AI, a Buzzword? Sit Tight, Buckle Your Seatbelt, and Get Ready for the Acceleration – It’s Here to Stay and Transform!

Phoenix FSC was honoured to be invited by Stephenson Harwood to participate in their recent conference, which took place on 10th October, focusing on the stakes and challenges of AI in Europe. The event brought together researchers, lawyers, and business practitioners  to discuss the past, present, and future of artificial intelligence, as well as the legal, regulatory, and practical implications for businesses operating in an increasingly AI-driven world.

Vincent Pinte Deregnaucourt gave the context with a brief history of AI, reminding the audience that AI is far from a new invention. While AI’s roots trace back to the 1940-1950s (artificial neurone in 1943, Turing test in 1950, and “Artificial Intelligence” coined at Datmouth in 1956), its explosive development has been driven by the vast availability of internet data and the exponential increase in computational power. After 70 years of in-depth research, experimentation, successes, and failures, AI has now reached a pivotal moment. The complexity of natural language has been cracked, opening the door to rapid advancements, potentially taking us into uncharted territory as intelligent agents emerge.

The expert who has represented France in negotiations for the AI Act, provided valuable insights into this complex legislative framework. She explained that, like GDPR, the AI Act is here to stay, and businesses should prepare for even more intricate regulations. Stephenson Harwood’s team of expert lawyers further elaborated on how AI will impact key areas of law, including labour law, intellectual property, and personal data protection.

Bruno Fatier and Bertrand Blanchard emphasised that AI is not merely a future concept; it is already a reality, particularly in the financial sector where fintechs are leading the charge. AI, much like any powerful tool (ChatGPT being a prime example), must be carefully managed to deliver optimal results. Numerous use cases have already demonstrated AI’s potential to enhance customer experience, streamline processes, and combat fraud, particularly in regulated industries. For businesses operating in sectors such as finance, risk mitigation, fraud prevention, and compliance are no longer optional but essential. Hesitation in adopting AI could mean falling behind, as fraudsters and criminals certainly won’t wait.

AI is undeniably complex and requires the collaboration of multidisciplinary teams – from IT specialists, researchers, and data scientists to subject matter experts, business leaders, lawyers, DPO and compliance officers. This complexity underscores the importance of structured projects and strategies to harness AI effectively. Embracing AI entails a profound transformation that must be navigated thoughtfully. Unlike previous technological trends like blockchain or robotic process automation (RPA), AI represents a seismic shift comparable to the invention of electricity or the internet. It is not a passing trend but a lasting change that will shape the future.

Phoenix FSC is here to help organisations embark on this journey. We can support businesses in bringing together multidisciplinary teams to explore and implement AI use cases that drive real-world impact.

If you are ready to start embracing the future of AI, Phoenix FSC is your trusted partner on this transformative journey.