FIA hails InnovateIN48 champion Latent Space
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The competition comes at a crucial time, with many businesses now making significant investments in AI and automation technologies. New research from FIS' landmark report, 'The Harmony Gap: Finding the Financial Upside in Uncertainty,' found that 55% of companies are investing in innovative solutions such as generative AI and machine learning to help meet their strategic objectives, while 78% of organizations that have already integrated AI reported measurable improvements in fraud detection and risk management. However, 73% cited the high cost of implementation and maintenance as an obstacle to their firm's adoption of AI and automation, as well as struggling with a lack of in-house expertise (64%).
To help address the expertise gap, InnovateIN48 competitors developed early-stage prototypes and conceptual AI frameworks, pushing the boundaries of how AI can help organisations accomplish their strategic goals. These included automated code vulnerability detection, intelligent regulatory compliance checking and AI-powered treasury operations.
The winners were team Latent Space, who developed a solution that helps confirm that software projects follow important internal and external AI guidelines, with the solution's potential to improve AI compliance impressing judges.
Ramkumar Narayanan, Head of FIS India and Philippines Technology and Services Organization said, "This year's InnovateIN48 focused on showcasing innovative use cases for employing AI to solve real-world business issues. While AI as a technology is transformational, the knowledge of how to use AI is a fundamental component of a firm's success. We're working to develop the in-house talent that the fintech industry needs to realize AI's potential while fostering innovative thinking that could lead to breakthrough solutions."
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