Erdal Kemikli, Assistant Professor at Istanbul Health and Technology University, spoke about how the shift from rule-based systems to intelligent models is transforming finance. Kemikli said the following:
The convergence and transformation in technology and finance began about 10 years ago—perhaps even longer. However, I believe we are still only at the beginning of this transformation, because advancing technology is making new models possible. For example, with the advent of cell phones and the emergence of mobile internet, we gained the ability to design many new financial and commercial business models. Moving forward, advancing technology will continue to facilitate and enable the design of new businesses and new services. Therefore, technology fuels finance and the developments within it. We could say it acts like fuel. On the other hand, the dynamism in finance—along with the existence of diverse services, processes, and needs—opens up new areas of application for technology and supports its development. It also provides financial support, of course. These two factors are, in fact, a phenomenon that enables us to move forward together in a very harmonious way, supporting one another. These are two distinct phenomena. Now, with the advent of artificial intelligence, the rules of the game have changed significantly. When we look at areas ranging from finance to commerce, from commerce to manufacturing, or even smart cities, this intelligent AI has accelerated the pace of digitalization and opened up new avenues that didn’t exist before. Previously, yes, we were implementing rule-based systems that eliminated paper. This truly enabled us to transform many processes. But now, artificial intelligence and large language models have opened up opportunities in areas of digital transformation that we couldn’t previously access or touch. Therefore, I believe that digital transformation has accelerated with the advent of AI, and this is increasingly reflected in its impact on the financial sector.
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