Spiros Margaris was part of the SparkLabs Group collective that completed a key funding round on Nasdaq … (+)
Are we at risk of relying too much on artificial intelligence to generate and advance innovation? Maybe. But innovation is difficult to automate: after all, many innovations arise from chance encounters and events between humans.
AI, for all its potential power, will only play a supporting role in the innovation that creates or advances businesses. “AI cannot fully systematize the accidental discoveries and relationships that are often at the heart of breakthrough innovations,” says Spiros Margarisfounder of Margaris Ventures. “While AI is a valuable tool for innovation, it must be used in conjunction with human skills and creativity to ensure a holistic approach. »
However, “many companies will seek to systematize the innovation process with AI and use a standalone solution,” he continues. “I will always advocate for an innovation process that includes humans.”
We turned to Spiros for his perspective on how AI is helping to drive business creation or innovation. As one of Europe’s leading fintech venture capitalists, he is a senior advisor and investor in several companies in the fintech, insurance, cybersecurity, healthcare and AI sectors , including two FinTech start-ups valued at more than $1 billion.
AI plays a key role in today’s innovation, he notes. “We have already seen generative AI help businesses innovate by making it easier, cheaper and faster to experiment with new ideas. These models are extremely beneficial for creating new products and improving existing ones, allowing companies to quickly test different options and find the best solutions.
At the same time, he adds, “AI is just one tool among many that can be used to innovate. In the future, AI innovation will involve a combination of AI-driven insights and human creativity and intuition.
AI will drive innovation and efficiency, essential not only for businesses but also for startups and new businesses. “AI’s ability to process and analyze large amounts of data can generate more accurate insights and business strategies,” says Spiros. “In a competitive market, this is essential for both established and new businesses. Additionally, AI is essential for tasks that require considerable data analysis and automation, such as customer segmentation, market analysis, and operational efficiency.
With AI facilitating increasingly sophisticated data analyses, “companies will be able to test and refine their business initiatives to produce offers more attractive to customers than those offered by companies lacking such information” , he explains. “The development of AI-powered personalized customer experiences is still in its infancy but holds immense potential for the future. »
AI plays a role in helping emerging fintechs – as well as existing banks – create better offerings. “We have already seen the impact of AI in several areas of the financial industry, including credit scoring, fraud detection, risk management, KYC (know your customer) and personalized customer service,” explains Spiros. Upcoming iterations “will enable businesses to make informed decisions, streamline processes and offer more personalized services.” This technology will also reduce the costs of financial services while increasing access to traditional banking options.
In doing so, AI will help “further democratize financial services, making them even more accessible and affordable for a wider range of people,” he explains. “This democratization will be particularly beneficial for the less privileged, who traditionally face barriers to accessing these services due to their cost and complexity. »
The fintech industry “has excelled in democratizing the financial sector, and ever more powerful AI models will enable the industry to accelerate the democratization process,” adds Spiros.
AI must nevertheless be approached with caution, he warns. “Whatever the potential benefits of AI, businesses must consider its ethical and regulatory implications, including privacy, security and fairness. Using AI effectively requires a thoughtful approach to ensuring data quality and ethical practices to avoid erroneous results and possible lawsuits.
“We will always need to understand how an AI model makes a specific decision,” he adds. “Indeed, transparency of AI models is essential to ensure that models do not contain biases intentionally designed to harm certain individuals.”
Entrepreneurs and businesses “must ensure that the data used to train AI models is as unbiased and accurate as possible. Companies that misuse AI risk adverse consequences.
We must also remember that AI “cannot solve all problems,” he says. “In other words, they should not view this technology as a magic pill that can fix everything. AI should complement rather than replace human skills and creativity. A robust business model must balance AI capabilities with human intuition and innovation.
