The past couple of years have witnessed the cropping up of AI solutions across various sectors. Businesses have been leveraging AI tools to reduce costs, increase efficiency, and occasionally improve bottom lines.
In a survey Forbes ran on the application of AI in the workforce, a whopping 64% of respondents anticipate that AI will improve customer relationships and increase productivity, while 60% believe that it will drive sales growth.
With the prospect of AI solutions being hardwired into business processes today, we sat down with Flavio Villa, Chief Technology Officer of MENA-based fintech company Creed&Bear, to learn more about the potential and applications of AI in financial services and how Creed&Bear is poised to capitalize on it.
How do you envision the future of AI and its impact on the world of finance?
I believe that there will be stronger regulations surrounding generative AI and that the world will be taking them more seriously. I think everyone’s going to have an AI-driven competitive advantage, and that’s good. That’ll eventually push for more innovation.
In FinTech especially, AI will speed up the most repetitive, manual, and time-consuming work and also improve the probability of good quality output being generated.
Have you explored the potential applications of your AI technology beyond traditional sectors? If so, what other industries or domains do you see it being applied in?
What we have developed at Creed&Bear is basically an AI engine that is able to run on different data sets, which is currently being applied to crypto, but it can also be used to study weather data or other kinds of data sets.
So yes, we are able to scale our technology and our vision outside the traditional sectors because the capability of our AI to understand, process and clean data is unfathomably huge.
We have already explored the possibility of using our AI core engine outside the traditional sectors. For example, we ran a test where we were able to calculate the performance of a famous football player (from a very important football team) at their next match with very precise accuracy.
What changes do you see for Blockchain/Web3 in the near future?
The concept of blockchain as we know it today will change completely in the future. The reason is the technology behind it, it’s moving faster than the adoption. For example, one year ago the world was talking about NFTs and how it was so technologically advanced that it could transcribe the real world to digital. But today, we talk about generative AI the same way. In short, we know that blockchain technology will move fast and that the change in this space is constant.
How did you manage to position Creed&Bear as a Technology leader? What strategies or approaches did you employ?
We position ourselves as a leader by prioritizing one aspect of our business: Investing in the research and development of AI and ML. Its adoption is picking up steam in the financial world.
The global market for artificial intelligence in asset management was worth about $2.6 billion in 2022 and is expected to expand at a compound annual growth rate of 24.5% from 2023 to 2030. That’s a great indicator of adoption. Of course, at Creed&Bear, we’re already a few steps ahead, but we want to be light years ahead.
Our AI-powered data analysis helps us extract meaningful insights from up to 40 GB of data every second, but the thing is, that number continues to grow.
Can you provide a concise summary of your background and expertise?
I’m an inventor. I like creating and building. I first started in software development and founded a software development business back in the early 2010s.
Then, when my interest in entrepreneurship was spurred, around 2012, I tested different trading strategies for traditional financial instruments. Fast forward to now, I head the technology division of the company along with my extremely talented and highly experienced team. My expertise lies in the intersection of software development, data analysis, and trading.
About the Company
Founded in Switzerland in 2012, Creed&Bear is a FinTech company focused on the integration of tomorrow’s technological innovations to address the financial challenges of today.
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