- Using AI to Make Knowledge Workers More Effective
- Digital Banks for the Unbanked and Underserved
- Applying Artificial Intelligence for Social Good
- FinTech and Consumer Financial Well-Being in the Information Age
- Can AI Nudge Us to Make Better Choices?
AI will change the work of financial counselors in the future in a more complex
way than just replacing people with machines. Instead of simply replacing
people, artificial intelligence is opening up surprising new pathways for
collaboration between knowledge workers and machines. AI can augment the
expertise of human collaborators and sometimes help create new specialists.
(The Edge Markets)
Many fintechs claim to promote financial inclusion with no
real justification. An ongoing question is whether technology can actually
lower the cost structure of banking in order to provide services to segments of
the population that are unprofitable now. This article discusses how WeBank,
China’s first digital bank opened in 2015, claims to be doing just
that.
(McKinsey Global Institute)
To analyze potential AI applications for social good,
McKinsey has compiled a library of about 160 AI social-impact use cases. They
range from diagnosing cancer to helping blind people navigate their
surroundings, identifying victims of online sexual exploitation, and aiding
disaster-relief efforts. The conclusion is that AI is growing in importance to
tackle societal issues but data accessibility and shortages of AI talent are
constraints.
Accion announced that its seed-stage investment initiative
Accion Venture Lab is adding $33M to its initial capital pool. The new fund
brings together a group of third-party impact and commercial investors that
share Venture Lab's commitment to innovative fintech startups that leverage
technology to increase the reach, quality, and affordability of financial
services for the underserved at scale.
(Think Forward Initiative)
With the surge of consumer FinTech can we presume that
people are better informed and equipped to make good choices? Measuring
the adoption of new technology is much easier than measuring its economic
impact. We know that people of different generations and demographic
backgrounds incorporate new technology into their lives at different rates. But
we know very little about how this affects actual financial outcomes and
well-being. This study attempts to address some of these issues.
(Harvard Business Review)
We all know that guiding people to better financial lives
often includes using emotional intelligence and building a relationship in
order to change behaviors. Whether or not we care to admit it, people are now
building relationships with applications and, like people, technology can
elicit both positive and negative behaviors from us. How can we use technology
to “nudge” people to make better choices around their finances in the future?
Other Stuff:
I’ll leave it up to you whether that is good or bad!
Research shows that people can increase their luck by
consciously practicing being lucky.
