Porter Tun

Day 1

Tuesday June 20, 2017
10:00 – 12:00
THE

Impact of AI on Financial Services & The Economy


Industry Challenge

Nothing could be more important than the impact of AI the economy. According to research published by Accenture, AI has the potential to double the GDP growth rates of 12 developed economies by 2035 and yield huge economic benefits; the models predict the UK could boost its annual growth from 2.5% to 3.9%, generating an extra $814bn. In the face of rapid and unpredictable changes, incorporating AI technologies with existing core indexes that track key economic measures will enable Financial Institutions to make more data-informed decisions around investments, loans and deposits. AI also promises to transform what’s possible in trading financial instruments, the detection of financial fraud and regulation compliance. How has the economy responded to technology disruption in the past? What will the impact be this time? Will we need a Universal Basic Income or UBI? And if we do, how will it be funded?


Discussion Points

  • How much will the AI-enabled improvements in financial systems aid economic growth, especially in developing countries?
  • Could AI lead to more accurate predictions of key economic indicators like GDP and inflation?
  • Could AI enable superior economic management by policy makers at Financial Institutions?
  • Could AI minimise tax evasion overall by enabling more targeted investigations?
  • Could too much algorithmic trading of securities potentially destabilise global markets by exacerbating market movements?  
  • Could AI improve the evaluation of credit risks, thus soothing lending markets?
  • To what extent can AI be used to provide solutions to minimise debt defaults?

The

Format

  • 10:00 – 10:30 Keynote
  • 10:30 – 11:30 Panel
  • 11:30 – 12:00 Breakout Session / Morning Break

The

Speakers

  • Keynote: Doyne Farmer (Director of the Complexity Economics Program at the Institute for New Economic Thinking at the Oxford Martin School, Professor at Oxford)
  • Panel Chair: Helia Ebrahimi (Economics Correspondent at Channel 4 News)
  • Panelist: Nick Duffy (Consulting Investment Manager to LGTVestra’s Family Office & Director of UKVIP)
  • Panelist: Damian Kimmelman (Chief Executive Officer & Co-Founder of DueDil)
  • Panelist: BD Goel (Chief Innovation Officer at Paysafe)
  • Panelist: Dr. Philippa Malgrem (Founder of DRPM Group, H Robotics)