Tag: AI

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Robots are surely not going to destroy the planet, or are they?

Elon Musk, the mastermind behind SpaceX and Tesla, believes that artificial intelligence is “potentially more dangerous than nukes,” imploring all of humankind “to be super careful with AI,” unless we want the ultimate fate of humanity to closely resemble Judgment Day from Terminator. Personally, I think Musk is being a little futuristic in his thinking after all, we have survived more than 60 years of the threat of thermonuclear mutually assured destruction but still, it is worth considering Musk’s words in greater detail, and clearly he has a point.

Musk made his comments on Twitter back in 2014, after reading Superintelligence by Nick Bostrom. The book deals with the eventual creation of a machine intelligence (artificial general intelligence, AGI) that can rival the human brain, and our fate thereafter. While most experts agree that a human-level AGI is mostly inevitable by this point it’s just a matter of when Bostrom contends that humanity still has a big advantage up its sleeve: we get to make the first move. This is what Musk is referring to when he says we need to be careful with AI: we’re rapidly moving towards a Terminator-like scenario, but the actual implementation of these human-level AIs is down to us. We are the ones who will program how the AI actually works. We are the ones who can imbue the AI with a sense of ethics and morality. We are the ones who can implement safeguards, such as Asimov’s three laws of robotics, to prevent an eventual robot holocaust.

In short, if we end up building a race of super-intelligent robots, we have no one but ourselves to blame and Musk, sadly, is not too optimistic about humanity putting the right safeguards in place. In a second tweet, Musk says: ‘Hope we’re not just the biological boot loader for digital superintelligence. Unfortunately, that is increasingly probable.” Here he’s referring to humanity’s role as the precursor to a human-level artificial intelligence and after the AI is up and running, we’ll be ruled superfluous to AI society and quickly erased.

Stephen Hawking warned that technology needs to be controlled in order to prevent it from destroying the human race.
The world-renowned physicist, who has spoken out about the dangers of artificial intelligence in the past, believes we all need to establish a way of identifying threats quickly, before they have a chance to escalate.

“Since civilisation began, aggression has been useful inasmuch as it has definite survival advantages,” he told The Times.

“It is hard-wired into our genes by Darwinian evolution. Now, however, technology has advanced at such a pace that this aggression may destroy us all by nuclear or biological war. We need to control this inherited instinct by our logic and reason.”

In a Reddit AMA back in 2015, Mr Hawking said that AI would grow so powerful it would be capable of killing us entirely unintentionally.

“The real risk with AI isn’t malice but competence,” Professor Hawking said. “A super intelligent AI will be extremely good at accomplishing its goals, and if those goals aren’t aligned with ours, we’re in trouble.

“You’re probably not an evil ant-hater who steps on ants out of malice, but if you’re in charge of a hydroelectric green energy project and there’s an anthill in the region to be flooded, too bad for the ants. Let’s not place humanity in the position of those ants.”
The theoretical physicist Stephen Hawking, who has died recently aged 76, said last year that he wanted to “inspire people around the world to look up at the stars and not down at their feet”. Hawking, who until 2009 held a chair at Cambridge university once occupied by Isaac Newton, was uniquely placed to encourage an upwards gaze.

Enfeebled by amyotrophic lateral sclerosis, a form of motor neurone disease, he displayed extraordinary clarity of mind. His ambition was to truly understand the workings of the universe and then to share the wonder.

Importantly, he warned of the perils of artificial intelligence and feared that the rise of the machines would be accompanied by the downfall of humanity. Not that he felt that human civilisation had particularly distinguished itself: our past, he once said, was a “history of stupidity”.

Here are 10 interesting insights into the life and viewpoints of Stephen Hawking. Sure, Stephen Hawking is a brilliant, groundbreaking scientist, but that’s not all …

Stephen Hawking had much to say on the future of tech after all, he was an expert: Hawking was one of the first people to become connected to the internet.

