The AI, ML, and RPA conundrum with a Fintech flavor



From the start of 2021 to mid-2022, I led the marketing efforts for a company called Noesys Software. In the time I was there, I had a first-hand view of what Machine Learning (ML) was. While Artificial Intelligence (AI) had been used a whole lot in our marketing discussions, ML was what our management said would disrupt the industry.

As I sit down to write this reflection paper, I realize that I have had the best ringside view of how ML models are built. Moreover, I have also seen first-hand what Machine Learning can do to disrupt the payments industry. While certain jobs would remain, I believe that ML and most importantly, Robotic Process Automation (RPA) would disrupt the way financial institutions operate. In turn, this would also disrupt fintech.

Despite having roots in algorithms developed several years ago, both AI and ML have become popular today. The rise of platforms such as ChatGPT and Bard has seen an increased awareness of the industry. Several investors ranging from venture capital to private equity and investment bankers are all looking at AI and ML as investment opportunities. Therefore, despite being in its nascent stages, AI and ML are rapidly growing industry sectors.