AI and the Future of Finance: A Personal Journey with Erik Severinghaus
By Kraig Kleeman
“Today, AI in finance is like having Sherlock Holmes, Warren Buffet, and a supercomputer rolled into one—a combination that’s as thrilling as it is transformative. Let’s embark on a journey to discover how this digital ‘dream team’ is redefining the future of finance.” – Kraig Kleeman, CEO
Introduction
Today, I feel very excited to talk about something that is changing our world a lot—AI in financial services. It has been an interesting path so far, and it looks like we are only at the beginning!
How AI Became a Game Changer
Remember the times when customer service meant waiting a long time on phone before you could talk to real person? Well, AI has really changed everything. Now, we have chatbots that can give answers to our questions very quickly. But AI has not just stayed there—it has grown and taken on more important jobs, like handling risks, analyzing large amounts of data for personalized financial advice, and many other tasks. It’s like watching a child prodigy grow up to be a superstar.
Cool Stuff AI is Doing Right Now
AI is now all over in finance, but I share two places where it’s really making big impact:
- Catching the Bad Guys (Fraud Detection): Imagine AI like super-smart detective, always searching for anything strange. It looks over millions of transactions very carefully, finding frauds that even most watchful humans might miss. It is very interesting how it learns what to watch for and improves gradually.
- Smart Investing (Portfolio Optimization): AI acts like a knowledgeable investment advisor. It looks through huge amounts of data and helps create investment portfolios that fit our personal preferences and risk levels—similar to a custom recipe that keeps changing ingredients to find the best taste.
- Beyond the Basics: There is more coming up as well. AI helps banks understand what their customers might like in future, making sure they follow all those complex rules easily, and even supporting efforts to make finance greener by identifying eco-friendly investments.
Not All Smooth Sailing
Integrating AI isn’t a walk in the park. There are bumps along the road. Top of the list? Keeping everyone’s data safe and sound. Banks deal with a lot of sensitive information, so making sure it stays safe and doesn’t go to the wrong people is very important.
And another thing—sometimes AI can make mistakes. If it learns from bad information, its choices might not be correct. It is like when your GPS tells you the best way to go is a street that does not have an exit. We must keep showing it what is right and what is wrong.
What’s Next? I’m Glad You Asked!
Looking forward, there are some new technology stars that people talk about a lot—quantum computing and blockchain.
- Quantum Computing: Imagine it like a super powerful engine that can do calculations at incredible speeds. In finance, this means very fast trading, extremely strong security, and managing complicated risks with great skill.
- Blockchain: Not only for Bitcoin, blockchain technology might totally change how we do money transfers, contracts, and record keeping. It helps by making everything clearer and doing away with needless intermediaries.
Wrapping Up
The road in front is full of thrilling opportunities and, yes, some difficulties too. But those make everything exciting, right? At Bloomfilter, we focus on discovering these new areas. We want to use AI not only to increase earnings but also to improve the financial world for everyone a bit more.
About Kraig Kleeman
Kraig Kleeman is a highly successful entrepreneur, author, and showrunner. If his accomplishments and aspirations were to draw inspiration from natural icons, he could be described as a fusion of Elon Musk’s visionary approach to business and Mick Jagger’s electrifying stage presence. He possesses keen business acumen and a flair for captivating performances that awe audiences.
Kraig’s entrepreneurial spirit is boundless, as evidenced by his track record of founding a tech company and taking it from nothing to $30 million in sales, in less than four years. His newest venture, CEO Branding Worldwide, is growing by triple digits, quarter over quarter. While some may liken his abilities to a Midas touch, others prefer to think of it as transforming companies into profitable ventures instead of turning things into gold!
