Talk to me – connecting with FinovateSpring Best of Show winner Illuma Labs on their AI CX and authentication agent



Detailed Summary:



In this episode of the Finovate podcast, host Greg Palmer interviews Milind Borkar, founder and CEO of Illuma, a two-time Best of Show winner at Finovate events. Illuma specializes in voice authentication and fraud prevention solutions for mid-market financial institutions like credit unions, community banks, and regional banks. The company has evolved from primarily focusing on authentication to becoming more of a fraud prevention company, developing advanced capabilities to detect deepfakes and other voice-based fraud attempts. During the interview, Milind explains how their technology works by running parallel engines - an authentication engine that matches voiceprints and a synthetic detection engine that identifies signatures of artificially generated voices.



Milind goes on to discuss how the financial industry's response to AI-based threats has evolved. Initially, there was skepticism and fear when deepfakes first emerged, with many institutions paralyzed by uncertainty. Now, there's growing acceptance that humans alone cannot detect sophisticated AI-generated voice fraud, and that "the only way to really battle the evil use of AI is good use of AI." Financial institutions are increasingly interested in implementing AI solutions while also asking more questions about ethical AI use and governance frameworks, though many organizations are still determining what ethical AI implementation actually means in practice.



The conversation concludes on the note that fraud challenges are universal across different types of financial institutions and geographic locations. Whether on the East or West Coast, or whether dealing with small credit unions or large regional banks, the same fundamental problems exist - just at different scales. Milind notes that fraudsters are opportunistic and don't discriminate based on region, making Illuma's solutions equally relevant across the financial services spectrum.



More info:



Illuma Labs: https://illuma.cx/; https://www.linkedin.com/company/illuma-labs/



Milind Borkar: https://www.linkedin.com/in/milind-borkar-4197a917/



Greg Palmer: https://www.linkedin.com/in/gregbpalmer/



Finovate: https://www.finovate.com; https://www.linkedin.com/company/finovate-conference-series/



FinovateSpring: https://informaconnect.com/finovatespring/



#Finovate #AIPodcast #FinancialServices #BankingInnovation #FinTech #voice #CX #security #DigitalTransformation #AI #innovation #finovatespring