The team at the Cambridge Centre for Alternative Finance (CCAF), along with the WEF [World Economic Forum] and Max Planck Institute, have published a report on Artificial Intelligence (AI), claiming that Agentic AI is poised to revolutionize financial services.
Agentic AI is tech that can take action autonomously and learn from the decisions, making improvements to itself on an ongoing basis.
In 2020, CCAF published a report on AI in financial services, claiming that “AI is expected to turn into an essential business driver across the Financial Services industry in the short run…”
Agentic AI is an advancement in the AI realm. While “Gen AI” takes orders and answers questions,” Agentic AI can “learn, adapt and work together—making decisions and improving continuously, much like humans do.”
At the same time, Agentic AI may “enhance productivity, precision and decision-making, driving financial services towards deeper process autonomy.”
Of course there are risks and concerns with autonomous AI beyond the technology becoming “self aware,” harkening back to SkyNet. More mundane challenges include Labour market issues; privacy and cybersecurity, governance and regulation, human oversight and more.
The report believes that Agentic AI has the potential to empower the masses and fuel financial inclusion.
“Clear governance frameworks are needed to protect communities and align with financial inclusion and empowerment goals, ensuring the power of Agentic AI will serve the needs of many, not few.”
