Microsoft president Brad Smith predicts AI will be as transformative to society as the combustion engine over the next 3 decades

“[The combustion engine] led to the car and the airplane; it led to the truck and the tractor; it changed every part of every economy. I think it’s fair to say that over the next three decades – from now to 2050 – AI is likely to play a similar role in the global economy.”

AI Rising: How companies, police and the public are already grappling with artificial intelligence

  • “Microsoft President Brad Smith, I think it’s fair to say that artificial intelligence will reshape the global economy over the next three decades probably more than any other single technological force, probably as much as the combustion engine reshaped the global economy in the first half of the 20th century.”

    Can AI detangle the spaghetti of banking systems?

    • “Describing interactions with senior managers who do not have the educational background in core system machine learning methodologies, he said: “Their expectation is that the answers provided are 100% correct all of the time.
    • Challenger banks’ architecture, she argued, is akin to lasagna, with neat layers that can be dipped in and out of and filling easily added in and out of and filling easily added in between. Incumbent banks meanwhile are more like spaghetti.”

    Ai: Where To Begin?

    • “Digital transformation is shifting businesses from process orientation to platform orientation. Google does not have channels — it has a platform, so it does not need a huge team of human intelligence maintaining each touchpoint.
    • What’s The Key to Success In A Platform? The technology is the easiest part. User adoption is the most difficult part of platforms.
    • The Ubers and Facebooks of this world frequently introduce clever features, quickly and at almost zero marginal cost. They are agile enough to exceed customer expectations without any major implementations, upheaval or cost implications, rolling out new offerings and scaling them up or down — at will.”

    How Artificial Intelligence Will Fuel Asia Pacific’s Financial Services Industry

    • “Financial organizations need to address three key imperatives – how to leverage data and AI for their operations, how to build and maintain trust among their customers, and how to tap on partnerships to drive innovation to stay ahead of the game,” Connie Leung, senior director of financial services business at Microsoft Asia said.
    • there is one simple solution to all this: getting the company’s senior management involved in the AI implementation process.”