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AI Saves the Day: Banks Struggle to Help the Poor!
Shocking Truth Revealed: Banks Are Leaving Low-Income Borrowers in the Dust!
In a jaw-dropping revelation that’s shaking the financial world, banking execs are singing the praises of AI! They say these fancy tools can revolutionize the way banks operate and serve their clients. Need to know your customer quickly? AI’s got your back! Want to elevate customer service to new heights? AI to the rescue! Dreaming of wealth management tools for the common folk? AI can make that happen!
But Wait—There’s More!
Sopnendu Mohanty, the visionary co-founder of the Global Finance and Technology Network (GFTN)—backed by the Monetary Authority of Singapore—is raising the alarm: AI must step up its game to get loans to low-income populations! Can you believe that banks are still stuck in the dark ages, when it comes to helping the needy?
The Cruel Reality: Collateral and the Elephant in the Room
Mohanty laid it all out: when you want to borrow cash, banks demand collateral! But guess what? Low-income folks often don’t have anything to back themselves up. “This is the elephant in the room,” he declared, highlighting the absurdity of a lending model that ignores almost a billion people!
Can you imagine? The World Bank says a mere 25% of people in low-and-middle-income countries even borrowed from formal sources last year! What a shameful statistic!
AI: The Double-Edged Sword!
Instead of helping the marginalized, banks are obsessed with using AI to ramp up productivity and slice off good jobs. Mohanty isn’t having it! He insists AI shouldn’t be about firing people but about creating “credible, predictive, golden source behavioral data” that can replace the need for collateral.
Southeast Asia’s Game Changers!
Look out! Southeast Asian companies like Grab and Sea are stepping into financial services, reaching those underbanked customers by leveraging data from their primary businesses. While traditional banks lag, these forward-thinking firms are showing how it’s done!
The Future of Identity: A Radical Shift!
Mohanty is painting a bold picture for the future. He believes in a world where identity won’t be a government-controlled commodity. Instead, we’re looking at decentralized networks that can give people their trusted IDs—what a transformative idea!
Upskill or Bust: The Race Against Time!
But hold your horses! AI could spell disaster for jobs if people aren’t upskilled pronto! Mohanty is sounding the alarm about this impending economic catastrophe. “My biggest priority now is going to be upskilling!” he proclaimed with urgency.
In an ambitious move, Singapore has launched a nationwide scheme to enhance AI proficiency across the workforce, planning to triple the number of “AI practitioners” to a whopping 15,000 in the coming years!
A Shocking Call to Action for All Professionals!
Digital minister Josephine Teo announced that this pool of future AI experts will include everyone—from lawyers to doctors! These brave pioneers will lead the charge, rolling out AI and making things work better for everyone!
Stay Tuned: The Financial Revolution is Here!
As the tension builds in the banking sector, one thing is clear: the time for change is NOW! Will AI be the hero that saves low-income borrowers, or will it lead to greater economic despair? The clock is ticking!
photo credit: fortune.com
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