Axios Live: AI in fintech raises the stakes for consumer trust

LAS VEGAS — Financial services companies are racing to adopt AI, but concerns about accuracy, oversight and consumer trust are complicating its rollout, fintech and communications leaders said.Why it matters: Money and privacy are at stake as the technology is integrated further into transactions and the industry at large.Axios' Simon Hernandez-Arthur and Ryan Lawler moderated the Oct. 18 roundtable. The event was sponsored by J.P. Morgan.5 big takeaways from the conversation:"It's a very dangerous time," said MX chief advocacy officer Jane Barratt, because people are using anecdotal evidence about what AI can do to jump in like a "drunken sailor … without truly thinking through the guardrails and use cases.""You can't be wrong at all" when using AI in financial services, said Shirley Powell, Finastra head of strategic communications. "One of our products does $7 trillion [in] payments a day. What percentage of those are you willing to get wrong?""The proper governance model" can make all the difference, said Amazon global head of institutional payments Nilesh Dusane. "The financial services industry has been using AI for many years — generative AI and agentic AI — and there are c…

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