Data overload and the AI overlord

The good thing about the digital world is that you can get pretty much any information you want; the bad thing about the digital world is that you end up with too much information or rather, too much information without context —?that it ceases to be useful.

Take credit score alerts for example. Recently, I received a message from one of my credit card companies telling me that my score has gone down. The email also offered tips on how to increase the score, such as, pay your bills on time, use less credit than you have available, or keep your credit accounts in good standing. You know, the standard tips.

This is what I found when I logged into my account (without the sticker, of course).

As it turns out, even though the score itself didn't need attention, it went down by just enough that it triggered an alert and demanded attention.

This is when we say ... context matters. Since it is normal for scores to fluctuate, how then can we improve the monitoring mechanism to only alert the consumer when real action needs to be taken?

I guess there is an AI for that ...

Speaking of credit score, Plaid just announced the launch of Consumer Report, which "provides additional detail, categorization, and Plaid's own insights into consumer transaction data, including which recurring payments are likely associated with buy now/pay later loans, rent, utilities and disbursements".

This will help create a more accurate cash flow picture, including gross income, net income and next likely paycheck of the borrower.

What I am reading ...

Speaking of data, PayPal recently announced that they are launching an ad platform leveraging purchase information and customer spending habits from PayPal and Venmo. Data will be collected by default, with an option to opt-out.

Of course they are far from being the only one. After all, that's what Facebook does, as well as most recently, Chase and Visa.

So here is the billion-dollar question. Do we know where our data resides, how it is being used, and by whom? (Likely no.)

Can we get to a future where we have more control over our own data, and where the benefits will accrue to individuals and our communities, instead of being exploited by a few players and ingested by faceless algorithms?

Is a fairer data economy possible?

When private companies dominate, who can hold them accountable to do no harm? Or is that a fallacy?

In the race towards dominance, what will we gain and at what cost? With technology as powerful as what we have to-date, can we afford to unleash such raw power to the public without fully understanding the consequences? Where is the accountability?

Win at all costs? Dominate at any cost? I think we've seen that movie many times over. And we all know how it ends.

Perhaps Melissa Heikkil? said it best in her article in MIT Technology Review , where I see our wonderful friend Mia Shah-Dand being cited as well.

"I didn’t leave the conference feeling confident AI was going to play a meaningful role in advancing any of the UN goals. In fact, the most interesting speeches were about how AI is doing the opposite. Sage Lenier, a climate activist, talked about how we must not let AI accelerate environmental destruction. Tristan Harris, the co-founder of the Center for Humane Technology, gave a compelling talk connecting the dots between our addiction to social media, the tech sector’s financial incentives, and our failure to learn from previous tech booms. And there are still deeply ingrained gender biases in tech, Mia Shah-Dand , the founder of Women in AI Ethics? , reminded us."

AI for all. AI for good.

Sadly, we are far from it.

Have we not learned? I must ask.

Looking at all the anti-DEI efforts around the country, maybe we haven't.

Just recently, an appeals court has temporarily blocked the Atlanta-based Fearless Fund from awarding $20,000 grants exclusively to Black women-owned businesses. The amount may seem minute in a world where billions are given to founders not from underrepresented demographics.

Yet, here we are. Once again.

Death by a thousand cuts.

I feel it.

I see it.

Every. Single. Day.

But then every now and then, I am reminded of the brilliant minds who are working hard to change the status quo. Like Deniz A. Johnson and the team at Stratyfy .

Failure is simply not an option.

But how do we keep the faith then? How do we win when all the odds are stacked against you?

I am reminded of a quote from Rose in the Last Jedi.

"That's how we're gonna win. Not fighting what we hate, saving what we love."

I surely do hope so.

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In this week's One Vision Podcast ...

How do you go from extraordinarily principled libertarian ideals that challenge the status quo to mass adoption? In this week’s One Vision Podcast , we chat with Keith Grossman, President, Enterprise at MoonPay , former President of TIME magazine, and former Global Chief Revenue Officer of Bloomberg, on the partnership between MoonPay and PayPal, the maturity of the crypto ecosystem, the importance of regulation, and the need for concessions to drive mass adoption.

As an accomplished C-Suite executive, Keith is an incredible thinker, a pragmatic leader, and a charismatic visionary. From digital currency, technology revolution, to media, and everything in between, this episode is full of nuggets of wisdom and is definitely one for the books. Besides, where else would you have a conversation on life, death, and possibilities if not here?

As Keith said, “Don’t fall in love with the past. Go to the edges.”

Give this episode a listen and let us know what you think.

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Counting down to June 13th!!

Join us at Fintech Week London where I'll be delivering a keynote on artificial intelligence in financial services, and hosting a panel with the fabulous Roxana Nasoi and Ashlea Atigolo on AI, trust, and ethics. Looking forward to my reunion with Paolo Sironi, who will be delivering a keynote on "Regenerate banking on AI" right before our panel.

And did I mention the fabulous Leda Glyptis PhD , Meaghan Johnson , Elizabeth Lumley , Emma Kisby , Joel Blake OBE , Julia Streets , Jas Shah , Iwa Salami , Maddy Alexander-Grout will be speaking as well?

See you soon!

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