NUVEI
commercial rates , talking about AI might seem like a flight of fancy . Can independent businesses and everyday firms really afford to invest in this technology , or will it continue to be the preserve of large multinationals and enterprises who have the resources to invest ?
Well , no matter how new Generative AI might seem , we ’ ve been through this process before . There have been predecessor technologies , like coding and web development for instance , that required companies to recruit skilled talent to succeed . However , what we saw with coding was an emerging wave of technology innovators who found ways to democratise access by rolling out drag-and-drop lowcode editors . Not only did this lower the barrier to entry for firms with fewer resources , it made the entire end-to-end process much simpler and quicker for large companies already invested in the coding economy .
We may , in time , see something similar from the AI industry . Currently , those with the deepest pockets are most actively engaged with the technology . But , as AI becomes more mainstream , those early adopters will start creating ways to bring smaller firms into the fold – perhaps with easy-to-use applications or interfaces that leverage their own AI expertise .
The advantages of this would be two-fold : first , it will make it easier for everybody to benefit from the power of AI ; but secondly , it would ensure that anyone building on artificial intelligence is doing so from a sound base , with all the requisite safeguards in place .
“ Everything related to data privacy , compliance , explainability and so on is super important in the financial sector . Here at Nuvei , and in the industry as a whole , we are investing in building those safeguards and making sure that everything is done in a reliable manner ,” Kabala says .
He continues : “ AI has existed for some time in different forms , so it ’ s not a brandnew concept . What ’ s different in Generative AI is the fact that only a few companies dominate in the space – typically those that provide large language models . Building infrastructure involving these language models will require businesses to choose whether they ’ re doing it in-house ; using an open-source model ; or using a vendor , and if so what are the capabilities of this vendor and their safeguards ?
“ In terms of data privacy , we need to get prepared for new regulations due to the rise of Gen AI . The first one , which is obvious , is explainability . We need to be able to explain why the model made such a decision , why the model offered one payment method over another , or in other cases declined payment . This will be a major shift , I think , for any company using AI . Aside from that , I believe that we ’ ll see more regulations around Generative AI , how to
90 November 2023