FINTECH STRATEGIES
Why is generative AI such a game-changer for the industry?
Susanne Chishti The reason why generative AI is such a game-changer is that it makes such a big difference to certain ways of working and certain problems we’ re trying to solve. Ultimately, it comes down to the business problems we want to solve and the challenges we face.
Just to give you one example: a technology company I know was facing a hostile takeover from a Chinese company. Instead of hiring a lawyer for £ 10,000-plus to investigate the relevant laws, they used ChatGPT to get all this legal information. There was so much value in being able to investigate and get high-quality know-how from generative AI.
In terms of FinTech Circle, all of the startups we invest in use generative AI, either for marketing purposes – generating blog posts, webinars, even videos – or for coding. You can use it to cut your coding times. But often the best technology developers tell me you get 70 % right, but the last 30 % you still have to do yourself. You have to do quality assurance.
One good piece of advice I received is you should only ask generative AI questions where you can quality-assure the outcome yourself.
Otherwise, if you pass on incorrect information, you might embarrass yourself. This comes to the bigger question of how we train young people and graduates who come out of university. We need to train them to understand what is right and what’ s wrong, so they can use generative AI properly.
Babatunde Akinkugbe It’ s a game changer in the sense that if you look back in history – the Bronze Age, the Industrial Age – we are now in a different technology change era, and generative AI has effectively accelerated that.
From a banking perspective, we’ ve had big banks, new banks, challenger banks all trying to come in, and we’ ve withstood that. But this one, if we do not catch up quickly and embrace agents, is a real existential threat. You have agents talking to agents – why will you need a bank in that space? We could be disintermediated, and that will be the core issue.
It’ s not just going to be limited to the banking and financial sector. We’ re going to be thinking about society at large. We’ re now beginning to seriously consider a universal basic income because people will be out of work. There will be some categories of jobs that are just not going to be needed anymore, and we do not have enough skills to meet that demand. The transitional period is going to have some lags.
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