The Future of Artificial Intelligence Requires Proactivity and Diversity

For the first time, people without technical knowledge can easily tap into the power of artificial intelligence. And as these capabilities continue to evolve, it will continue to democratize technology, according to renowned Artificial Intelligence expert and former Chief Innovation Officer at NASA Omar Hatamleh at Money Experience Summit 2023. 

However, adopting this technology quickly becomes much more complex than the technology itself as human biases and ethics enter the equation, Hatamleh explained. While computers and systems are not biased, they are completely reliant on the data we feed them. These systems are learning, evolving, and mimicking the intricacies we see played out in reality. So as society advances technically, it’s critical for us to take a proactive role in ensuring that the inputs, laws, and practices that inform AI continue to evolve as well. 

For instance, Hatamleh points to the medical field as an example of where a common law in robotics — that a robot cannot injure a human — already requires re-examination. If a robot is being used to perform surgery, it would need to create an incision. Even though it’s considered necessary harm to improve the patient’s health, it is still considered harm which goes against the robot’s code. 

“We need to revisit all the fundamental laws and foundations that we actually established to be able to evolve to everything that we're working on right now,” he shared. 

This is just one example of where technology advancement requires us to rethink human behaviors and practices. Hatamleh shared that children born today will have an average life span between 130 to 140 years.

What will happen to the economy if people live that long? What will this mean for financial institutions and fintechs in meeting consumer needs?

The advancement of AI will require the banking and finance industries to rethink retirement systems, economic models, and more. 

3 Strategic Steps to Prepare for this Transformation

1. Be proactive, proactive, proactive. Instead of being reactive, you need to embrace challenges, get out of your comfort zone, and take risks.
2. New solutions require diversity of thought. It’s essential to be open minded, and the best way to foster diversity of thought is through a diverse team.
3. Collaborate with other industries. The adoption of artificial intelligence is not happening in a vacuum. We need to work with academia, government, and other industries to be able to solve problems that affect all of us. 

Watch Hatamleh's keynote, A Future of Innovation and Strategic Transformation, at the Money Experience Summit.