“The development of full artificial intelligence can spell the end of humanity. It will take off on its own and redesign itself at a constantly increasing speed.
About a decade ago, Stephen Hawking, one of the world's most famous theoretical physicists, issued this harsh warning to the BBC. He warned that humanity's pursuit of thought machines might ultimately threaten our survival.
Fast forward to today and the alarm bell will ring more than ever. From AI-triggered massive layoffs to ChatGPT models, to openly oppose the shutdown command, the reality of AI unfolds in shades of grey, far more murky than most of us imagined.
Where is this path with AI and what does it mean for the future of finances and society?
To discuss this fascinating topic, Vincent Fong, editor of Fintech News Malaysia, sat down with Foong Chee Mun, CEO of YTL AI Labs and chief product officer of RYT Bank, for an honest conversation about AI promises, dangers, and significant impact on finance and society.
What is the biggest threat to humanity of AI?
“Technology itself is not evil. Technology was invented for its inherent good, but unfortunately, due to all its inherent benefits, it can be used in the wrong way,” says Chee Mun.
He warns that we underestimate how much society will change with AI. “We underestimate how common AI is in the very near future.” He shares that there is no precise way to measure AI use, but it can, say, soar from 15% to 80% to 90% over three years.
Vincent shared it alongside his smartphone. From there, Chi Mann points out that no one foresees their complete domination in everyday life. But unlike medium smartphones that simply connect people to content, AI represents something deeper.
“AI is intelligence, it's the final product. And then intelligence comes in. It's woven into our daily lives, our work, our business.
He shares that as a society we should stand up when work is being carried over to AI. He raises two inspiring questions:
“How can we help people who are evacuated? How can we embrace technology and use it to educate the next generation.
Raising children to succeed in the AI world
Chee Mun also talks about preparing the next generation for the future of his work.
“This is probably the first time in history where parents don't know how to give career advice to their children,” he pointed out that many of today's roles, such as data scientists and LLM engineers, did not exist 10 years ago.
He predicts that by the time his own 11-year-old enters the workforce, a whole new title might have appeared.
@fintechnewsnetwork “Does your job exist in two years?” 50% of employment could be evacuated by 2027. In this clip, Chee Mun Foong, chief product officer at RYT Bank, shares why we can no longer prepare our children, or even ourselves, for our future careers. @rytbankmy #fintech #ai #jobs #innovation #artificialintelligence
♬Original Sound – Fintech News Network – Fintech News Network
He continues to say that the focus should focus more on human factors, rather than abolishing AI.
“You can't leave your AI or computer, but you can leave your computer out humanly.”
Chee Mun Chips says you have to continue learning all life to adapt and survive. The days when university degrees can set people for a single career throughout their lifetime.
How Ryt Bank wants to redefine the bank
RYT Bank, which is aiming for a public release soon, is planning to show the world what AI in the banking industry really looks like. The bank has already set up a waitlist for early adopters, ensuring that interested users have early access before deployment.
“AI for humanity is invisible for a long time, but this will be one of the few examples of AI interacting directly with you. It's really exciting.”
Chee Mun details, saying that people like him who build these systems know the roadmap. “What you're looking at now is just a hint. It's going to bring more in the near future.”
RYT Bank wants to change the way people generally perceive what banking services are. Banks also hope to change how bank partnerships work behind the scenes. He adds,
“In many cases, banks don't partner with other companies because of the high integration costs. Hopefully, using technology can even democratize some of it.”
Chee Mun expands and shares his particular passion for human interfaces with RYT Bank. It may be the only way that selected people with (physical) challenges can easily access banking, and the only way to add a whole new dimension to inclusion.
@fintechnewsnetwork Banks feel like ChatGpt in just two years. Chee Mun Foong, Chief Product Officer of @Rytbankmy, says traditional banking operations quickly feel outdated. Ryt Bank builds an AI-driven interface. This interface allows you to naturally text messages, send invoices, and pay invoices to your bank. It may change the way we experience banking forever…or it may be too early. In any case, the future of banking is moving forward at a rapid pace. #futureofbanking #aibanking #chatgpt #digitalbank #fintech #rytbank #digitalbanking #foryou #gyp
♬Original Sound – Fintech News Network – Fintech News Network
Chee Mun's bold predictions? We are still underestimating how important AI is over the next three years.
Soon, RYT Bank customers can expect 3% annual interest on savings accounts along with RYT AI, an intelligent bank assistant built to seamlessly handle daily financial tasks within a secure app for Malaysians.
Users will soon be able to snap photos and upload files, and RYT AI will read and automate payment details immediately. The feature is currently in beta.
Watch the full conversation
This article covers only the surface of questions raised by AI. From bold opportunities to the jobs it creates and the jobs it may erase.
Watch the full episode of Fintech Fireside Asia and listen to Foong Chee Mun's unfiltered take on how AI can reconstruct banking, work and humanity itself.
https://www.youtube.com/watch?v=meownkiki5c
Featured Image Source: Fintech Fireside Asia on YouTube
