A Smarter Future for Financial Services? Tapping AI's Potential to Drive Exponential Growth and Improvement

Transcription

1 A Smarter Future for Financial Services? Tapping AI's Potential to Drive Exponential Growth and Improvement Rohit Talwar CEO - Fast Future Financial Services Forum Annual Members Conference: The Future of Financial Services London - 27 th March 2018 rohit@fastfuture.com Image: Wikipedia Image: Rachel Lawston

2 Financial Services and the Next Economy - An Assumed or Earned Role? Why: Do I need you? Are you the only ones allowed to do what you do? Do you do things the way you do? Do you charge what you do? Can t we simply bypass you? Shouldn t I try to innovate and disrupt you? Don t you want me to ask these questions? Image: Julien Pacaud

3 Future Proofed Organisations Work on 3 Horizons in Parallel 1-12 Months Operational Excellence 1-3 Years Search for Growth Build Mindset, Talent, Agility and Innovation Culture Years Understand Future Drivers Images: Cberry / Information Age / Kgwings

4 Which Horizon Are We Preparing Image: Canaan Creative

5 When Two Worlds Image: Leonardo Dentico

6 How Well do our Assumptions Serve Images: Angeles Santos Torroella / Rafal Olbinski

7 The Mind Trap - Just Because I Think it It doesn t mean it s true It doesn t mean I have to believe it It may not be my / the best thought It may not be valid for very long Images: dramaaroundtheglobe / Amsterdam Street Art

8 An Age of Scarcity or Abundance? The US$ Trillion Opportunity Star Wars Vs. Star Trek Image: Telegraph

9 3D / 4D Printing Food Chain Transformation Energy Innovation Robotics / Drones Nanotechnology / Atomically Precise Manufacturing Artificial Intelligence / Conscious Technology A Possibility Explosion from Universally Available Exponential Science and Technology Developments New Computing Architectures Hyperconnected Internet of Humanity Immersivity / Mixed Reality Living Brain Uploading Healthcare Transformation Human Augmentation Synthetic Biology Blockchain Technology Image: Wikipedia

10 Artificial Intelligence Artificial intelligence (AI) is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. E.g. Speech recognition, visual perception, learning, reasoning, inference, strategising, planning, intuition, decision-making, and language Image: Staticworld Why all the Fuss? Better AI Algorithms, Big Data, Cloud, Hardware Capability, Massive Money

11 Core Underlying Image: Deloitte

12 The Hype is Blurring Seven Categories of Image: Velka

13 1. Expert / Rules-Based Systems Image: Gerd Altman

14 2. Domain Specific E.g. DeepMind AlphaGo Image: Medium

15 3. Context Awareness and Retention E.G. Chatbots and Robo-Advisors RBS Luvo Swedbank Nina Mizuho Pepper Future Advisor Betterment 8Now Image: wealth-hack

16 4. Theory of Mind / Reasoning Machines E.g. Robots are Starting to Compromise and Cooperate More Effectively Than Humans Image: Sergey Guneev

17 5. Self-Aware - Artificial General Intelligence Image: Channel 4

18 6. Image: Gerd Altman

19 7. Singularity / Transcendence Image: Kai Kalhh

20 Front Runners e.g. Blackrock E.g. Fund Management, Company / Earnings / Retailer Location Analysis Image: Shabinh Pixabay

21 AI-Enabled Ecosystem Thinking (E.g. Image: N26

22 Natural Language Content Generation (E.g. Image: Quill

23 Pefin The World s First AI Financial Advisor? Image: Pefin

24 Conversational Assistance E.g. NatWest Cora Digital Human and Nordnet Images: NatWest / Nordnet

25 Copy Trading E.g. Image: Covesting

26 @fastfuture Image: Smart Insights / The Financial Brand

27 Managing Content Becomes a Prime AI Target Generation, Targeting, Distribution, Monitoring Image: Cortex

28 Marketing Automation with AI (E.g. Image: Zalando

29 AI Influencer Marketing Platforms Psychographic Evaluation of Brand Relevancy, Micro Segmentation, and Social Share of Image: Influential

