Unveiling the Future: A Conversation with Adam Schouela, Head of Emerging Technology at Fidelity
Adam Schouela is the Head of Emerging Technology at the Fidelity Center for Applied Technology. In a candid conversation with Scott Cohen from AGP Ventures, Adam delves into various aspects of emerging technology, its implications, and how Fidelity is navigating this dynamic landscape. Scott sets the stage by introducing Adam’s extensive experience in the tech industry, while Adam shares his journey and the exciting projects he’s currently overseeing at Fidelity.
The Role of AI in Finance
Artificial Intelligence (AI) is making waves in the financial sector, and Fidelity is no exception. Adam discusses the transformative potential of AI, particularly in automating tasks and enhancing customer experiences. However, he also cautions that the implementation of AI models like GPT-3 in a regulated environment like finance comes with its challenges. The technology has to be explored carefully to ensure it meets regulatory standards.
ESG Data: A Growing Concern
Environmental, Social, and Governance (ESG) data is becoming increasingly important in the financial world. Adam reveals that Fidelity has been proactive in this area, developing products around ESG. They’ve even created augmented reality data visualization tools to help investors understand their portfolios from an ESG perspective.
Blockchain: Beyond the Hype
Blockchain technology has been on Fidelity’s radar since around 2015. Adam talks about various projects Fidelity has undertaken, including Fidelity Digital Assets, a custody solution that involves blockchain technology. He also mentions that blockchain has been an interesting avenue for collaborating with third-party companies, bypassing the need for complex API integrations.
Quantum Computing: The Next Frontier
Fidelity has been exploring the realm of quantum computing for a few years now. Adam shares that they have a dedicated team looking into various aspects of this groundbreaking technology. From simulations to optimizations, quantum computers have the potential to outperform classical computers in specific tasks, and Fidelity is keen on leveraging this potential.
Open Banking and Fintech
Although Fidelity is not a bank, Adam notes the rise of fintechs and the importance of having various front-end solutions for different customer segments. Open banking, which involves leveraging APIs to create apps, is a trend that Adam acknowledges as beneficial for customization in fintech.
Ethical Responsibility in Technology
Adam emphasizes that the responsibility for the outcomes of AI models lies with the developers and users. This ethical responsibility extends to providing financial advice, which has to be approached cautiously due to regulatory constraints.
Top 5 Tips from Adam
- Be Cautious with AI: Always consider the regulatory environment when implementing AI in finance.
- Embrace ESG: Investors are increasingly looking for ESG data; make sure your financial products reflect this.
- Understand Blockchain: It’s not just a buzzword; it has practical applications, especially in secure transactions.
- Keep an Eye on Quantum Computing: This technology has the potential to revolutionize various aspects of finance.
- Customization is Key: Different customer segments require different front-end solutions; customization is crucial in fintech.
