How Banks Can Stay Resilient as AI Becomes More Disruptive
Admin / May 8, 2024
Summary.
Historically, disruption is extremely rare. Only 23 of the 568 companies included in the Fortune 500 since 1997 were under 15 years old when they entered. But right now, there are three forces converging that might transform finance and other industries.
Historically, disruption is extremely rare. Only 23 of the 568 companies included in the Fortune 500 since 1997 were under 15 years old when they entered. But right now, there are three forces converging that might transform finance and other industries.
The first is the explosive growth of AI.
The second is a massive migration of tech talent from big finance to big tech.
The third is an increased appetite by big tech companies to enter industries like big finance.
The second is a massive migration of tech talent from big finance to big tech.
The third is an increased appetite by big tech companies to enter industries like big finance.
Leaders in finance should take the following three steps:
1) accept that culture transformation is essential to digital transformation,
2) not settle for AI optics, and
3) assume the disruptive threat is real and be proactive.
1) accept that culture transformation is essential to digital transformation,
2) not settle for AI optics, and
3) assume the disruptive threat is real and be proactive.