👋Howdy,
I became obsessed with efficiency, ok, I became obsessed with taking the least amount of steps to get everything done.
And that's why I'm so excited to write about this week.
1. 🌍Insights on Global Risks:
Picture this: a chart listing the top global risks in 2024. You might anticipate issues like rising poverty, drastic price shifts, and widespread layoffs to dominate the list, right?
Well, thanks for your thought but you're wrong, right after extreme weather, guess what claims the second spot? AI-generated misinformation/disinformation! Surprising, isn't it? But understandable, don't you think? Well, 3+Hours later and After a bit of investigation at work (I know!), I realized why it's such a significant concern.
It's where the big bucks is, but control? Not so much. in my opinion this is why: major corporations like NVIDIA and AMD may wield power, but they're not calling all the shots, the governments fear one company having too much control over AI more so than war in Ukraine and poverty. 🔥Hot take!
2. 💫AI Revolutionizing Finance:
With the growing interest in AI, I started reading finance reports from Forbes when my mentor first shared one and I was hooked, leading me to the forefront of AI integration. Unsurprisingly, AI is witnessing high adoption rates across various industries. While traditional AI methods like machine learning (ML) have been prevalent since the late 2000s, the newer GenAI, is currently less utilized, except for the wanky copilot for office 365 behind paywalls. However, it is anticipated to gain momentum in the industry in the upcoming years due to the increasing popularity of multi-modals.
Numbers shows that In 2023, the financial services industry invested an estimated 35 billion U.S. dollars in AI, with banking leading the charge, accounting for approximately 21 billion U.S. dollars. Among the largest banks in the Americas, Europe and Africa. Capital One leads in AI adoption, followed by JPMorgan Chase and the Royal Bank of Canada. For your reference.
The high adoption rate, along with significant investment in AI technologies, indicates the industry’s readiness to embrace an AI-driven world. You might wonder about modernization; we often talk about the need to modernize various processes. Upon investigating, I discovered that companies have been exploring and implementing initiatives such as:
- Automating traditionally manual banking procedures.
- Enhancing comprehension of financial markets through data analysis (referred to as data-driven insights).
- Developing methods to interact with customers that simulate human intelligence and engagement (known as Help Bots).
Moreover, survey data indicates that AI could potentially replace around 9% of existing jobs in the financial services sector by 2030. Concurrently, FinTech firms expect AI to increase their workforce by 19% during the same period.
Hi FinTech Friends :)
3. 💓 Now
Enough serious talk. Let's unwind with some of my top picks from the week:
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Podcast - I thoroughly enjoyed the latest episode of Trevor Noah's "Friendship Revolution" with Rhaina Cohen on What Now. Cohen, is a CHAMP an award-winning producer and editor for NPR's documentary podcast, Embedded, has been a significant inspiration in my life. Her work often delves into social connection and has been featured on various podcasts and radio shows, including Hidden Brain, Invisibilia, and All Things Considered. Her writing has also been published in The Atlantic and The Washington Post. What I loved is during their conversation, Cohen, along with Trevor, Christiana, and Josh, discussed envisioning a society where marriage is not the sole foundation of committed relationships, advocating for deep emotional friendships. It was enjoyable to listen to their engaging discussion once again.
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Fiction Book - I just finished re-reading Warbreaker by my favorite author of all time (as y'all might know at this point), Brandon Sanderson. Warbreaker was the first book of his that I read way back in like 2018 in Senior 2 of high school, and at the time, I didn't think it was amazing. But then when I read the Mistborn series, I got completely hooked on Sanderson's work, and now having read most of the rest of his Cosmere collection, I decided to revisit Warbreaker and got so much out of it. Incredible story, great characters, and so much I realized I missed the first time around. As always, if you're yet to dip your toes into the world of Brandon Sanderson, I'd recommend starting with The Final Empire and then following this recommended reading order. Trust me - you won't regret it.
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And that’s all from me. Hope you enjoyed!
But more on next week - I’ll speak to you then. ✌️
CT