“So, we cannot know if we will be infinitely helped by AI, or ignored by it and side-lined, or conceivably destroyed by it.
“Unless we learn how to prepare for, and avoid, the potential risks, AI could be the worst event in the history of our civilisation.
While he saw many benefits to artificial intelligence – notably, the Intel-developed computer system ACAT that allows him to communicate more effectively than ever – he echoes entrepreneurial icons like Elon Musk by warning that the completion of A.I.’s potential would also “spell the end of the human race.”

Stephen Hawking co-authored an ominous editorial in the Independent warning of the dangers of AI.

The theories for oblivion generally fall into the following categories (and they miss the true danger):
– Military AI’s run amok: AIs decide that humans are a threat and set out to exterminate them.
– The AI optimization apocalypse: AI’s decide that the best way to optimize some process, their own survival, spam reduction, whatever, is to eliminate the human race.
– The resource race: AIs decide that they want more and more computing power, and the needs of meager Earthlings are getting in the way. The AI destroys humanity and converts all the resources, biomass — all the mass of the Earth actually — into computing substrate.
– Unknowable motivations: AI’s develop some unknown motivation that only supremely intelligent beings can understand and humans are in the way of their objective, so they eliminate us.
I don’t want to discount these theories. They’re all relevant and vaguely scary. But I don’t believe any of them describe the actual reason why AIs will facilitate the end of humanity.

As machines take on more jobs, many find themselves out of work or with raises indefinitely postponed. Is this the end of growth? No, says Erik Brynjolfsson:

Final thought: Artificial Intelligence will facilitate the creation of artificial realities  custom virtual universes  that are so indistinguishable from reality, most human beings will choose to spend their lives in these virtual worlds rather than in the real world. People will not breed. Humanity will die off.

It’s easy to imagine. All you have to do is look at a bus, subway, city street or even restaurant to see human beings unplugging from reality (and their fellow physical humans) for virtual lives online.

AIs are going to create compelling virtual environments which humans will voluntarily immerse themselves in. At first these environments will be for part-time entertainment and work. The first applications of AI will be for human-augmentation. We’re already seeing this with Siri, Indigo, EVA, Echo and the proliferation of AI assistants.

AI will gradually become more integrated into human beings, and Virtual platforms like Oculus and Vive will become smaller, much higher quality and integrated directly into our brains.

AIs are going to facilitate tremendous advances in brain science. Direct human-computer interfaces will become the norm, probably not with the penetrative violation of the matrix I/O ports, but more with the elegance of a neural lace. It’s not that far off.
In a world with true general AI, they’re going to get orders of magnitude smarter very quickly as they learn how to optimize their own intelligence. Human and AI civilization will quickly progress to a post-scarcity environment.

And as the fully integrated virtual universes become indistinguishable from reality, people will spend more and more time plugged in.
Humans will not have to work, there will be no work for humans. Stripped of the main motivation most people have for doing anything, people will be left to do whatever they want.

Want to play games all day? Insert yourself into a Matrix quality representation of Game of Thrones where you control one of the great houses. Go ahead. Play for years with hundreds of friends.

Want to spend all day trolling through the knowledge of the world in a virtual, fully interactive learning universe? Please do. Every piece of human knowledge can be available, and you can experience recreations of historical events first-hand.

Want to explore space? Check out this fully immersive experience from an unmanned Mars space-probe. Or just live in the Star Wars or Star Trek universe.

Want to have a month long orgasm with the virtual sex hydra of omnisport? Enjoy, we’ll see you in thirty days. Online of course. No one dates anymore.

Well, some people will date. They will date AI’s. Scientists are already working on AI sex robots. What happens when you combine the intelligence, creativity and sensitivity embodied by Samantha in the movie Her with an android that is anatomically indistinguishable from a perfect human (Ex Machina, Humans, etc)?

Deep learning algorithms will find out your likes, dislikes and how to charm your pants off. The AIs will be perfect matches for your personality. They can choose your most desirable face and body type, or design their own face and attire for maximum allure.
Predicting the future is always a difficult matter. We can only rely on the predictions of experts and technology observations of what is in existence, however, it’s impossible to rule anything out.

We do not yet know whether AI will usher in a golden age of human existence, or if it will all end in the destruction of everything humans cherish. What is clear, though, is that thanks to AI, the world of the future could bear little resemblance to the one we inhabit today.

