Ramp CEO Eric Glyman | Fintech's AI Moment

Fintech has perhaps the most to gain from artificial intelligence technology. Even slight improvements in forecasting default rates on a loan or cash flows of a business can have a dramatic economic impact. But for the most part, fintech has been left out of the conversation, partly because there is low margin for error in a regulated space. Encouragingly, this is starting to change. Ramp, a fintech startup that is noted for being one of the fastest-growing companies ever to hit $100M in ARR, is among the fintech frontrunners using automation and machine learning to help customers with expense management, payments, reporting, and more. The upside of automated, intelligent, personalized, and more secure financial services with the help of AI is in reach.

Greylock investor Seth Rosenberg spoke with Ramp CEO Eric Glyman and Greylock's Reid Hoffman for a wide-ranging discussion on how AI is impacting every profession today – and how there is considerable room for it to impact financial services in the future.

[okayokay]

Summerised by GPT-4 :

Reid Hoffman predicts AI co-pilots for professionals in 2-5 years.
Ramp uses AI for financial workflows and productivity, improving expense management efficiency.
AI augments human intelligence in finance, helping with pattern-matching and speeding up performance.
Co-pilot model: AI and humans work together for operational loops, enhancing accountability.
AI startup opportunities in accounting and fintech, focusing on productivity, movement of funds, staff augmentation, risk assessment, and fraud fighting.
Large and small AI models emerge; success depends on use case, business model, and competitive position.
Risks: AI used for fraudulent activities, phishing attacks; need for defense and guardrails.
AI's potential impact in 5 years: automating busy work, freeing up time for meaningful tasks, workforce transition.
AI tools can amplify creativity, but users must adapt to new technologies.
Old entrepreneurship wisdom doesn't apply with AI emergence; first-mover advantage and transforming business models are crucial.

[NicolaHartman-ep]

Thompson Thomas Johnson Betty Anderson Joseph

[NicolaHartman-ep]

Thomas Joseph Perez Michelle Martin Jeffrey