Dangerous disruptor vs. useful tool

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#LEAP23 is happening. We can’t wait to see you there. We’ve been talking to our upcoming keynote speakers to get a quick hit of the inspiration they’ll bring to the stage in Riyadh – and here’s a little of what they told us.

This week we’re quoting Dr. Istvan Petak, MD, PhD (Founder and CEO at Genomate Health)

What Petak said:

“We believe that in the future, AI in healthcare will not be a disruption: to ensure the best treatment to patients, the use of AI will be a necessity and a normality.”

Good point.

The word disruption comes up a lot in conversations about AI. But Petak’s point was a good one: in a world where we’re increasingly relying on data to help us make decisions and understand our environment, AI is an essential tool to manage and sort that data. We simply can’t handle the sheer volume of information without it.

Which means that although AI will disrupt certain industries, it’s not just disruptive. It’s essential.

4 things we couldn’t do without AI

1. Provide hyper-personalised services. From personalised medicine to hyper-personalised shopping , AI is enabling industries to offer individual solutions to enhance every user’s experience, and target their specific needs.
2. Avoid bad traffic. AI travel aids (which most of us carry around with us in our pockets) use AI to monitor traffic in real time, and give us tips to avoid gridlocked areas or bad weather spots. AI and IoTs also enable smooth movement of traffic and other modes of transport around smart cities , and alert authorities when maintenance is needed.
3. Protect our money. Banking systems use AI for basic services (like sending low-balance alerts and scanning documents), but also for essential security services. AI helps to secure transactions, detect fraud, and minimise the negative impact when fraud is detected – like putting a credit card on hold instantly if a suspicious transaction is identified.
4. Meet our ideal romantic partners. OK, we’re not exactly serious about this one – you can still meet your future partner IRL, without AI. We know. But if you’re using a dating app, AI is at work to help find you a good match – using behavioural patterns , and learning from your responses to previous matches, to figure out who you might share a spark with.

Redefining helpful disruption

In the tech industry, we know that ‘disruption’ isn’t a bad thing. In fact, we know it’s often a positive force – breaking apart the status quo and creating space for more opportunities for all people.

But outside of tech, disruption is still perceived negatively. The word itself creates a sense of drama, of stress, and of fear; it sounds like danger. It sounds like a tsunami, an earthquake, or an unjust war.

When we’re trying to deploy technology to improve essential services like healthcare, it’s important that potential users understand it’s not just disruptive. Instead, let’s talk about tech as a tool – and drive more positive perceptions, so we can shift more gently into the use of technology that is essential to support the lives of eight billion people on Earth.

This week we’re also quoting Hamish Blythe (Founder of Trilo)

What Blythe said:

“Cash is something that isn't needed today, however as a community we must make sure that all modern shopping and payment systems are accessible to everyone. This is currently why cash still exists – it allows everyone to pay no matter their circumstances. The same must happen with tech.”

Disruption in fintech

Fintech is another sector in which disruption is the mot du jour. But as Blythe pointed out, fintech isn’t just being developed to pull an industry apart at its seams – it’s being developed to create better solutions for customers, give them more control over their finances and/or businesses, and ensure that no one gets left behind as the technological revolution rolls on.

That’s not to say all new financial tech tools are perfect. As Caroline Casey (disability inclusion specialist) pointed out in this recent Forbes article, there’s a way to go before most fintech is truly accessible for people with disabilities, for example.

But Blythe’s point is an important one: technology will continue to change the way all of us interact and transact, and customer-centric fintech is the only way to ensure that everyone is included in our changing world.

Inclusion in the future is an essential outcome of fintech

So yes, fintech is disruptive to the financial services industry. Sometimes it’s disruptive to everyday people’s way of life. But at its core, fintech is an umbrella term for a growing body of useful (and some essential) tools that will give all people access to their place in the future.

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Did you know?

In a research piece conducted by the Wilson Center earlier this year, it was found that “the gap in ownership of established businesses between men and women in MENA is more than 40% - the largest worldwide”. Of course, there are several initiatives to try and close this gap, but ultimately, will they be successful??

Tune in to this week's podcast where British broadcaster Richard Spurr interviews Baroness Karren Brady CBE to ask about the issues that exist because of this gap, what can be done to greater empower women founders in the MENA region, and ultimately, through what means can the region reach greater parity between men and women founders and business owners, especially in technology.

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Three more days until #LEAP23 opens its doors to the world! Download the?LEAP 2023 app ?to have your badge in hand when entering the venue, network with attendees, bookmark the sessions?you're interested in attending and dive into new worlds this coming February at?LEAP 2023 .?Sign up here .