3rd Wealth-Tech Summit: Artificial intelligence at the service of finance

On Thursday, October 17, 2024, the Interministerial Delegation in charge of Digital Transition and the Attractiveness Cell of the Princely Government, in partnership with the Monaco Association of Financial Activities (AMAF), organized a themed breakfast at One Monte-Carlo on the topic: “Artificial Intelligence (AI) and Investment: The New Frontiers of Finance.” This event brought together over a hundred bankers, investors, and financial experts from Monaco, in the presence of Frédéric GENTA, Interministerial Delegate for Attractiveness and Digital Transition, and Robert LAURE, President of AMAF. For three years, this meeting has established itself as a privileged platform for presenting innovations and emerging trends in technology applied to wealth management. “The financial sector is at a pivotal moment, where technology, particularly artificial intelligence, is redefining professions, responsibilities, and strategies of banking institutions. AI is no longer just a promise, but a reality that is already transforming the way banks operate, analyze, and serve their clients,” said Robert LAURE in his opening speech.

Concrete applications of AI in finance Several experts took turns sharing their views on AI subdomains and their implications for finance: • Generative AI: The speakers (IBM, BNP Paribas Wealth Management, and BlackRock) demonstrated how generative AI enables greater personalization of financial products. They emphasized that this technology offers tailor-made investment recommendations, customized credit offers, and advanced automation of internal processes. • AI and cybersecurity: Artificial intelligence plays a central role in cybersecurity by providing enhanced protection against the rise of cyberattacks. Thanks to AI’s ability to detect threats in real time, automate incident responses, and anticipate future attacks, companies can become more resilient.

AI: An advantage for the financial sector Experts concluded that the financial sector could be one of the major beneficiaries of AI. This technology not only helps better protect assets but also allows for more accurate market trend predictions.

“The financial sector is an economic powerhouse and a critical axis of attractiveness. With the help of world-class experts and the presence of 120 participants from the financial sector, the Principality is gradually arming itself for this important paradigm shift,” concluded Frédéric GENTA.