An AI takeover is a hypothetical scenario, but a robot uprising could be closer than ever predicted in which AI becomes the dominant for of intelligence of earth, with computers or robots effectively taking control of the planet away from the human species, according to royal astronomer Sir Martin Rees, who believes machines will replace humanity within a few centuries.

Possible scenarios include replacement of the entire human workforce, takeover by a super-intelligent AI, and the popular notion of a robot uprising. Some public figures that we have discussed in this blog, such as Stephen Hawking and Elon Musk, have advocated research into precautionary measures to ensure future super-intelligent machines remain under human control.

We need to watch this space…..

As Masayoshi Son once said:

“I believe this artificial intelligence is going to be our partner. If we misuse it, it will be a risk. If we use it right, it can be our partner.”

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Predictions for the start of 2018!

2017 was definitely one interesting year, and as the Chinese say: ‘We live in interesting times’.

‘2018 will be a year of political turmoil and environmental crisis caused by dramatic and unprecedented weather’, says Craig Hamilton-Parker in a recent blog post.

A man who successfully predicted the unlikely victory of Donald Trump and the UK’s vote to leave the European Union has come up with a new round of prophecies for 2018.

Craig Hamilton-Parker has prophesied there will be a terrorist attack on a British motorway, revolution in North Korea which overthrows Kim Jong-Un’s regime, and a chemical weapons attack by drones on a European city.

On a less morbid note, Mr Parker also predicted Prince Harry would become engaged to Meghan Markle.

Christmas holiday’s are always a period for introspection and once my dreaded cold had calmed down, I started to reflect on some of the most influential push buttons of business and ‘leadership with technology and operating in the new business world came to mind’.

2017 has come to a close and businesses are preparing to enter 2018 with an instant bang.

What do entrepreneurs really expect heading into the new year?

A shift in IT spending: “A significant number of enterprises will begin to invest in a dedicated security operations center as part of the shift away from prevention towards detection and response … Hybrid security offerings combining on-premise and SaaS/Cloud solutions will become the dominant architecture with customers beginning to integrate these offerings starting in 2018.” – Prakash Nagpal, vice president of Infoblox.

The Cloud will fragment into microservices: “In 2018, technology companies are going to ditch the buzzword ‘cloud’ in favor of the next big trend in IT – ‘microservices’. This is where companies will increasingly look to scale by essentially breaking up their IT and thinking smaller and using more SDN and NFV type approaches. Enterprises should also take note fast – moving to smaller applications makes it much easier to scale and decreases risk, while increasing efficiencies.” – Craig Walker, CEO of business communication platform Dialpad

The rise of the sharing economy: “Digitization and the sharing economy will disrupt more industries. Already, retail (Amazon), automotive (Uber and Zipcar), and the server market (Google, Amazon) have been disrupted – and we have had two years without another major industry being disrupted. Given this, financial services and healthcare are ripe for disruption.” – Prakash Nagpal

Banking models will begin a radical shift: “Millennials want to bank wherever they want and whenever they want, which does not align with the traditional banking model. It’s predicted that digital banking will grow to more than 2 billion users by 2020. As a result of this shift, the traditional brick-and-mortar banking solution will be replaced with a technology first-mindset. In essence, your wallet will be your phone.” – Dave Mitchell, president of NYMBUS

Speed is key in modern banking: “The banking channel will strive for speed. Lending, banking services, statement processing and other banking channel players are scrambling to get online and get faster. We expect the scramble to continue as the industry seeks to eliminate middle men – like brokers – and better serve their customers.” – Vernon Tirey, co-founder and CEO of LeaseQ

Mobile banking means more mobile cyberattacks: “All are experiencing a big increase in attacks on their mobile banking and transactions. Expect that to continue. Approximately 80 percent of financial institutions’ customers are doing online banking, 50% are on mobile and that’s growing. More customers equals more opportunity for attacks.” – John Gunn, CMO of VASCO Data Security