30 Unlocking $30Tn Personalised Image: Gordon Johnson

31 Blockchain Permission Marketing (E.g. Image: Algebraix

32 Combining IoT, Blockchain and AI Unlocks Exponential Marketing Image: Gerd Altmann

33 Nations Competing via Blockchain / AI Fintech E.g. Gibraltar, Estonia, Lithuania Image: Gibraltar FSC

34 Regulatory Concerns E.g. Algorithmic Trading Do senior management genuinely understand it? Will it behave as intended? Can its decisions be explained? Can humans intervene if problems Image: Velka

35 AI Bias, Trust, and Image: Gerd Altmann

36 Major Current Fields of Image: PwC

37 Decentralized Artificial Image: Singularity Net

38 AI Will Enable New Business Concepts E.g. Self-Owning, Self-Insuring, Self-Repairing Autonomous Image: Fast Company

39 Real Time Translation What s Next: Now to 2020 Smart Machines, Sensors, Objects Self-Editing Software Fully Automated Smart Corporations (Decentralized Autonomous Organizations) AI Adopted by all FS Firms Intelligent Agents Manage Our Lives / Guard Our Data Swarm Robotics Image: kellepics

40 What s Next: 2021 to % of Customer Interactions Managed by AI FS Product Development Increasingly Done / Tested by AI Crowd Defined and Designed FS Products AI Deployed Across all of Government / Courts Autonomous Vehicles Everywhere Image: Gerd Altmann

41 What s Next: 2026 to 2035 Globally Approved Crypto Tokens Fully Autonomous DAO Banks AI Penetrates all Sectors Artificial Animal and Ecosystem Intelligence Self-Aware / Self-Replicating Software Systems and Robots Artificial General Intelligence? Artificial Superintelligence?? The Singularity???? Image: Fast Future

42 Smart Machines will be Central to our Existence Access to Our Data May be Strictly Controlled Organizations and Nations as Constantly Evolving App Ecosystems Individuals Existing Within an AI App Cocoon and Protected by Intelligent Image: Stephan Keller

43 The World s Biggest Banks / Everything? Images: Tomislav Zvonarić / Softpanorama

44 To Providers - I Become My Data Personalized / Dynamically Updated Marketing Genuinely Personalised Product Targeting Multi-Dimensional Customer / Prospect Predictive Profitability Analysis Image: Gerd Altmann

45 Bot Sensitivity Training / Retraining Deep Facial Recognition / Sentiment Analysis Image: Jonny Linder

46 User / Community Defined Products and Services Image: Rob Gonsalves

47 Tokenized Assets and Rewards Airline and Store Cards Workplace Micro-Learning Credits Education Micro-Rewards Social Network Size / Likes Community Trading Schemes Multi-Asset Exchanges Image: Pinkypink257

48 Society-Wide Micro-Payment Image: Alexandra / München

49 Banking the Image: pioxel2013

50 Addressing Global Grand Image: UN.org

51 So how do we Create a Very Human Business? Image: Leonid Afremov

52 Navigating a Path Across the Messy Middle What do we Stop? Customer Interface Process Organisation Information / Systems Regulatory Human Image: Infolific

53 Mindset - 3 Horizons Scanning 5-10 Year Scenarios 1-3 Year Strategy 12 Months 1-3 Years 4-10 Years Image: Enrique Meseguer

54 Evolving Digital Mindsets and New World Literacy vs. Information and Initiative Image: Julien Pacaud

55 Getting Started Deep Dives with Key Technologies 30-Day Signalling Pilots of Quick Wins 100 Day Experiments: Learn Test Iterate Game Changer

56 Being Human May be the Key Differentiator Build Mindsets and Skills to Imagine and Experiment our way to the Future Accelerated Learning Lifewide Learning / Curiosity Self-Awareness Self-Management / Regulation Emotional / Cultural / Contextual Sensitivity Foresight / Sense Making Tolerance of Uncertainty Problem Solving Scenarios / Systems Perspective / Design Thinking Image: A.Anto Machado

57 Support for Life in the Modern Digital Workplace Lifelong Support Tools for Displaced Images: ehotelier / Jonny Linder

58 The Revolution will not be Predictable (or Televised) Thank Images: Fast Future