RegFi Podcast
The Future of Financial Services: AI, Bots and the Metaverse
Oct 2, 2024
David Birch, an internationally recognized expert in digital identity and money, joins co-hosts Jerry Buckley and Caroline Stapleton. They explore how AI and bots are reshaping financial services, discussing the efficiencies they bring to transactions and the challenges banks face in adapting. Birch delves into the metaverse's potential for socializing and transactions, while also examining the evolving role of cryptocurrencies and digital currencies in our economy. The conversation highlights the need for ethical practices in this rapidly changing landscape.
34:03
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Quick takeaways
- AI is revolutionizing consumer financial transactions by enabling bots to make faster and more efficient decisions than traditional banking.
- The emergence of the metaverse presents banks with unique opportunities to innovate and adapt financial services for younger generations engaging in digital environments.
Deep dives
The Impact of AI on Consumer Financial Transactions
AI is transforming the landscape of consumer financial transactions, such as shopping for mortgages and credit cards. David Birch argues that while banks focus on utilizing AI to slightly enhance their services, the true revolution lies in consumer access to AI technologies. Customers now have the potential to use AI-powered bots to navigate financial products, making decisions more efficiently than traditional methods. This shift highlights a need for financial institutions to adapt to this emerging trend, as consumer bots may prioritize speed and efficiency over traditional banking practices.
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