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Human connection in the age of AI

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I was waiting for a flight the other day and I heard someone saying: “We need to put some GenAI in there!”

The image of Tom Cruise shouting “Show me the money” in Jerry Maguire immediately flashed across my mind.

We have reached peak AI frenzy.

Not a day goes by without some company announcing a sprinkle of AI magic in their product offering. While much of this is likely driven by Fear of Missing Out (FOMO), we can’t deny the potential of where the technology can take us.

And it’s captivating.

But rather than worry about whether machines will take over the world, I’m more concerned about the immediate impact that the faceless algorithms have on us, and the lack of guardrails that could safeguard humans from harm and biases.

Some might observe that since prejudices and biases already exist in the world, nothing much will change when decisions become automated. However, while changing the gatekeeper from a human to a machine may not improve the outcome, we could actually make the situation much worse, since there is no recourse after the human gatekeeper is removed.

Imagine you get turned down for a loan due to your credit profile, or you are denied entry to a medical facility due to a mismatched facial recognition. Where can you go for help and who would be held liable for the outcome? Do we truly desire a future where every decision is driven by a faceless algorithm and every moment is optimised?

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What then will become of humanity?

Keeping humans in the loop

We are humans, first and foremost.

In the age of artificial intelligence and bits and bytes, what sets leaders apart is their ability to connect with people , cultivate trust with them, and bring them together. It’s about understanding what drives them, beyond pure predicted productivity gains. As my old colleague, Liat Azulay, reminded us on LinkedIn recently in an article about the power of human connection, “Before we can connect virtually, we must first connect on a human level, extending kindness and support to those around us.

In fact, leadership and social influence, as well as empathy and active listening, rank among the top 10 core skill sets identified by the World Economic Forum in the Future of Jobs Report 2023. Against the backdrop of an uncertain economy, this is particularly important for leaders who strive to build more human-centric and resilient organisations — with trust as the foundation.

As cited in Mercer’s Global Talent Trends 2024 Report, resilient organisations are 1.8 times more likely to balance empathy and economics in decision making. Executives of resilient organisations, according to Mercer, are “1.3 times more likely to say that jobs should be made redundant, not people, amid the continued rise of AI and automation”. Employees need to trust that their managers will have their back.

This circle of trust is also crucial for communities to thrive. As the movie Bank of Dave reminds us, there is another way to bank. Based on the real-life experiences of Dave Fishwick, the owner of Burnley Savings and Loans, the movie tells the story of how Dave seeks a new banking license to open a community bank in his hometown in order to help the local businesses of Burnley that are unable to borrow from a high-street bank.

Caring about people is simply good business.

Recently, the White House Office of Management and Budget (OMB) issued its first government-wide policy guidance to advance responsible AI innovation. Some of the proposed safeguards seek to mitigate the risks of algorithmic discrimination and provide transparency into how the government uses AI. “When AI is used to detect fraud in government services, there is human oversight of impactful decisions and affected individuals have the opportunity to seek remedy for AI harms,” the OMB says.

This is a welcome move at a time when technology innovation and adoption has been advancing at breakneck speed and we are struggling to play catch-up. As AI continues to take centre stage, the next few years represent a unique opportunity for organisations to rethink and redesign their workplace DNA and to support new ways of working augmented by machines, with trust and equity at the core. Even in the age of an AI arms race, we can still reclaim what is uniquely human: our empathy.

Source: fintechfutures.com

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Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)

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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.

Chime’s Quiet Step Toward Public Markets

Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.

With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.

Source: Bloomberg

ZBD’s Pioneering Achievement: EU MiCA License Approval

ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.

MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.

Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.

Source: Coindesk, PR Newswire

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The Fintech-Credit Union Synergy: A Blueprint for Innovation

The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.

This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.

Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.

Source: PYMNTS

Tackling Student Loan Debt: A Fintech’s Mission

Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.

The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.

As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.

Source: RBJ

Industry Implications and Takeaways

Today’s updates underscore several key themes shaping the fintech landscape:

  1. Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
  2. Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
  3. Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
  4. Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.

 

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SPAYZ.io prepares for iFX EXPO Dubai 2025

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Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.

SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.

Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.

“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”

Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.

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Airtm Enhances Its Board of Directors with Two Strategic Appointments

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Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.

“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”

Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.

Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.

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