The artificial intelligence revolution is “unstoppable” and it is rapidly transforming services, production and societies, with new opportunities and new challenges, experts at EmTech Europe, the two-day conference of MIT Technology Review, organized in cooperation with Kathimerini in Athens, agreed on opening day on Wednesday.
Banking is no exception and it illustrates the situation in other sectors, where AI is reshaping operational processes and sustainable strategies, according to a panel made up of National Bank of Greece’s assistant general manager of innovation and digital partnerships, George Marinos, Piraeus Bank’s group chief operating officer, Harry Margaritis, and the chief technology officer at PwC’s Technology Practice, Harry Tsavdaris.
‘Technology exists to help us achieve exceptional results – the real challenge is convincing people to embrace it’
“AI today can generate anything, but the challenge is knowing how to use it correctly. Technology exists to help us achieve exceptional results – the real challenge is convincing people to embrace it,” Marinos told the conference, which is under way at the Stavros Niarchos Foundation Cultural Center on Athens’ southern coast.
The panelists agreed that the adoption of AI in Greek banking is still in its “infancy,” according to Marinos. However, he added, Greek lenders are embracing the technology, with NBG already using AI tools in key areas such as security, fraud detection and biometric systems. Marinos said the bank is also in the process of incorporating generative AI into its services, particularly for software development automation, describing it as “the most capable and accessible tool we’ve ever created, but also the fastest-evolving technology.”
Piraeus Bank’s Margaritis noted that the sector is already “reaping benefits” from generative AI and expects to make even greater inroads as AI-powered interactions become more intuitive and engaging. “Soon, we will be asking AI to handle tasks for us, from bill payments to investment management,” he said.
Regulation is a hot-button issue, according to the panelists, who pointed to the sector’s efforts to fall in line with the European Union’s recent AI Act. However, “AI regulation is a global issue, not just a European one,” said Tsavdaris, echoing the industry’s concerns about how European lenders can remain competitive when up against counterparts in less-regulated markets.
The EU’s regulatory framework is not welcomed by everyone, according to Vassilis Koutsoumpas, the Greek prime minister’s chief adviser on digital policy and AI applications. Speaking on “Navigating the Geopolitics of AI: Europe’s Path to Technological Sovereignty,” he said that the bloc is still in a transitional phase and “may have moved too quickly in regulating AI.”
According to fellow panelist Giorgos Verdi, policy fellow with the European Power program at the European Council on Foreign Relations, “key indicators show that Europe is falling behind, including low funding levels, limited entrepreneurial activity, and the absence of major European AI companies.”
He went on to warn that Europe’s dependence on foreign AI firms makes it vulnerable and that overregulation stifles growth. “AI risks are real, and as consumers and citizens, we must feel safe,” he acknowledged, adding that “the high cost of compliance creates barriers for startups.”
Finding funding for research and development is another stumbling block in efforts to exploit the possibilities provided by new technologies, according to a panel on the creation of a “deep tech” ecosystem in Greece.
“We can have an optimistic outlook, but there’s still a lot of work that needs to be done,” said the president of the Athena Research Center and professor of informatics and telecoms at Athens University, Ioannis Emiris, encouraging Greek deep-tech researchers to target European markets to expand funding opportunities. He also urged a more focused approach, saying that “institutions need to operate with a realistic mindset” and “identify a key area for development,” as Israel, for example, has done, by prioritizing cybersecurity.
Attracting talent and funding with more openness toward international companies is also key, he said, welcoming recent regulatory changes, such as allowing researchers to take leave without losing their positions, which supports the startup ecosystem.
The “realistic approach” was also key for Kosta Ligris, CEO and founder of Boston-based fintech startup Stavvy and lecturer at the MIT Sloan School of Management. “Investors want to see something that works, so it’s essential to incentivize scientists to focus on practical solutions,” he said.
Referring to Greece more specifically, Ligris argued that the country should focus on areas where it has extensive expertise, such as tourism, shipping and agriculture. “By leveraging our strengths, we can test solutions using our own resources.”
He also stressed the private sector’s role, arguing that “Europe and Greece need to open up more. We need private capital, not just state funding.”
“I make 30 to 40 investments a year, but my first investment in Greece happened only last year,” Ligris said, explaining that deep tech requires more capital and carries higher risks, therefore “demanding greater commitment.”
Hellenic Development Bank CEO Ismini Papakirilou conceded that early-stage funding is still a challenge for Greek startups, saying that efforts are under way to create new tools to support innovation from the patent-filing stage. “Our priority is to provide direction through intermediaries with the necessary expertise,” she said, explaining that HDB manages €430 million in capital that is distributed through banks based on specific criteria. She also underscored the importance of cooperation between financial institutions and the academic community to attract skilled talent and strengthen Greece’s deep-tech ecosystem.
In his opening remarks at the launch of the two-day conference on Wednesday, Ted Hu, senior manager of licensing at MIT Technology Review, said EmTech was launched in 2001 with the goal of bringing the magazine’s journalism to life. “We host EmTech conferences around the world – it’s an incredible experience, offering a global perspective on how technology is transforming our lives,” he said.
For Gal Chechik, senior director of AI research at US multinational Nvidia and a professor at Israel’s Bar-Ilan University, AI’s progress is “unstoppable.” Speaking on the subject of how visual generative AI is transforming science and education, he said, “It’s difficult to predict the future, but the momentum is immense.”
Day Two of the event on Thursday will feature more interesting panels discussions, including on how AI has impacted developments in the sciences, medicine, the media and maritime transport, while addressing poignant topics such as how these new technologies will change our lives, ethical ramifications, the evolution of human-computer interactions and more.
For details about the program and the speakers, visit emtecheurope.com.