20 years. "That's why this year's Evolve Technology Conference, will dive right into the latest trends and the broader implications of this phenomenon."
Since 2008, the Evolve Technology Conference has provided an unparalleled platform for gaining firsthand insights from industry experts and pioneers. James Clear, biochemist and bestselling author of Atomic Habits, and Sully Sullenberger, U.S. Ambassador and "Miracle on the Hudson" Captain, will be among the keynote speakers in this year's edition.
Evolve will include an invite-only, closed-door media event. In this exclusive space, reporters will gain access to Trace3's clients who have implemented AI in FinServ. Journalists will be able to engage with expert speakers, who are driving these advancements, as well as analysts who can discuss the broader implications for the financial industry.
The Challenges of Operating at the Speed of AI: Cybersecurity, Personalization and more
Even though finance experts have been using machine learning and data analysis tools for decades, the impact of Generative AI remains a question mark. But there's no doubt that both private and public entities see huge potential in it:
- The AI in Trade Finance Market is projected to reach a valuation of $38.9 billion by 2033 and the AI Market size is expected to be worth around $2,745 billion by 2032. (3)
- Last week, U.S. Senators Mike Rounds and Martin Heinrich of the bipartisan Senate Artificial Intelligence Caucus, introduced the "Unleashing AI Innovation in Financial Services Act," which allows designated officials within federal financial regulatory agencies to experiment with AI tools without fearing enforcement actions, with the goal of facilitating innovation and economic growth. (4)
The Evolve Conference will delve into the unknowns that emerge in this evolving landscape such as the following:
- AI adoption and IT investing: FinServ has no option but to move at the speed of AI as the biggest players in the industry step up their game and move in this direction. But the deployment of this technology can't be rushed, and enterprises need to figure out how to invest smartly and prepare their workforce to be AI literate.
- Cybersecurity and Fraud Prevention: AI is enhancing cybersecurity and fraud prevention by detecting sophisticated threats and analyzing large transaction volumes for fraud. Advanced AI algorithms quickly identify fraudulent activities, addressing the complexity of evolving cyber threats. (5)
- Customer Service and Personalized Banking: With the integration of enterprise search in finance and banking, banks are now able to efficiently access and analyze vast amounts of customer data. Traditional chatbots have been evolving and AI offers new possibilities to enhance clients' experiences. (6)
The Evolve Technology Conference, hosted by Trace3 in Las Vegas, NV, will take place September 11-13, 2024. It will feature general sessions, intimate breakout sessions, and networking events, making it the premier IT leadership and technology conference in the region. Attendees will have the opportunity to build lasting partnerships, discover innovative solutions, and unlock their organization's potential. Invited reporters will be able to participate in the Media Event featuring a closed-door briefing and Q&A session.
About Trace3:
Today there is a great deal of noise in the technology industry around AI, but not much practical intelligence is offered. Trace3, based in Irvine, California, delivers over 20 years of expertise in delivering innovation in the form of emerging technology, providing unique technology solutions and consulting services to change this – and drive its implementation across enterprises. Their elite engineering and dynamic innovation provide convergent solutions that embrace emerging technology and drive measurable value. Trace3 embodies the spirit of a startup with the advantage of a scalable business. Trace3 believes that ALL Possibilities Live in AI. For more information, visit http://www.trace3.com.
References:
1. Haan, Katherine. "Over 75% of Consumers Are Concerned about Misinformation from Artificial Intelligence – Forbes Advisor." http://www.forbes.com, 20 July 2023, forbes.com/advisor/business/artificial-intelligence-consumer-sentiment/.
2. "Artificial Intelligence (AI) in Finance - Statistics & Facts." Statista, 5 Apr. 2024, statista.com/topics/7083/artificial-intelligence-ai-in-finance/#topicOverview.
3. Shinde, Yogesh. "AI in Trade Finance Market Set to Hit USD 38.9 Bn by 2033." Market.us Scoop, 15 July 2024, scoop.market.us/ai-in-trade-finance-market-news/. Accessed 8 Aug. 2024.
4. Matt Bracken. "Financial Agencies' AI Tests Could Get Reprieve from Enforcement." FedScoop, FedScoop, 7 Aug. 2024, fedscoop.com/financial-regulatory-agencies-ai-testing-senate-house-bill/. Accessed 8 Aug. 2024.
5. Finn, Teaganne. "Top Financial Services Trends of 2024." IBM Blog, 16 Jan. 2024, ibm.com/blog/financial-services-trends/.
6. "The Future of Banking: How Banks Are Implementing AI." Investorideas.com, 2024, investorideas.com/news/2024/main/08076How-Banks-Implementing-AI.asp. Accessed 8 Aug. 2024.
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