Machine learning and Blockchain will grow more prominent: “Two of the most interesting IoT developments to emerge in 2017, with the most potential for innovation, were blockchain and machine learning. They likely won’t go straight to market in the new year – we’ll likely see more proofs of concept instead – but, we have seen some fascinating PoCs already.” – Mike Bell, EVP IoT & Devices at Canonical

Machine learning will become more responsive in customer service: “Machine learning will play a bigger role in sales and customer support in 2018. Lower costs and increased availability of speech analytics tools mean more businesses will record and monitor calls within their contact centers. Instead of simply guiding callers through prompts, speech analytics will help to categorize them and analyze responses in terms of what you say and how you say it. Insights like these will be used to guide agents, in real time, to get the best results from each interaction.” – Chad Hart, head of strategic products at Voxbone

AI implementation will help business capitalize on large troves of data: “Although discussions on the topic of data may not be new, until now most business have been focused on forming teams and building data pipelines, but the data itself has not produced much disruption. With the right people and tools in place, companies can now focus on using data to drive growth. Companies will look to incorporate artificial intelligence (AI) to gain a competitive edge.” – Jennifer Shin, founder and chief data scientist of 8 Path Solutions

IoT cyberattacks will become more common: “There will be an increase of random IoT hacks and attacks because the tools are easy to find and use, and also because of all the unsecured IoT devices – Gartner says there are 8 billion connected things in 2017 and expects 20 billion connected devices by 2020. Anyone can go onto the dark web and start using available malware code, not to mention the readily available services such as hacking, malware- and ransomware-as-a-service, which can all be hired for next to nothing. It’s very easy these days for someone with little knowledge to launch a sophisticated attack, and there’s clear financial incentive – in the last three years, business email compromise alone made $5.3 billion.” – Christian Vezine, CISO at VASCO Data Security

IoT devices will become more secure: “Expect to see at least 2 or 3 large-scale, botnet-style attacks on IoT-related hardware in 2018. To remedy this, the industrial space may pick up a trend from the consumer space, where device updates are downloaded automatically, and give the user little say in the process.” – Mike Bell

Industry will employ more low power wide area networking (LPWAN): “LPWAN technology can be unwired and run for a long time, with minimal power consumption. Its potential applications include heartbeat communications and predictive maintenance for industrial equipment like basement boilers, which can be otherwise difficult to reach … LPWAN provides better penetration and range in hard-to-reach areas, which opens the door for groundbreaking new industrial equipment use cases.” – Mike Bell

Economies are growing. Stock markets are climbing. Employment is healthy. These are all positive signs of the marketplace as a whole.
But the fate of individual companies has never been more uncertain, and the window of opportunity is closing for many companies unprepared or unable to adapt to new market realities.

Many factors are combining to define the fate of companies: Unmet customer expectations are resulting in churn; the lack of digital transformation gains is translating to loss of market share; industry lines that protected some are crumbling; and longstanding, durable business models are failing.

For some, it feels like a burning platform mandating bold action; for others, it will be the quiet but real deterioration of their business.
Customers demand what they demand. And when companies fail to deliver experience by experience or live up to their brand promise, customers will take flight.

Evolving customer expectations will challenge everybody — leaders, followers, and laggards. The across-the-board plateauing of CX (Customer Experience) quality reminds us that customers continuously re-evaluate experiences and reassess loyalties.

Leaders will adapt and, ultimately, thrive. Those slow to change will struggle. And the distance between the two will grow.

2018 will be a year of reckoning for those that have held on too long or tried to bootstrap their way through transforming their business.

Simply put, the distance between customer expectations and the reality on the ground is becoming so great that a slow and gradual transition is no longer possible. Incrementalism may feel good, but it masks the quiet deterioration of the business.

Whether CEOs in these companies start to use their balance sheet wisely, find new leaders, develop aggressive turnaround plans, or do all of the above, they and their leadership teams must aggressively get on track to preserve market share and market standing.

Finally, leaving you with a new year quote and thought by Melody Beattie:

“The new year stands before us, like a chapter in a book, waiting to be written. We can help write that story by setting goals.”

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Can you really fall in love with a Robot?

