Time for GenAI to face the music! Will banks pay for GenAI's mistakes? Google Genesis AI's bias problem. India's Tech Stack is going global. 💥IMF says fintech use brings a 2.2% rise in GDP!💥
Our tech future depends on trust and other more human factors!
Today’s Artwork: Black Spot, Wassily Kandinsky, 1921
“Next to Piet Mondrian, Wassily Kandinsky is the 20th century’s leading exponent of the Abstract school.
“In Black Spot (1921) Kandinsky gives us a cosmos of colours and forms. The individual elements combine as in a symphony orchestra to create a dynamic ‘sound’ on the canvas. The black lines – parallel diagonals and rhythmic oscillations – are overlaid like a grid over the cloudy white surface and connect the various zones of the picture to one another. The red, yellow and blue forms provide a counterpoint. As the abstract shapes oscillate with each other, viewers begin to resonate with the vibrations of their own souls, as if listening to music.”
Do you hear the music? Kandinsky tried to create sound on canvas and wanted the viewer to hear his paintings.
This week’s stories also ask you not just to read them, but hear the music of a fast-approaching future.
The most impactful tune is that we need a big reality check for GenAI’s use in banking. Consultants and tech companies are pushing GenAI as “ready to go” while the reality is it has a ways to go. A recent lawsuit with Canada Air shows that banks better be ready to own GenAI’s errors!
Then if that isn’t a sour note for GenAI Google is have a hard time with bias in its newly launched Genesis AI. Once touted as a way to replace news reporting, Genesis now produces pictures that Google admits are biased and enraging users. What would it do with the news?
This leads us to what our future with technology will look like and KPMGs report is Bach like in its Baroque beauty. Rather than picturing a tech-filled futuristic world, they look at the critical human conditions like trust and societal issues needed for tech to take root. Tech doesn’t live in a vacuum.
Many are unaware that India’s “Digital Public Infrastructure” is playing a new tune in tech. Rather than let big tech take over, India views certain tech functions like digital ID and Payments as vital infrastructure the state needs to provide. This is hugely effective, and India is now exporting the “India Stack” globally.
So our final tune the musical equivalent of Beethovens fifth, the IMF shows that fintech boosts GDP by some 2.2%. This is explosive news and proof that fintech matters. Two percent may seem small, but given how small a portion fintech is of the financial system its actually quite large.
I will leave you with my favorite quote from David Bowie that says it all!
Reality Check: GenAI in Banking, Will Banks Own the Errors?
Stop telling me how GenAI will transform banking; instead, tell me how banks will own the liability these new systems create! This otherwise excellent BCG report and so many others miss this! Need an example of chatbot liability? Air Canada was recently asked to give a partial refund to a grieving passenger after its chatbot inaccurately explained the…
Trouble With LLMs as Google's CEO admits "we got it wrong," with Genesis
This week’s news stream was full of the biggest fail yet of a Large Language Model (LLM), as Google’s Genesis model shocked users with pictures that didn’t quite meet their expectations. The blow-back was severe and reminded many of Microsoft’s ill-fated Tay chatbot that spewed offensive and inflammatory tweets in 2016.
Defining our Future Beyond Technology
Our shared future will not be based solely on AI or Q-day but largely on trust, climate, societal well-being, and other softer factors. Impressively, KPMG’s Futuresphere report sees our future not just through the lens of technology, but through a deeper look at what brings us together or apart as a society.
India's Digital Public Infrastructure is a Blueprint for Global Success
India’s digital public infrastructure (DPI) is a model for the world to follow, so much so that the “India Stack” is now being researched or adopted across the globe. Think of DPI just like government-sponsored roads that allow the flow of goods and commerce. In their digital form, they allow the delivery of financial inclusion, economic opportunity, an…
IMF: Fintech is a GDP booster!
The IMF found that fintech truly is an engine for growth! This is no joke, and anyone who has read about the GDP boosts claimed by fintech-friendly India (now ~0.9% with an outlook 3-4%) and China (10.0%+) knows how serious this is. Lest I get readers too excited, the effect is still small and highly variable. The study of over 198 countries between the …
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