A Smarter Future for Financial Services? · Financial Services and the Next Economy - An Assumed or...
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[email protected] @fastfuture Image: Wikipedia Rohit Talwar CEO - Fast Future Financial Services Forum Annual Members’ Conference: The Future of Financial Services London - 27 th March 2018 A Smarter Future for Financial Services? Tapping AI's Potential to Drive Exponential Growth and Improvement [email protected] @fastfuture Image: Rachel Lawston
Transcript of A Smarter Future for Financial Services? · Financial Services and the Next Economy - An Assumed or...
[email protected] @fastfuture Image: Wikipedia
Rohit Talwar
CEO - Fast Future
Financial Services Forum
Annual Members’ Conference:
The Future of Financial Services
London - 27th March 2018
A Smarter Future for Financial Services? Tapping AI's Potential to Drive Exponential Growth and Improvement
[email protected] @fastfuture Image: Rachel Lawston
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?
[email protected] @fastfuture Image: Julien Pacaud
‘Future Proofed’ Organisations Work on
3 Horizons in Parallel
4-10+ Years
Understand
Future Drivers
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Build Mindset, Talent, Agility and Innovation Culture
1-3 Years
Search for
Growth
1-12 Months
Operational
Excellence
How Well do our Assumptions Serve us?
[email protected] @fastfuture Images: Angeles Santos Torroella / Rafal Olbinski
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
[email protected] @fastfuture Images: dramaaroundtheglobe / Amsterdam Street Art
An Age of Scarcity or Abundance? The US$78-120 Trillion Opportunity
Star Wars Vs. Star Trek Thinking
[email protected] @fastfuture Image: Telegraph
[email protected] @fastfuture Image: Wikipedia
Nanotechnology /
Atomically Precise
Manufacturing
3D / 4D
PrintingNew Computing
Architectures
Hyperconnected
Internet of
Humanity
Immersivity /
Mixed Reality
Living
Food Chain
Transformation
Energy
Innovation
Robotics /
Drones
Brain
UploadingBlockchain
Technology
Healthcare
Transformation
Artificial
Intelligence /
Conscious
Technology
Synthetic
BiologyHuman
Augmentation
A Possibility Explosion
from Universally Available
Exponential
Science and Technology
Developments
Artificial
Intelligence
Why all the
Fuss?
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
translation.
Better AI Algorithms,
Big Data, Cloud,
Hardware Capability,
Massive [email protected] @fastfuture Image: Staticworld
3. Context Awareness and Retention
E.G. Chatbots and Robo-Advisors
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• RBS Luvo
• Swedbank
Nina
• Mizuho
Pepper
• Future
Advisor
• Betterment
• 8Now
• Wahed
4. Theory of Mind / Reasoning Machines E.g. Robots are Starting to Compromise and Co-
operate More Effectively Than Humans
[email protected] @fastfuture Image: Sergey Guneev
[email protected] @fastfuture Image: Shabinh Pixabay
Front Runners e.g. BlackrockE.g. Fund Management, Company / Earnings / Retailer Location Analysis
Conversational AssistanceE.g. NatWest Cora ‘Digital Human’ and Nordnet Amelia
[email protected] @fastfuture Images: NatWest / Nordnet
[email protected] @fastfuture Image: Smart Insights / The Financial Brand
Managing Content Becomes a Prime AI TargetGeneration, Targeting, Distribution, Monitoring
[email protected] @fastfuture Image: Cortex
AI Influencer Marketing PlatformsPsychographic Evaluation of Brand Relevancy, Micro Segmentation, and Social Share of Voice
[email protected] @fastfuture Image: Influential
Combining IoT, Blockchain and AI Unlocks
Exponential Marketing Opportunities
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Nations Competing via Blockchain / AI Fintech
E.g. Gibraltar, Estonia, Lithuania
[email protected] @fastfuture Image: Gibraltar FSC
Regulatory Concerns – E.g. Algorithmic Trading
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Do senior management
genuinely understand it?
Will it behave as intended?
Can its decisions be
explained?
Can humans intervene if
problems occur?
AI Will Enable New Business ConceptsE.g. Self-Owning, Self-Insuring, Self-Repairing Autonomous Vehicles
[email protected] @fastfuture Image: Fast Company
[email protected] @fastfuture Image: kellepics
What’s Next: Now to 2020• Real Time Translation
• 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
[email protected] @fastfuture Image: Gerd Altmann
What’s Next: 2021 to 2025
• 70-90% 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
[email protected] @fastfuture Image: Fast Future
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????
‘Smart Machines’ will be Central to our ExistenceAccess to Our Data May be Strictly Controlled
[email protected] @fastfuture Image: Stephan Keller
Organizations
and Nations as
Constantly
Evolving App Ecosystems
Individuals
Existing
Within an AI
App Cocoon
and Protected
by Intelligent Agents
The World’s Biggest Banks / Everything?
[email protected] @fastfuture Images: Tomislav Zvonarić / Softpanorama
To Providers - I Become My DataPersonalized / Dynamically Updated Marketing
[email protected] @fastfuture Image: Gerd Altmann
Genuinely
Personalised Product
Targeting
Multi-Dimensional
Customer / Prospect
Predictive Profitability Analysis
Bot Sensitivity Training / RetrainingDeep Facial Recognition / Sentiment Analysis
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Tokenized Assets and Rewards
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Airline and Store Cards
Workplace Micro-Learning
Credits
Education Micro-Rewards
Social Network Size / Likes
Community Trading Schemes
Multi-Asset Exchanges
Navigating a Path Across the ‘Messy Middle’
What do we Stop?
• Customer Interface
• Process
• Organisation
• Information / Systems
• Regulatory
• Human
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[email protected] @fastfuture www.fastfuture.com Image: Enrique Meseguer
Mindset - 3 Horizons Scanning
5-10 Year Scenarios 1-3 Year Strategy
• 12 Months
• 1-3 Years
• 4-10 Years
Evolving
Digital
Mindsets and
New World
Literacy
vs.
Information
and Initiative
Overload
[email protected] @fastfuture www.fastfuture.com Image: Julien Pacaud
Deep Dives with Key
Technologies
30-Day Signalling Pilots of
“Quick Wins”
100 Day Experiments: Learn –
Test – Iterate
Game Changer Workshops
[email protected] @fastfuture
Getting Started
‘Being Human’ May be the Key Differentiator Build Mindsets and Skills to Imagine and Experiment our way to the Future
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• 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
Support for Life in the Modern Digital WorkplaceLifelong Support Tools for Displaced Employees
[email protected] @fastfuture Images: eHotelier / Jonny Linder
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The Revolution will not be Predictable (or Televised)
Thank You
