Brett King: Banks should be ready to implement AI

ArmInfo. A "smart" economy requires Artificial Intelligence (AI) technologies, and in this regard, the readiness of banks to implement AI is extremely important. Brett King - world-renowned futurist, the founder of a new  banking concept and bestselling author (Bank 2.0, Bank 3.0, Breaking Banks, Bank 4.0, The Rise of Technosocialism) stated on April 3 during a briefing on the sidelines of the Doing Digital forum in Yerevan.

At the same time, he noted that as of today the leaders in the world  of fintech are not banks, but companies that actively use fintech,  such as RevolutPay, Alipay, etc.

In particular, the expert noted that 20 large financial technology  companies in the world serve about 4 billion people, while 20 large  banks serve 2.5 billion people. "These companies are growing at 2.5%  y-o- y, which is not a high figure, but it is growing," King said,  noting that the revenues of 20 fintech companies increased by 45%,  while the banks provided 15% growth alone.

In this vein, the futurist noted that Armenian banks have a lot of  work to do. In particular, according to him, there is no fintech  licensing in Armenia, which allows working in the banking system,  etc.  At the same time, Brett King, speaking about the potential of  Armenia, noted that the issue of its membership in the EU is  currently being discussed, which will open up new opportunities and  markets.  And here Armenia faces an important task: to attract  talents and investments," he said.

In his opinion, some preconditions have already been provided. In  this context, King pointed to the simplification of certain  procedures, in particular, the possibility of obtaining a digital  visa, which will allow foreigners to develop activities here, as well  as the availability of good Internet connections. In particular,  regarding the Internet connection, King noted that it is of better  quality in Armenia than in many Central European countries.

"I think you can invest more in the telecommunications sector, which  will improve online banking services," he said.

SPRING PR is the organizer of the Doing Digital Forum, Ameriabank is  the fintech partner. For the second year in a row, the innovation  partner of the event is Visa, the investment partner is Apricot  Capital.  The event is designed to bring together industry leaders to  identify the latest trends in digital transformation and share best  practices. The Forum strives to become the best platform for  identifying new ideas and technologies and forming professional  connections.  Doing Digital was first held in 2023 in Yerevan with  the support of Ameriabank.