Truth in the age of AI

Recently, I attended a book event hosted by Politics and Prose in DC, where Professor Yuval Noah Harari talked with Nicholas Thompson, CEO of The Atlantic, about his new book, Nexus: A Brief History of Information Networks from the Stone Age to AI.

"Nexus looks through the long lens of human history to consider how the flow of information has shaped us and our world."

While I haven't had time to read through the entire book yet, I am definitely intrigued by it. In the event, Dr. Harari talked about the importance of truth in the age of AI, a topic that resonates greatly.

So many aspects of our modern day lives are shaped by algorithms, which yield immense power of recommendation: on which story to recommend or promote. But such power, should come with responsibility. Or does it?

History is determined by the people who tell the story.

Perhaps the challenge we face is not that we don't have enough information; rather, we are swimming in so much information that we have to rely on machines to make decisions for us. This keeps us isolated in our own little information cocoons — that we now risk becoming too removed from our real life communities and the qualities that make us human.

Food for thought ...

Speaking of the power of AI and storytelling ... if a picture says a thousand words, what does this graph say about the state of investment in generative AI?

According to Our World in Data, "in 2023, funding for generative AI soared to $22.4 billion, nearly nine times more than in 2022 and about 25 times the amount from 2019."

What I am reading ...

[1] Apple Intelligence

While I wait for the new iPhone to be delivered (anytime now), perhaps it's a good time for a quick refresher on Apple Intelligence. I am anxious to see how Siri has transformed. It's long overdue!

[2] FDIC's proposed rule on fintech customer data

The FDIC proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the Synapse bankruptcy.

"The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo."

[3] Is hallucination a feature?

Recently, Penny Crosman posed the question: Can banks trust large language models?

Is hallucination an intrinsic nature of LLMs or can it be fully mitigated? I will leave you with a wonderful paper that the fabulous Nicole K?nigstein shared.

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"Behind every transaction is a human story, waiting for us to connect the dots."

As we continue our innovation journey, I hope we can dig deeper into the qualities that make us uniquely human —?our empathy, our need for human connections, and our sense of shared responsibility — to listen to what the data is telling us, and to fulfill the mission that we set out to do.

More from this month's FinTech Futures , where I wrote about data and community.

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In this week's One Vision Podcast ...

In the past decade, we have seen significant progress in data democratization and the rise of consumer-centric financial services — thanks to disruption brought on by increased mobility. As we continue the journey, who will lead the next revolution? Who will be the key players and where will financial advice come from?

In this episode of One Vision — FinTech Fuse! I chat with Efi Pylarinou on the future of money and finance. While many companies are focusing on low-hanging fruit improvements, there is still plenty of room for innovation in the infrastructure of financial services that can bring significant business value. Where will we go as a society, against the backdrop of geopolitical tensions and regulatory uncertainties?

The future belongs to the crazy —?who dare to try.?

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