Our company has just started to work with a new client who has developed a humanised robot, which they describe as a ‘social robot’. It is clear by my work to date with this company that advances in robotics and AI are starting to gain some real momentum. In the coming decades, scientists predict robots will take over more and more jobs including white collar ones, and gain ubiquity in the home, school, and work spheres.

Due to this, roboticists and AI experts, social scientists, psychologists, and others are speculating what impact it will have on us and our world. Google and Oxford have teamed up to make a kill switch should AI initiate a robot apocalypse.

One way to overcome this is to imbue AI with emotions and empathy, to make them as human-like as possible, so much so that it may become difficult to tell robots and real people apart. In this vein, scientists have wondered if it might be possible for a human to fall in love with a robot, considering we are moving toward fashioning them after our own image. Spike Jonze’s Her and the movie Ex Machina touch on this.

Can you fall in love with a robot?
http://edition.cnn.com/videos/cnnmoney/2017/04/10/can-you-all-in-love-with-a-robot.cnn

Interesting enough both the film ‘Ex Machina’, in which a computer programmer falls in love with a droid, may not be as far-fetched as you think.

A new study has found that humans have the potential to emphasise with robots, even while knowing they do not have feelings.
It follows previous warnings from experts that humans could develop unhealthy relationships with robots, and even fall in love with them.

The discovery was made after researchers asked people to view images of human and humanoid robotic hands in painful situations, such as being cut by a knife. After studying their electrical brain signals, they found humans responded with similar immediate levels of empathy to both humans and robots.

After studying their electrical brain signals, they found humans responded with similar immediate levels of empathy to both humans and robots.

But the beginning phase of the so-called ‘top-down’ process of empathy was weaker toward robots.

The study was carried out by researchers at Toyohashi University of Technology and Kyoto University in Japan, and provides the first neurophysiological evidence of humans’ ability to empathise with robots.

These results suggest that we empathise with humanoid robots in a similar way to how we empathise with other humans.
Last month, a robot ethicist warned that AI sex dolls could ‘contribute to detrimental relationships between men and women, adults and children, men and men and women and women’

Scientists suggest that we’re unable to fully take the perspective of robots because their body and mind – if it exists – are very different from ours.

‘I think a future society including humans and robots should be good if humans and robots are prosocial,’ study co-author Michiteru Kitazaki told Inverse.

‘Empathy with robots as well as other humans may facilitate prosocial behaviors. Robots that help us or interact with us should be empathised by humans.’

Experts are already worried about the implication of humans developing feelings for robots.

The question we all need to ask is ‘do we fear a future of love with a real human to be a happy to substitute to a robot’ the idea that a real, living, breathing human could be replaced by something that is almost, but not exactly, the same thing, well, actually a robot.

By now you’ve probably heard the story of Tay, Microsoft’s social AI experiment that went from “friendly millennial girl” to genocidal misogynist in less than a day. At first, Tay’s story seems like a fun one for anyone who’s interested in cautionary sci-fi. What does it mean for the future of artificial intelligence if a bot can embody the worst aspects of digital culture after just 16 hours online?

If any AI is given the vastness of human creation to study at lightning speed, will it inevitably turn evil?

Will the future be a content creation battle for their souls?

Society is now driven by the social connections you hold, the likes and your preferences of relevancy, the movie Her is described with a complex nature, a man who is inconsolable since he and his wife separated. Theodore is a lonely man in the final stages of his divorce. When he’s not working as a letter writer, his down time is spent playing video games and occasionally hanging out with friends. He decides to purchase the new OS1, which is advertised as the world’s first artificially intelligent operating system, “It’s not just an operating system, it’s a consciousness,” the ad states. Theodore quickly finds himself drawn in with Samantha, the voice behind his OS1. As they start spending time together they grow closer and closer and eventually find themselves in love. Having fallen in love with his OS, Theodore finds himself dealing with feelings of both great joy and doubt. As an OS, Samantha has powerful intelligence that she uses to help Theodore in ways others hadn’t, but how does she help him deal with his inner conflict of being in love with an OS?

Though technically unfeasible by today’s AI standards, the broad premise of the movie is more realistic than most people may think. Indeed, in the past 10 years our lives have been transformed by technology and love is no exception. With Valentine’s Day around the corner, there’s no better time to examine some of the recent developments in this area.

