Brett King, the multi-talented, author, speaker, innovator, author, and founder and CEO of mobile banking app Moven discusses how artificial intelligence, voice assistants and evolving technologies will change banking, and why banks need to plan for disruption.
We talk about why it’s important to look beyond technology as a utility and start to understand how it will change industry, society, the economy, your organisation and your future success. For example, how should your organisation plan for a new economy and a technology driven future? Plus, the impacts of AI and automation on product design, employment and quality of life, and how human concepts applied to voice assistants combined with AI will change how we use and interface with technology and other people.
AI is going to eliminate jobs. It will also create new jobs that don’t exist today. What is the impact of this on your financial institution and on the branch as we know it today? What’s the ‘core utility’ of a financial institution, and what individuals need from their FIs?
“Any child that’s in university doing a finance degree, a legal degree and accounting degree – there’s probably a 50% chance that when they come out of university in four years’ time, the job they were training for no longer exists, or is significantly impacted by artificial intelligence,” says Brett. “That presents a problem. If you have white collar, techno-based unemployment, and you have kids coming out of university with student loan debt as a result of having done this professional degree they can’t get employment for, that’s a recipe for significant disruption on a societal level. If we don’t deal with this structurally from the point of view of education and thinking about this, then you’ve got the potential for many types of Arab Spring events occurring in developed economies such as the US and Australia, Germany, the UK and so fourth.”
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