by Vahe Andonians on Feb 8, 2024 7:51:40 AM
In the episode of Tech Talks Daily, Vahe Andonians, the founder and CTO of Cognaize joined Neil C. Hughes, the Tech Blog Writer, and discussed hybrid intelligence in finance.
Following the successful completion of its Series A fundraising, Cognaize benefits from the profound knowledge and distinctive insights on artificial intelligence (AI) brought by Andonians. His rich background, merging his role as a senior lecturer at the Frankfurt School of Finance & Management with real-world industry experiences, offers invaluable perspectives to our audience.
In this episode, the concept of “hybrid intelligence” is introduced by our founder, marking a groundbreaking strategy that fosters a collaborative, rather than competitive, relationship between AI and human expertise. This approach is highlighted as crucial for the financial sector, where the complexity of judgment and decision-making surpasses what AI can achieve on its own. He points out the shortcomings of large-scale AI models such as ChatGPT in financial settings, noting issues like hardware limitations, the risk of generating inaccurate information ('hallucinations'), and privacy concerns.
Under the guidance of Andonians, Cognaize is leaning towards the development of specialized, smaller AI models. These models are adept at processing both structured and unstructured data, delivering valuable insights while avoiding the pitfalls associated with larger, more generalized AI systems. Andonians explains how this strategy empowers banks and financial entities to leverage the benefits of AI with no sacrifice to accuracy or confidentiality.
Looking ahead, Vahe Andonians foresee swift progress in the field of AI, including the possible rise of Artificial General Intelligence (AGI). Yet, he cautions that computational challenges may initially limit its applications. He also touches on the exciting potential of integrating AI with gene editing technologies, suggesting a horizon of boundless innovation.
For financial organizations looking to adopt AI, Andonians provides actionable guidance. He stresses the significance of educating employees at every tier, including executives, on the nuances of AI. Furthermore, he advocates for the selection of seasoned vendors to ensure seamless integration of AI technologies and advises against putting all eggs in one basket by depending on a single initiative or provider.
Listen to the full episode here.