2028, 20 years after the financial crises, I am conversing with my personal Avatar, Panta. He takes care of all my tax returns while advances in AI has forced accountants to trim their businesses focusing on providing more strategic client services. (Economia, 2016).
How is this possible when today I can give only single sentence requests to Amazon’s Alexa or Apple’s Siri?
Alexa is an early generation BOT, Panta is a future generation BOT using Generative Adversarial Networks (GANs), networks with memory to learn unsupervised using natural language with conversational interfaces (Medium, 2017).
Having enough computer power presents no constraints. Intel’s dedicated Knights Crest AI processor available in 2020 is 100x faster than current processors (Intel, 2017). Within five years analogue quantum computers will simulate complex quantum interactions (IBM, 2017). Constant change keeping up and making sense of Big Data from the proliferation of mobile and increasing variety of IOT can only be performed using AI (Techopedia, 2014).
AI has allowed some banks to virtualize many of their functions creating upwards of 10% increase in sales, and a 20% increase in savings and cash collections (Intel, 2017). Long term winners will be those that migrate their core systems to behavioural data models that understand and profile customers. Their immediate risk is losing millennials to IT giants like Google, Amazon, and Alibaba using predictive AI purchase services proposing compelling solutions (Intel, 2017). Positioned as a financial partner, they recommend services to customers solving financial issues, some having not occurred yet. Within the next two years, they too will be overtaken by start-ups driving the AI economy with disruptive business solutions (Gartner, 2017).
Businesses not embracing AI will become financial utility providers or forced out of business. Others develop chat bots providing trusted points of contact integrated with multi-solution Mesh Apps and Service Architecture (Gartner, 2017). Online 24/7, a personal financial or business advisor appears on voice command when requested. At first, they offer simple deposits, payroll, and cross border transaction services (Bloomberg, 2017).
By 2028, 20% of consumers trust all of their financial needs from credit cards to mortgages to technology providers (Weforum, 2017). AI like Panta will be able to detect my emotional state and pass me to a human if needed (Accenture, 2017). Advances in Robotic Process Automation (RPA) will bring offshored functions back onshore to be virtualized. Automation will impact every area of Financial Services, including CEOs, they have 30% more time to spend on critical tasks than a decade ago (McKinsey, 2017).
Outdated, inflexible financial products will be replaced by proactive “liquid” financial services within 10 years that continuously adapt to changing customer needs (Accenture, 2017). Humans and AI robots become co-workers adapting minute by minute to a rapidly changing data environment. By 2028 no one can survive alone, business is all about placing the customer centre stage, collaborating and sharing data to secure a competitive edge.
The EU General Data Protection Regulation (GDPR) introduced in 2018 requiring citizens to have “a right of explanation” for automated decisions that “significantly affect them” initially challenges AI’s deep learning (Techopedia, 2017). Until AI like Panta presents customers with the trusted, independent interpretation of the effect a decision could have. At the speed technological change is occurring maybe by 2033 I could be interacting with my own personal Panta, an AI synthetic robot, a humanoid who protects my financial security and looks after my financial needs.
4m private sector UK jobs could be lost by 2028. Most Unions embrace new technology to drive productivity but claim productivity gains must be used to improve pay and working conditions (Guardian, 2017). Retraining the financial services workforce will be a central theme as a symbiosis between machine and human accelerates exponentially. Some say we have reached The Singularity, the beginning of superhuman intelligence (Techopedia, 2017). Inequality in society could be greater than in 2018. All are financially included, not all are superhuman. By 2033 superhuman intelligence will change financial services cybersecurity and cybercrime beyond recognition.
Within 10 years walking into a bank or showroom an AI robot could have completed KYC and AML checks in seconds based on biometric scans. By 2033 AI like Penta could have near quantum computational capabilities creating human-like interaction experiences expertly balancing financial needs with commercial risks. Finance will have been fully democratized, power will have shifted to consumers who trade their personal data for fair priced, tailored financial services.
This article was originally submitted by the author while attending the Saïd Business School, University of Oxford, Financial Technology & Innovation (Fintech) Programme in 2017. The Author helps leaders transform sales and pre-sales teams to search out and build trusted relationships with those driving business change. To position and deliver persuasive sales pitches and compelling solutions that achieve customers’ goals and objectives.
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