Holiday Edition: Five big shifts in banking for 2024 as GenAI hype is dialed up to 11! CBDC wins a crypto convert with Ripple who calls it transformational!
Open finance, how much data should you give?
Artwork of the day: “Virgin Mary” by Lu Hongnian (1919-1989).
Lu Hongnian was one of the most celebrated Chinese Catholic painters, using ink and vivid colors to paint biblical scenes in the traditional Chinese manner. In his painting titled “Virgin Mary,” Lu painted a slender woman in traditional Chinese clothing surrounded by auspicious clouds. The piece mixes the thematic birth of Jesus with the traditional Chinese painting style.
Lu adapted the halo — a radiant circle surrounding the head of a holy figure — with a Chinese flair. The halo is often found in religious paintings across cultures, from Christianity to Buddhism. People in China simply saw Virgin Mary as Guanyin, the bodhisattva of compassion and mercy in Chinese Buddhism.
Guanyin is the goddess of mercy and is considered the physical embodiment of compassion. She is an all-seeing, all-hearing being who is called upon by worshipers in times of uncertainty, despair, and fear.
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Banking has FIVE BIG SHIFTS coming, many are because they didn't keep up with tech.
With an end-of-year report on Commercial and Investment Banks (CIB), McKinsey lays down five major shifts impacting bankers in 2024. It’s a sobering read and shows how many of their problems are digital and are born of their reluctance to adopt the latest technology.
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GenAI In Finance: 🚨HYPE ALERT IS ON ELEVEN🚨
The OECD Rolls out a great read on GenAI and its impact in finance. I like it because it makes it clear that the hype around AI far exceeds the reality. We all agree that GenAI is a game-changer. Still, given how new the tech is, it is a stretch to expect it to be immediately rolled out to start changing our financial world.
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Open Finance Needs Data To Break The Monopoly of Credit Ratings
Open Finance is the future; few debate that, but just how open is open? The UK’s Centre for Finance, Innovation and Technology (CFIT) gives us a glimpse. Most of us are willing to share bank details with third parties for “Open Banking,” but the next step, “Open Finance,” is far bigger and has implications for data privacy.
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Ripple believes in CBDCs seeing them as crucial for asset tokenization!
Ripple is going “all-in” for CBDC and I congratulate them for their support and efforts building CBDCs. Thanks for reading Cashless: Central Bank Digital Currency and China in Perspective! Subscribe for free to receive new posts and support my work.
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DeFi and DAOs Caught in The Crosshairs in 2024
DeFi is in for an exciting 2024 as regulators come after it with “same activity, same risk, same regulation approach. Worst of all, new standards SLAUGHTER the concept of an autonomous organization. In short, Digital Autonomous Organizations (DAOs) just had their wings clipped! But who is doing the clipping?
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BTW: If You ask the so called AI Perplexity, what "how long" means in the context of written text, it says: "the optimal length."
It has no Idea, that how long means how many pages or how many sentences or how many characters.
And, if You ask: "How many pages is the IPCC Sixth Assessment Report?" bypassing this weakness in the understanding of simple language, it tells You the names of the volumes and ignores the specifics in the question. It is absolutely impossible for this ignorant construct to simply admit: "I don't know."
Perplexity is simply a poser.
It poses to be intelligent, knowledgeable and truthful, of which it is nothing.
It is not even "learnable". Just try to teach it anything, just once!
How could such a thing bring about any kind of progress?
But, if You ask Google Bard, You get a completely different answer:
https://g.co/bard/share/0acf12455ed7
Bard is open, accurate and current. Google would not restrict its AI from reading the full Assessment Reports of the IPCC. The "mindsets" of the AI-companies are quite different. Traditionally Google collects all Data it can get, even those which it is not allowed to collect. And it never forgets any data, not even the one it was forced to delete by law.
The minds of the decision makers have a heavy influence on the "minds" of the AIs.
So, if You know the mindset of any Fintech company's decision makers, You can foresee, how they would use AI and where this will lead to. The AIs will amplify the neurotics of board of directors. This will take the Clown-World to the next level.