AI & The Revolution of Value - Issue #443 November 23rd, 2023

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In this issue of FinTech Weekly, we delve deep into the core of what truly drives innovation and progress in the fintech world: the value of people. The dramatic happenings at OpenAI, involving Sam Altman, cast a stark light on the complex interplay between technological advancement and human-centric leadership. As we navigate through a period marked by rapid developments in AI and fintech, the incident at OpenAI serves as a poignant reminder of the importance of aligning human values with technological pursuits.

Our summaries from various sectors of fintech underscore a critical trend: the need for a people-first approach in an increasingly digitized world. Whether it’s the rise of neobanks like Nubank, reflecting the shift towards more customer-centric banking, or the legal intricacies faced by crypto giants like Tether, the undercurrent is clear – the value we place on human experiences and trust is paramount.

Moreover, the role of AI, as discussed by Qualcomm, in making people more efficient is not just about enhancing productivity but also about valuing time – our most non-renewable resource. This efficiency is not an end in itself but a means to allow individuals and businesses to focus on what truly matters: innovation, growth, and human connection.

This and much more in this issue of FinTech Weekly: discover top fintech news and events and stay ahead of the competition!

Top Stories

    In a dramatic turn of events at OpenAI, the pioneering artificial intelligence company, an overwhelming majority of staff and investors have demanded the resignation of three directors. This unprecedented move comes in the wake of a controversial boardroom decision that led to the ousting of CEO Sam Altman and co-founder Greg Brockman. The revolt, involving 747 out of 770 employees, highlights deep internal rifts and marks a significant setback for a company that had been at the helm of pushing generative AI into the global spotlight. The incident throws into question the future direction of OpenAI, a company that had, until recently, been lauded as a global leader in AI development and commercialization.

    Earlier this year, we analyzed venture capitalists’ predictions for fintech in 2023, and what we found was surprising: Out of a group of 15 peer VC firms, the vast majority didn’t even mention the word “consumer.” Fast forward to today, and that sentiment has persisted. The agenda for the recent annual Money20/20 fintech conference only had a handful of consumer-oriented sessions over the course of its four days of programming. Consumers, it seems, are just not on the industry’s mind.

Podcasts and Videos

    In a recent interview, Don McGuire, SVP and CMO at Qualcomm, delved into the company's role in the ongoing artificial intelligence (AI) revolution, particularly in the realm of generative AI. Speaking with TIRIAS Principal Analyst Jim McGregor, McGuire shed light on how Qualcomm, a key player in the wireless and mobile revolution, is now positioning itself at the forefront of AI advancements. The conversation focused on the implications of generative AI for Qualcomm, the broader industry, and society as a whole, highlighting the transformative potential of AI in enhancing efficiency across various sectors.


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    The European Central Bank (ECB) has raised concerns about the prolonged slump in the commercial property sector, which could pose a threat to banks and investors. High interest rates and economic weakness have impacted property prices, potentially leading to a broader market stress. This situation highlights the interconnectedness of various sectors within the financial industry and the importance of stability in the real estate market for overall financial health.