Taobao, China’s version of Amazon, offers virtual girlfriends and boyfriends for around $2 (£1.20) per day. These are real humans, but they only relate with their paying customers via the phone – calls or text – in order to perform fairly unromantic tasks such as wake up calls, good night calls, and (perhaps the most useful service) “sympathetically listen to clients’ complaints”. If this is all you expect from a relationship, it at least comes at a cheap price.

Similar services already exist in India, where biwihotohaisi.com helps bachelors “practice” for married life with a virtual wife, and Japan, where “romance simulation games” are popular with men and women, even when they feature animated avatars rather than human partners.

In many of today’s most fascinating visions of future love, the body itself seems like a relic of the past. In Her, for example, we encounter a social landscape where love between humans and machines doesn’t require a physical body at all. Instead we watch as Theo shares his most personal moments with an AI who he never actually touches, but who conveys intimacy through talking, sharing messages, drawings, ideas and sexual fantasies. In our current social climate, where dating often means scrolling through photos and written bios rather than interacting with people in person, the idea that you could fall in love with your computer doesn’t seem so far-fetched. After all, we are already used to more disembodied forms of communication, and, as many older generations continue to lament, many young people today are more likely to text or sext than actually establish in-person kinds of intimacy.

AI is the perfect sounding board for these modern anxieties about human connection, and 20th- and 21st-century films are filled with dystopian landscapes that showcase the loneliness of a world where intimacy is something you can buy. In many of these films, from classics such as Fritz Lang’s Metropolis to more modern movies like Alex Garland’s Ex Machina, the creators and consumers of AI are male, while the AI themselves are female. The patriarchal underpinning of this is vividly explored in sci-fi such as The Stepford Wives and Cherry 2000, where we are ushered into worlds where compliant and submissive female robots are idealized by their male creators as the epitome of perfection, and always exist completely under their thumb. The female robots we meet in these films cook, clean, are unfailingly supportive and are always sexually available, in addition to being exceptionally beautiful. These sex-bots have also become both a mainstay of humor, from the sexy goofiness of 80s films such as Weird Science and Galaxina, to the cheeky and slightly more socially aware comedies in the 90s, with the frilly, busty fembots of Austen Powers and Buffy the Vampire Slayer’s charmingly dippy “Buffy-bot”

Serge Tisseron, a French Psychiatrist who studies the relationships between youth, the media and images and the effect of information and communication technology on young people, reminds that, despite signs of attachments from the robot, the relation can and will always be one way.

Serge insists on the importance of a reflection around the ethical issues to avoid the destruction of human relations. Because of their interactions with efficient, high-performing and helpful robots, humans could end up being disappointed with other humans altogether, especially on a professional level. Or, we could eventually abandon our responsibilities completely and rely solely on robots to take care of our loved ones. In the end, this could result in a serious withdrawal from the human world and could affect our ability to live in society.

A final thought is that no one knows what the future holds, if robots will manage to develop their conscience and emotions but in any case, there needs to be enough preparations for their development and integration to society.

A great quote by Colin Angle:

“In the smart home of the future, there should be a robot designed to talk to you. With enough display technology, connectivity, and voice recognition, this human-interface robot or head-of-household robot will serve as a portal to the digital domain. It becomes your interface to your robot-enabled home.”

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What exactly is the future of global digital payments?

I recently attended an annual event hosted by The Emerging Payments Association (EPA) called ‘The Pay360 Digital Payments Annual Conference’, which took place this year at the Coombe Abbey Hotel in Warwickshire. The EPA brought together commercial association of decision makers from around the world to share insights over two days, which also included a medieval banquet at the 11th century Abbey, about what is driving success in digital payments in local markets, and to share best practice.

With all these insights, technological disruption and overload of data to the market, what exactly is the future of global digital payments?

2017 will be the year of instant digital payment which does instantaneous validation, acknowledgement, and transmission of transaction data between the point of sale and merchants system as opposed to 2016, which was “near real time,” which refers to expedited batches that may range from minutes apart to an hour or even more, real time is truly instantaneous processing.

