AI and Financial Services: A Conversation with Supreet Kaur

Supreet Kaur is an assistant vice president at Morgan Stanley, where she is responsible for owning and creating various AI and data products. Prior to this role, she was a technology and data science consultant. She is also the founder of DataBuzz, a community to engage tech enthusiasts. She is an avid writer and speaker on the topics of data science and AI.

Supreet will be presenting at the AI ​​Forum Annual Conference at the Grand Cayman Marriott Beach Resort on November 28. The one-day event will focus on artificial intelligence in its impact on financial services, education, health and human rights. Both professionals and students stand to gain from this impactful event and networking opportunity.

Loop News had the pleasure of talking to Supreet before the event.

Your session is titled The State of AI in Financial Services. What can attendees expect from your presentation?

Financial institutions have rich customer-centric data and are in a strong position to develop AI solutions. Like any other industry, the financial industry is made up of different functions, and each function is responsible for serving its customers in unique ways. Since the functions are different, the use cases of AI also differ, and so this presentation aims to address all of these respective use cases. I have extensive experience in data science across multiple industries. I plan to bring it to life in this presentation by sharing some best practices on data, modeling, and good resources. As a bonus, I also plan to share my thoughts on where the industry is heading and what it will look like in the years to come.

How did you become interested in this career path? Is there anything you would say to other professionals or students looking to dive deeper into the world of data?

I have always been intrigued by the power of numbers and data. After finishing my bachelor’s degree in math, I wanted a career path focused around the same. I decided to pursue a master’s degree in data science, which I believe is a direct application of mathematics and statistics. During my masters, I further had the chance to broaden my horizons on some of the impactful use cases of data science, and the idea of ​​growing up in the field of data solidified after my first job as a data science consultant, where I had the chance to build and present next-gen AI solutions.

My suggestion to other professionals would be that no matter where you are in your professional journey, it’s never too late to enter the world of data science if you’re interested. Data science careers are not limited to data scientists; many other professions exist in this field with different specialized skills. There are many free resources. The only thing you need is a learning mindset and a positive attitude. As a data professional, my goal is to bust the myths around this field. Therefore, this year I launched my community called DataBuzz, which aims to help and empower people who want to grow in this field with the help of free resources such as mentoring and networking sessions.

What do you think is an exciting development in the field of AI, especially in the area of ​​financial services?

It’s hard to choose one because all development solves a unique problem that seems tedious or impossible simply with a human touch or rules-based approach. For example, financial institutions are often at risk from fraudulent applications or cybersecurity attacks; building advanced AI solutions made it possible to quickly identify this anomalous behavior so that the customer could be warned and protected before anything malicious even happened. Another interesting use case is how chatbots can answer FAQs and handle some of a customer’s basic inquiries, reducing manual overhead. Another exciting piece of research I read is, according to a study by UK research firm Coalition, electronic trading accounts for nearly 45% of cash stock trading revenue, and many of these use analytics based on AI to get investment ideas and build portfolios. Finally, data security in the banking and financial sector is a critical issue because it involves sensitive customer data. Machine learning applications in the financial sector are taking security to the next level using voice and facial recognition, as well as other biometric data.

What is the common misconception about AI?

There are many misconceptions about AI. One of the biggest is that AI will kill jobs or robots will take over our lives. AI automates multiple processes, challenging and transforming the way tasks are done, not replacing them. Human contact will always be essential to add value and obtain information. It will also free up your employees to focus on more critical use cases and get better at solving data science problems.

Along with automation, AI can also help “augment,” empowering humans in any activity, like helping financial advisors make monetary decisions. Another misconception is that AI algorithms are unbiased. AI algorithms are just a set of rules or commands that you apply to the data, train your model so that it can mimic the same patterns on the unknown dataset; since humans are biased, this also makes the data provided to the algorithm biased. It is naive to expect AI algorithms to be unbiased. Therefore, it becomes absolutely necessary to spend time on data quality and ensuring that it is unbiased and inclusive.

Congratulation ! You have become a Google Women Techmakers ambassador. What are your hopes for other women in this field?

Technology has long been considered a male-dominated field, especially in developing countries. I’m a strong advocate for women in tech, and through these efforts, I can help break down some myths and prejudices about women in tech. I want to inspire more women to choose technical roles and break the glass ceiling. Google WTM provides me with these resources, these networks and these opportunities to achieve this. I am convinced that if we all do our part, and sum this up with the proper awareness, it can be achieved. I see a shift in trends where most companies are taking diversity seriously. It’s so nice to be part of this change, but we still have a long way to go.

To attend Supreet’s presentation, as well as many other engaging sessions and panel discussions, register today at AI Forum Annual Conference here.