2018 Montreal FinTech Forum in the eyes of a first year student
The 2018 Canada FinTech Forum, held in the Palais des congrès de Montreal, was an eye opening experience. It consisted of over 2500 participants, over 120 speakers, and over 50 exhibitors. I was able to attend numerous sessions given by successful speakers who have made their mark in today’s changing world.
“The Impact of Open Data on Insurance Companies” was a session that covered open data in insurance companies and how it can be used to improve customer service. The panelists explained that we must innovate by partnering with competitors and working together to reach a common goal, which is taking advantage of the digital shift to improve the lives of customers. Out of the six panelists, I was especially fond of the company Mr. Young, represented by Édouard Ferron-Mallett. Being a mental health advocate, I never imagined that Artificial Intelligence (AI) could be integrated to help individuals with a mental illness. Mr. Young is a AI-powered agent that helps with early detection of a mental illness, provides a screening test to assess one’s mental wellness, matches the user with the right resources based on results of the test, and follows-up to evaluate whether the recommended resources have been working.
What the FinTech Forum has taught me is that data is everywhere; even a simple conversation is data. AI is key in solving many challenges open data faces. According Daragh Morrissey who presented “Canada FinTech Forum: The AI Transformation Journey,” many of the challenges open banking faces such as cyber security can be solved with AI. For instance, AI can provide cyber protection, anonymize data, and reduce financial crime. The biggest challenge with data today is the quality. Data can be raw material for both prevention and predication. For instance, one can gather information to understand the past and predict the future. A cure to a disease can be found and potentially prevent future deaths.
After learning about the ways start-up businesses can use FinTech to their advantage as well as learning about the multiple ways existing businesses use FinTech to improve customer experience, I began to wonder how I can keep up with the pace. Exhibitors at the Forum advised me to get a head start in learning about AI and how to work with it, as many employers will consider knowledge in AI an asset or even a prerequisite for a job. Daragh Morrissey spoke about the concept of “leave no one behind.” We should all be a part of this journey, which is why Microsoft offers it’s AI School, a Microsoft Professional Program designed to allow individuals to self-train in both AI and Data Science as well as receive a professional certification upon completion of the program. For university students who wish to learn more about data, they can take courses provided by their schools. For example, Concordia University offers minors such as Business Technology Management (BTM) as well as Data Intelligence.
While companies should collect data, innovate, use AI, and collaborate with one another to improve customer service, students must gain knowledge in data intelligence and AI to keep up with the current reality as well as prepare for a digital world.