3rd Wealth Tech Summit: artificial intelligence and finance

3ème Wealth-Tech Summit © Stéphane Danna – Direction de la Communication

A breakfast event on the topic of “Artificial intelligence and investment: new frontiers in finance” was held at One Monte-Carlo on Thursday 17 October 2024, organised by the Prince’s Government’s Digital Transition Office and Attractiveness Department, working in partnership with the Monaco Association for Financial Activities. The event brought together more than 100 bankers, investors and financial experts in Monaco, and was also attended by Frédéric Genta, the Country Chief Officer for Attractiveness and the Digital Transition, and Robert Laure, President of the Monaco Association for Financial Activities.

Over the last three years, this event has established itself as a key platform for sharing innovations and emerging trends in technology for wealth management.

“The financial sector finds itself at a pivotal moment, where technology, and particularly artificial intelligence, is redefining roles, responsibilities and strategies within banking institutions. AI is no longer just a promise, it is a reality that is already transforming how banks operate, conduct analysis and serve their customers,”, noted Robert Laure in his opening address.

Specific applications of AI in finance

A series of experts shared their views on the subfields of AI and their implications for finance:

• Generative AI: the presenters (IBM, BNP Paribas Wealth Management and BlackRock) showed how generative AI is helping to improve the customisation of financial products. In turn, they emphasised that this technology was offering tailored investment recommendations, personalised credit offers and advanced automation of internal processes.

• AI and cybersecurity: artificial intelligence plays a key role in cybersecurity, offering improved protection against an increase in cyberattacks. Thanks to AI’s ability to detect threats in real time, automate responses to incidents and anticipate future attacks, companies can strengthen their resilience.

AI: an asset for the financial sector

The experts concluded that the financial sector could be a major beneficiary of AI. The technology not only helps to better protect assets, but also to forecast market trends with greater accuracy.

“The financial industry is an economic powerhouse and a critical factor in attractiveness. With the help of world-class experts and 120 attendees from the financial sector, the Principality is steadily preparing itself for this significant paradigm shift,” concluded Frédéric Genta.