GenAI is Transformative, but "Who Will Pay?" Fast Payment Sytems Rock our World while Digital Wallets have profitability problems.
The "Global 50 Opportunities" break many paradigms!
Artwork of the day: The sower, Vincent van Gogh, c. 17 - 28 June 1888
All the attention is drawn to the field with clods of earth, painted in thickly applied blue-violet and orange paint, almost like a relief. The sower does his work, and the sun dominates the scene as an eternal source of light and energy.
The striking aspect of this painting is that behind the sower, who sows the plowed land with a broad arm gesture, the ripe corn can still be seen. With this, Van Gogh refers to the cycle of nature and of life.
This week, we are all like the sower in Van Gogh’s painting, planting seeds for GenAI and FinTech! We hope the seeds sprout and we can reap great rewards in the future, but neither GenAI nor FinTech will produce a good harvest without rain (investment) and sun (strategy).
This week I have two great articles on GenAI, that show the good and the bad in this new technology! The first shows how GenAI can transform financial services risk and compliance departments. This is a great use case and cuts through the hype!
The second shows that GenAI will not provide an economic boost without significant investment. Asking GenAI seeds to sprout and boost productivity without rain (investment) is absurd. But has anyone satisfactorily answered the key question: “Who will pay?”
Fast Payment systems are a global phenomnon and are growing like weeds. And why shouldn't they? Once users try them, there is no going back. The BIS shines some sunlight onto the four key elements that Fast Payment systems need to grow fast!
And just in case you thought it would be easy to make money with a digital wallet, rest assured, it isn’t! This is according to the card provider Visa, which doesn't love digital wallets. Visa’s suggestions for wallet profitability read like they are trying to kill off the sower’s seeds with herbicide!
Finally, the “50 Global Opportunities” is a special weekend read I guarantee you will enjoy! These “Opportunities” aren’t just about tech but also about reimagining many paradigms in our society. Don’t miss out; download the report it’s a fun read!
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GenAI: The Good, a great use case!
GenAI RegTech Will Transform Bank Risk and Compliance
Finally a use case for GenAI in Banks that I won’t complain about and say its overhyped!! This McKinsey report on GenAI’s use in risk and compliance is far more practical than most! Note that in this usecase GenAI is used internally, not facing clients! The answers are all aimed at bank professionals who hopefully can see through GenAI’s occasional …
GenAI: The Bad, who pays?
No GenAI Economic Boost without Serious Digital Investment but Who Pays?
The adults are in the GenAI room and pose a fundamental question that needs to be asked: Who will pay for the digital investment required for the GenAI boom? This is a great question that counterbalances the never-ending hype surrounding GenAI, which is paid for by the deep pockets of big tech and consultants.
Fast Payments are ROCKING the World: Four Key Features Turn Users Into Fans!🤟
Fast payments ROCK! 🤟 They are taking the world by storm and are at the forefront of the digital payment revolution. The BIS looks at fast payment systems in 13 countries and breaks down success into four key areas that help convert users into fans.
Digital Wallets: A Tough Way to Make Money
Visa’s Consulting arm seems less than thrilled that digital wallets are taking off worldwide! Complaining that digital wallets aren’t making enough money while they zero in on Visa’s business. Digital wallets are on fire. They account for 49% of global e-commerce payments, 43% of global POS payments, and around US$18 trillion in consumer spending at the…
🔥 SPECIAL WEEKEND MUST READ🔥
"The Global 50 Opportunities"
This report by DUBAI FUTURE FOUNDATION lays out 50 "opportunities" that it calls a blueprint for the future.
Now brace yourself! Not every opportunity is about tech!
Instead, the 50 opportunities ideas "represent some of the potential pathways to future growth, prosperity, and well-being."
Fear not, tech is well represented, and key to our future, but it isn't always the primary protagonist in the story.
Oftentimes, in the "50 Opportunities," tech is working behind the scenes, and the opportunity is in what we do with it.
👊STRAIGHT TALK👊
I loved how this report was designed to flip through.
What I get out of this report is not just how wonderful tech is, but unimaginable ideas about what we're going to do with it.
For example, who would have guessed that "Clothes that Care" means that clothes could be built with nano biomaterial to deliver nutrients or medicine to the wearer!?
Or how about AI as a "public good"?! This is a great idea, as it would ensure that we all have equal access to tech that will change our lives.
It's a fun weekend read, and I hope you enjoy it!
I also hope it helps us all envision a better future.
Thoughts?
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