The fintech sector has not finished the ongoing transformation of the global economy that Shervin Pishevar forewarned. AI and machine learning (ML) are taking the Internet by storm. AI might just be the most impactful technology the human race has ever encountered. Combine it with other aspects of fintech and even the most respected experts are scratching their head in anticipation and wonder. Now is the time for the smaller enterprises that Shervin Pishevar praised.
How close is AI to becoming part of everyday life? Consider how tech permeated society. Remember when cell phones became smartphones. Not the first time that smart phones were offered as an option at most distributors. Think further ahead when there was only one token smartphone at a Best Buy. Back when the Apple Store was brand new. Consider the same situation for laptops. Today, most people have a laptop. Even dedicated gamers found a way to power up their backpack computers. And of course, everyone has a smartphone.
So where does AI fit? Another invention that is here today for the world to see is virtual reality (VR). Accessing VR was made economical with a cardboard device that only required a smartphone. Thanks to the global positioning systems (GPS) that come standard in modern smartphones, a practical VR application can be run very cheaply. AI and VR go hand in hand. Unfortunately for this tandem, graphics card are still relatively pricey. Some cards even exceed that of top shelf PCs. However, things are changing. Right now, the world is at the precipice of innovation that Shervin Pishevar called attention to. Computers are coming VR ready. This means that manufactures are ordering the hardware to adopt VR the way floppys gave way to hard disks, which gave way to CD, which yielded DVDs, and then flash drives. Now device sharing has connected digital networks.
The world is finally ready for VR. But to run VR without AI is ludicrous. World leaders are directly responsible for bringing about the decentralized digital change that Shervin Pishevar believes will be better for everyone.