Sibos 2024: AI and the human-centric future of financial services
When we think about the future, what do we typically think about? Flying cars that allow us to zip around the city and through traffic? Virtual worlds that enable us to connect and collaborate regardless of where we are? A data-led workplace where autonomous AI agents handle the mundane tasks and make decisions for us? Or an algorithm-led life where every aspect of our journey is optimised?
To be future ready will require us to be not only data-ready, but empathy-enabled
Whichever version of the future we visualise, money is one common thread that runs throughout all of them. Much has changed. But much hasn’t.
The beginning of a movement
To envision the future, we need to look at the past. Going back two decades or so ago, fintech was still a fairly new concept. Online banking started around the mid-90s, when we were able to manage accounts and pay bills via the internet for the first time, though it took almost a decade before the practice became common.
Then came the first-generation iPhone in 2007, which ignited the smartphone era and became a tipping point in our modern lives. When consumers were no longer tethered to home broadband services to connect to each other, mobile apps flourished. The freedom to access services when, how, and where we want them led to the creation of a new on-demand economy. Mobile banking soon followed.
Over the years, the rising popularity and affordability of mobile internet, advancements in technology, and an evolving global banking ecosystem have not only changed how we bank and manage our finances, but have also enabled the development of new business models, new products and services, and new players.
I can’t help but wonder, will AI play that same role in empowering new innovations and changing our habits and expectations? Will it bring forth a more inclusive world — the way fintech has enabled access to credit, savings, and other financial services for those who have been forgotten? Or will it widen the gaps that communities already face?
We have come a long way — from the day internet banking was first adopted, when paper cheques gave way to online transfers and mobile wallets.
Is AI having its iPhone moment?
The connected future and shared responsibility
It is an intriguing question to ponder. Though one might argue that the future is already here, it’s just not evenly distributed.
While AI has been making waves, especially in the last two years after the launch of ChatGPT, the application of AI as a technology in the financial services industry started long before the current generative AI hype cycle, from back-office automation to fraud detection and customer service. The recent surge in interest and funding for AI, however, has given us an opportunity to rethink the role of emerging technologies in our daily lives, and there’s a rallying call for more responsible and inclusive innovation.
If our collective future is AI-led, whose needs are we considering and whose future are we building towards? Those who already have access? Or those who are unbanked and left out of the digital economy?
As the saying goes, money cannot buy happiness. It is a tool — a means to an end, but not the destination. We must learn to look beyond transactions and see the story behind the data points. Only when we connect the dots can we begin to better understand and see the role that AI and money can play as we navigate different life stages and journeys.
To be future ready will require us to be not only data-ready, but empathy-enabled. The human-centric future world of finance is not one of walled gardens but bridges, where seamless money movement across borders and communities can become the fuel for a more equitable world — with AI as our co-pilot.
About the author
Theodora Lau is the founder of Unconventional Ventures, a public speaker, and an advisor. She is the co-author of The Metaverse Economy (2023) and Beyond Good (2021), and host of One Vision, a podcast on fintech and innovation. She was named one of American Banker’s Most Influential Women in FinTech in 2023. She is also a regular contributor and commentator for top industry events and publications, including BBC News and Finovate. All opinions are her own – feel free to debate and comment below!