Today’s consumers are quickly coming to expect immediate processing of their payments. Technological constraints of mobile devices may impact upon how much information a consumer is provided with during m-commerce transaction. Security and liability as mobile devices are particularly vulnerable to theft and misuse it is important for consumers to understand what protections are available to them in the case of unauthorise transactions.
So how do consumers engage confidently with a market that is constantly changing? How do regulators identify failures when markets emerge, and then change equally as quickly? One way to address these challenges is to identify underlying principles that remain constant, despite technological change.

Payment systems are pivotal in any economy given their role to facilitate the intermediation process, which is key to achieve financial stability. Payments are a daily and routine activity carried out by people in most parts of the world. These payments cover daily human requirements from transportation, food and communication. Some people transact 2-5 times in a day while some more than 20 times making them heavy users of payment systems.
More than a billion people in emerging and developing markets have cellphones but no bank accounts yet they don’t stop their contribution to payment industries, they still do their contribution each day and many low-income people store and transfer money using informal networks, but these have high transaction costs and are prone to theft.

Mobile money is beginning to fill this gap by offering financial services over mobile phones, from simple person-to-person transfers to more complex banking services. To date, there have been more than 100 mobile-money deployments in emerging markets; at least 84 of them originated in the past three years. In markets with real-time payments infrastructures, banks have managed to fight back and actually have taken the lead in P2P payments.
For example, Swedish banks have developed an app called Swish, and in the UK, Barclays is leading with its popular PingIt app. Even in markets yet to move to real-time payments, such as the US, banks are trying to recapture their position in money transfers. Recent examples of activity include Early Warning acquiring clearXchange, BBVA partnering with Dwolla, and TD Bank exploring opportunities with Ripple.

The facts are fin-tech is changing the way we buy, sell and transfer money. It is creating an innovative worldwide marketplace in the face of shifting global politics.

Consumers, businesses and families are now starting to now enjoy a truly global financial network on the same fair terms, wherever they are. Inconsistencies can be ironed out and risks can be reduced. This is not just down to product features: fintech innovations that help international payments take place are actually behind some major shifts in how the world works.
Many fintech company’s have woken up to the potential of artificial intelligence (AI), and with investment ramping up, machines and algorithms will be an even more common sight in financial services.

Embracing AI in banking allows financial institutions to tap into the wealth of data at their fingertips. As well as collecting and sorting data, companies can use AI to make more accurate decisions, identify risks quicker, and better understand their customers, bringing the personal touch back to big business.

Chatbots are becoming more and more sophisticated, and their usefulness in customer services is becoming increasingly clear.
Instead of picking up the phone, making their way through menus, and then waiting on hold just to ask someone a few simple questions, customers could simply head to their favourite messaging app and speak to a chatbot. This lets customers connect using the channel of their choice; and gives them access to quick, easy answers to simple questions, so that staff are freed up to focus on the more complicated queries and building deeper customer relationships.

Chatbot interactions will also produce more accurate data on why our customers are getting in touch, which brands can use to better identify common problems and develop solutions.

As well as deepening customer relationships, AI in Fin-Tech also has the potential to improve security. Telephony services can make use of speech-recognition technology to verify the caller’s identity, but AI, in particular Machine Learning, can be used in real time to prevent fraud.

AI has been something of a hot topic in the world of sci-fi, with the themes ranging from the uncomfortable to the apocalyptic. The real world has not progressed that far. However, as AI becomes more capable, the onus is on the financial services industry indeed, on every business introducing AI into the workplace to make sure that they deploy AI in sustainable, intentional and responsible ways.
That means thinking carefully about the speed at which AI is deployed, the roles it takes on, and how employees can continue to add value. Where appropriate, that means putting measures in place to re-train or re-deploy employees. Businesses must be proactive when it comes to AI, as its impact will be as wide-ranging as it is inevitable.

And then there is cryptocurrency, that aspires to become a part of financial set-up and is making significant headway in 2017. Cryptocurrency may have heavily-regulated issues to deal with in the years ahead, if it has plans for an acceptance and a sustainable global future.

