The financial sector is traditionally known for taking a cautious approach to change and transformation, especially when it comes to technology. But the sector is taking a keen interest in developments in computing power, artificial intelligence and blockchain. These technologies have the potential to impact cybersecurity, investing and access to financial services. But what about their social and economic impacts?
Established in 2011, Salzburg Global Seminar’s Global Finance Forum “tackles issues critical to the future of financial markets and global economic growth and stability.” Its 2024 programme in June focused on ‘Financial Technology Innovation, Social Impact & Regulation: Do We Need New Paradigms?’. The programme sought to explore how participants from banking, financial services firms, fintech companies, investment and asset management firms and regulatory authorities could navigate regulating these technologies, assess their potential impacts and foster innovation in the financial sector.
Through a combination of in-depth discussions, presentations, and workshops and with partnerships from Google Cloud, JP Morgan and Starling, the two-day programme delved into how the Seminar can play a role in spearheading progressive action in the financial sector. There are concerns about job security, digital bias and algorithmic decision-making that can fail to consider human experiences and needs. However, there are also benefits to incorporating technology into financial systems. AI-powered tools can analyse vast amounts of data, which can create more personalised financial advice and products for consumers. Digital currencies can empower communities that struggle to access traditional financial services. Additionally, the same automated processes that could take over tasks and lead to job losses can also free up human capital for other roles. Ultimately, whether technology hurts or harms is up to the people working in the financial sector and how they choose to incorporate these technologies into their services and platforms. This is where spaces like Salzburg Global Seminar's Finance Forum truly shine. By bringing together rising leaders from different countries, backgrounds and levels of expertise, the Forum encourages collaboration, encourages new ways of thinking and fosters transformation.
Ghazan Global has participated in the Finance Forum since 2022. Our participation affirms our commitment to partnerships and dialogue for development and positive. We will continue to support innovation in financial services through our investments, and we hope to continue contributing to the Finance Forum and Salzburg Global Seminar’s growth.
Photo by BoliviaInteligente on Unsplash
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