GenAI isn't as smart as you think, we review the 4 top banking trends in 2024, and macro trends matter because fintech doesn't live in a vacuum.
Global cooperation is falling just as we need it the most!
Artwork of the day: Head with Broken Pot, Georgia O'Keeffe, 1943
This image showcases an image of a skull placed in a clay pot that is broken on the side. This painting explains that life comes to an end no matter how good things were. Both the skull and the pot were useful at some point. The owner of the skull died, and the pot was broken. Everything is vanity and comes to an end.
Fierce art today with skulls! Oh my! It just seemed to fit today's themes because "Everything is vanity and comes to an end!" So, let's look at exactly what is coming to an end!
First up is Gen AI, which the BIS has proven is nowhere near as smart as we think. The paper shows how Gen AI is great at regurgitating, but its reasoning skills are severely lacking! I think that GenAI isn’t going the way of the broken pot, but GenAI hype’s time has come!
Then we’re on to a beautifully short piece by KPMG that covers banking trends in 2024, and while the year is just getting started, it’s clear that headwinds will be the norm. Will bank profits go the way of our bleached white skull above?
"Fintech doesn’t exist in a vacuum!" That's why the final two stories in this week's newsletter are about "big picture" macro issues, global risks, and global cooperation. Both are pointing towards a future for fintech that goes far beyond where we are today. Fintech must solve big problems in the next decade, or we’ll all be heads with broken pots!
Subscribing is free!
The button says pledge, but Substack adds that not me.
Don’t be afraid to click!
