If it feels as if artificial intelligence is taking over, there’s a reason for it. It is. The democratization of AI has begun, and the technology is set to change the world as we once knew it. Banks won’t be left out of the transformation. While bank senior executives cheer the cost-saving and efficiency-boosting potential of AI, bank employees may fear for their jobs. But that’s where reskilling steps in
World Economic Forum
It’s not news that many economies of the developing world face barriers to financial inclusion, making it difficult for citizens to both borrow and save; but the good news is that help has arrived in the linking of mobile payments with remittances. From sub-Saharan Africa to Latin America and the Caribbean, mobile money is bringing the previously underbanked into the fold.
It makes good economic sense that when people work toward their own economic benefit, the economy, and society, as a whole benefits—but do these profitable conditions benefit all members of society, or are some left out? Today, fintech challengers are accomplishing what traditional banks have failed to fully achieve—providing fair and open access to basic financial services for all of the world’s citizens.
As political leaders joined business leaders from around the world at the 48th annual meeting of the world economic forum in Davos, the discussions offered great insight and an opportunity to debate some of the key themes facing financial services as it intersects with technology.