The emergence of Bitcoin has sparked a discussion concerning its future which of alternative cryptocurrencies. Despite Bitcoin’s recent problems, its success since its 2009 launch has impressed the creation of different cryptocurrencies like Litecoin, Ripple and MintChip. A cryptocurrency that aspires to become a part of the thought financial set-up would have to be compelled to satisfy terribly divergent criteria. whereas that chance appearance remote, there’s very little doubt that Bitcoin’s success or failure in handling the challenges it faces might verify the fortunes of alternative cryptocurrencies within the years ahead.

In summary and from the conference, here are five international payment points that are changing the world.

1. The power of mobile banking is being unleashed across borders

Mobile banking is nothing new, but its status in the developing world is being elevated thanks to ubiquity of mobile phones and cellular networks. But what happens when money needs to move across a national border and over to a different mobile network?
By developing smarter ways of integrating with, and crossing networks and borders, companies like Beyonic, for example, allow businesses to make two-way payments across borders and telecom networks with the security of a normal bank but over a mobile. This is leading to a growth opportunities in African nations, where smarter, more connected businesses can thrive with minimal infrastructure investment.

2. Payments are adapting to a global and migratory workforce

We’re living in a time of global migration, where workers are able to travel to meet demand for their services. They’re often far from the places where their earnings would do the most good; in many cases, they find it hard to transfer money back home, especially if it’s a rural area. Fintech is offering solutions to the growing need to send money to these kinds of places with services such as Valapay, which recruits local affiliates to work as ‘Human ATMs’ in places where infrastructure is weak and transfer fees are high.
Transferwise, the crowdsourced currency exchange service that grew out of the idea of ‘swapping’ currencies between consumers to lower the cost of exchanging money. It’s one of a number of fintech companies that have revolutionaied the way we make payments

Money from official development assistance is dwarfed in comparison to the amount of money being sent home by workers abroad. In 2016, three times more money was remitted internationally than was sent as aid. By giving the migrant workforce a chance to send money efficiently, and with lower fees, fintech can help raise standards of living where it’s needed most.

3. Cross-border e-commerce

By 2020, it’s expected that some 940 million online shoppers will spend almost $1 trillion on cross-border e-commerce transactions. The rising number of purchases made on devices like smartphones and tablets in particular will continue to help propel this growth, with shoppers taking advantage of being able to quickly and easily purchase goods whilst they’re on the go. World First, whose business is to facilitate cross-border payments and settlements, is helping this global boom by offering businesses and consumers a wider range of ways over how they get their money between countries in an efficient and cost effective way.

4. Lending in developing economies is growing

Companies like Oikocredit and Lendwithcare have made it easy and commercial to invest small amounts of money in small businesses in the developing world. The World Bank estimates that 2.7 billion people lack access to basic financial services, so by offering communities and businesses ‘microloans’ to buy materials or equipment, initiatives like these can support steady growth in poorer regions.

Although returns are modest, this process is risk-assessed and managed with oversight, and with interest rates low across the board in the West, the advantages of investing in these economies are clear.

5. We are seeing the emergence of real-time, anywhere payments

The emergence of national real-time payments systems such as Faster Payments in the UK, plus the development and uptake of mobile P2P services on top of them like paymare evolutionary steps show that a global, cheap and instant way to move money is possible. Instant payments mean more trust between people, with the benefits that will bring to the supply chain. Instant payments also mean more efficient, responsive business, less reliant on credit and with less exposure to risk. McKinsey’s latest Global Banking Report found that banks are likely to step into this space by merging or collaborating with fintech companies, so a future of traditional banking and fintech working together even more is already on the cards.

In conclusion, an innovative leap is currently taking place under the keywords of social media and Fin-Tech. Many banking services are being redefined. This includes technologies related to e-commerce, mobile payments, crowdlending, crowdinvesting and asset management. My belief is the result will be a future in which many services are only offered electronically.
Countless finance apps exist which generate added value for clients. These can be used to query master data, receive business news, create portfolios, enter payments, draw up charts, convert currencies, etc. These key challenges that banks and merchants need to know and have solutions ready when embarking on real-time payment processing.

See Arvind Sankaran’s quote: