The Digital Finance 2015 Conference, organized by the Digital Finance Institute, received a shout-out from Brett King, author, speaker, entrepreneur and host of Breaking Banks, speaking from Xponential Finance in New York.
Mr. King is writing a new book on banking and artificial intelligence. He noted that one of the key themes at Xponential Finance was in fact, the role of artificial intelligence (AI) which is going to be incredibly disruptive “but not the killer robots that you’re thinking about. It’s going to be specialized pieces of intelligence.”
Another key development is the exponential bank.
“What will the Exponential Bank look like? It won’t look like a traditional bank. It has to scale very differently, and it can’t do that with branches or pieces of paper, so the fastest growing, biggest banks in the next 10, 20 years are going to be all technology based. AI is going to be better at advice than humans, so that’s going to be really disruptive to the industry. And the biggest jobs to go in the banking sector? Basically, tellers – I’m sorry – this is going to be the one job we’re going to identify at the end of this century as the job that was most impacted by the early 21st century changes in technology around mobile and the internet,” said Mr. King.
More thoughts from Mr. King on AI can be found here.