More than a buzzword
Theodora Lau
American Banker Top 20 Most Influential Women in Fintech | Book Author - Beyond Good (2021), Metaverse Economy (2023) | Founder - Unconventional Ventures | Podcast - One Vision | Advisor | Public Speaker | Top Voice |
By now, we are probably all pretty familiar with the stats. Last year (2023), AI start-ups raised $42.5 billion across 2500 equity rounds, according to CB Insights ; of which, generative AI attracting 48 per cent of all AI funding.
Every time I read about the latest development and use cases, I feel like a kid in a candy store, trying to figure out which attractive goodies to try. And it's hard not to be dazzled. After all, the pace of development is simply astounding. And unlike some other emerging technologies, this is something that we can actually play with and feel the impact.
That said, the question always comes back to: What does this mean for financial services? Can AI, specifically generative AI, be a game-changer?
The universe must have heard me thinking out loud. My wonderful friend, Paolo Sironi , came to the rescue and shipped me a hot off the press report (during the Lunar New Year, of course), and aptly subtitled: Regenerate banking with AI .
According to the report, 8 in 10 institutions are tactically implementing generative AI for at least one use case. Focusing on customer experience and employee experience, as well as risk and compliance, seem like popular places to start.
This reminds me of a recent conversation I had with Ryan H. on how Bankwell is piloting generative AI to service small-business loans. I am hyper obsessed with technology for good stories —?and this one by Penny Crosman is a wonderful example of the team finding ways to help small business owners, who are often pressed with time and need support at off-hours. (I have often wonder why my bank does system updates on weekends, which is typically the only time I have to pay bills and send invoices.)
Not just tech for tech's sake. But a solution (with a shiny new toy) that helps both the community and the community bank.
As more people adopt digital tools in their daily lives, how can we best facilitate a more seamless integration between the digital and analog worlds? What role does generative AI play in augmenting the workforce and unlock the value of new skills and talent? Interestingly, the report finds that there is no single patter in banks' approaches to use cases. (More to come on that.)
Bottom line: Banks risk losing ground as the technology landscape is shifting quicker than expected. As an industry, we must find ways to adapt.
_____
Speaking of AI ... I'm grateful for the opportunity to share my two cents with The Banker and Elizabeth Lumley recently.
Algorithms do not exist in a vacuum, and history — along with its biases and imperfection — is ever-present in everything that we do. Dissecting the dualities of AI?—?both?its opportunities and its dangers?—?requires us to be equipped with not only the technical know-how, but also the empathy for and ability to understand the human implications when it creates dangerous situations.
What the future brings is dependent on the actions that we take today.
My full article can be found here .
_____
Against the backdrop of an evolving and uncertain world, what roles do financial institutions play? Who do we compete with and who do we serve? How can we leverage technology to serve the needs of customers today and tomorrow, while preserving the human touch? To that end, can we turn social responsibility into a competitive advantage?
I am thrilled to be joining Stu Bradley , Mark Feeley and Julie Muckleroy to discuss the journey ahead:
领英推荐
Mark your calendar for March 13 at 11:30 AM ET. Sign up here and join us!
_____
In this week's One Vision Podcast ...
“If you get the chance to wake up tomorrow, what will you do with your day?”
In this episode of One Vision Podcast I chat with Natasha Harper-Madison , a city council member for Austin, an entrepreneur, and a champion for the local community and racial equity, on civic engagement and cultivating economic opportunity and mobility.?
It is often said, talent is everywhere, opportunities are not. If small businesses are the backbone of our society, what more can we do to enable them to thrive? How can we collectively partner across sectors to create a more vibrant startup economy?? More can be done — more needs to be done. And there is a cost of inaction.?
As Gandalf said to Frodo in Lord of the Rings: “All that we have to decide is what to do with the time that is given us.” We hope Natasha’s story will inspire you to reflect and act. Because each day is a gift.
Let’s fight the good fight.?
Give this episode a listen and let us know what you think. Do drop us a review on Apple Podcast. Much appreciated!
_____
As always, thank you for reading. If you enjoy my posts ...
?? Ring it on my profile so you don't miss the next one.
? Subscribe to this LinkedIn newsletter "The FinTech Prose" and share it with your network.
?? Hit like and comment to let me know your thoughts.
? Drop me a review on Beyond Good and The Metaverse Economy on?Amazon.
_____
Thanks for the mention, we really appreciate it.
Research Analyst in Financial Technology; Owner, Founder of Peace & Tidy Goods
9 个月"8 in 10 institutions are tactically implementing generative AI for at least one use case." ?? ...but how much of this do you think is shiny object syndrome? ??
President/CEO at Landings Credit Union
9 个月Who do we compete with and who do we serve? - great questions for us to answer!
??? Chief Administrative Officer (CAO) | ?? Streamlining Government Operations | ?? Enhancing productivity & governance | ?? Serving the Community ?
9 个月thnx Theodora Lau
margaris ventures I #VentureCapitalist I #StrategicAdvisor I #BoardMember I Global No. 1 #Finance, #Fintech & top #AI Thought Leader
9 个月Great read, as always! Thank you Theodora