The sixth session of this year's Wall Street Exchange Program, held virtually on July 23, 2024, focused on the novel and exciting topics of Fintech and AI. Gerri Bostick, WSE Co-Chair, opened the session and introduced Committee member Yanique Williams who served as the facilitator. Yanique, Technologist, Founder & Venture Investor, expertly facilitated the panel of talented professionals. These included Jeanine Hightower-Sellitto, Chief Commercial and Strategy Officer, EDX Markets; Addy Spiller, Fractional Head of Product for Fortune 500 and other companies; and Shade Alcine, Enterprise Account Manager at Human.
The panelists shared some of the changes and advances in Fintech. These include an explosion of customer facing apps that have democratized the space. This has led to more access and increased the potential for generational wealth. The “wealth for all” expression has been actualized through apps like Robin Hood, where individuals can now make investments in stocks and options on their own. Small investors no longer need the inside track with a broker and have more access through many more start-ups.
With payment innovations in cash apps and digital wallets, security has been scaled up. New technology for fraud detection, such as face recognition and two factor-verification, has changed the fintech environment. Although everything is becoming faster and easier, according to the panelists, security is the biggest risk. Another fintech challenge is compliance given the many privacy laws that have been implemented. Privacy is included in every single step.
The panelists stressed that we have been interacting with AI for a long time now and it helps us to move quicker, faster and better. They encouraged the interns to learn more about AI to better understand how to integrate it into their lives, to mix the natural and the artificial. No one is experienced in this and it will take time to become an expert.
One panelist described AI as “an extra brain that we make ours”. The way tech develops over time, the panelists affirmed that AI is in the next wave of tools for this generation and it will be integrated into everyone’s business. In the next few years, crypto and blockchain will reemerge as traditional finance begins to adopt blockchain technology. The panelists provided some resources for the interns to learn more about AI as some employers will begin to require AI experience and knowledge in the near future.
The Wall Street Exchange Co-chairs and Committee members wish to thank the panelists for their time and talents, and our President’s Circle firms, FWA leadership, and the FWA office team for their tremendous support.
Click here to learn more about the Wall Street Exchange program. For questions about the program, please contact Kelsie Piersaint, the FWA’s Next-Gen Educational Programs Manager.
