Participants*: Aziz Mone and Jimmy Korn,
Online Entrepreneur
Jimmy Korn: Welcome, Aziz! It’s a pleasure to have you with us today here at the Web Summit in Lisbon. While we’re discussing the future of money, I’d love to also explore robots and automation, often referred to as "robotics." How do you think integrating robots into financial services will impact the economy?
Aziz Mone: Thank you, Jimmy. It’s a pleasure to be here at such an exciting event. The rise of robots and automation in financial services is a fascinating development. Robots can significantly improve efficiency, lower operational costs, and reduce human errors in financial transactions. For instance, automated trading algorithms can execute trades far faster than any human could, leading to better investment strategies. This not only increases profitability for companies but also provides individual investors with access to advanced financial tools.
Jimmy: That’s a great point. However, there’s a lot of concern about job loss due to automation. How do you see this affecting the workforce, especially in finance?
Aziz: You’re right to raise this concern. While automation brings efficiencies, it also creates valid worries about job displacement. Routine tasks, such as data entry and basic customer service, may be automated, potentially displacing workers in those areas. However, it’s important to note that automation will also generate new opportunities. For instance, there will be growing demand for roles focused on managing and overseeing automated systems, as well as positions that require human insight, like strategy and analysis.
Jimmy: So, you’re suggesting that while some jobs may disappear, new types of jobs will emerge?
Aziz: Exactly. The key will be for the workforce to adapt and acquire new skills to match the evolving job market. Education and training programs must evolve to prepare individuals for these new roles, with an emphasis on skills that complement automation, such as critical thinking, creativity, and emotional intelligence. This shift will lead to a more skilled workforce capable of working alongside robots and AI technologies.
Jimmy: That’s an excellent perspective. Let’s shift gears and talk about customer experience. How do you think robots and AI will impact customer interactions in financial services?
Aziz: Robots and AI have the potential to dramatically enhance customer experiences by offering personalized services and around-the- clock support. Chatbots and virtual assistants can handle routine inquiries, allowing human agents to focus on more complex issues. This not only boosts efficiency but also improves customer satisfaction. However, it’s important to find the right balance. While automation can increase efficiency, customers often still value human interaction, especially when dealing with sensitive financial matters.
Jimmy: Those are very valid points. Now, let’s talk about the technologies you believe will shape our future. What areas do you think will stand out in the coming years?
Aziz: I believe three key areas will stand out: blockchain technology, artificial intelligence, and investment in education. Blockchain is revolutionary because it increases transparency and security in transactions, which could fundamentally change how we manage and process money. It also has the potential to reduce fraud and streamline financial operations.
Jimmy: That’s true, blockchain certainly has great potential. What about artificial intelligence? How do you see its role in the future?
Aziz: Artificial intelligence will play a pivotal role across multiple industries, including finance, home surveillance, and healthcare. In finance, AI will continue to improve efficiency by analyzing large datasets, providing insights into market behavior, and helping investors make better- informed decisions. In the banking sector, AI is already being used to enhance fraud detection, personalize customer services, and streamline operations. In healthcare, AI-powered systems are revolutionizing diagnostics, predicting patient outcomes, and providing personalized treatment plans based on vast amounts of patient data.
Jimmy: Fascinating! I’m particularly curious about AI in home surveillance. How is AI being used in that space?
Aziz: AI in home surveillance is becoming increasingly sophisticated. AI-powered cameras can not only recognize faces but also detect unusual behaviors or movements. For example, AI can identify when a person enters your home, whether they belong to the household or not, and even track their activities. Some systems can also integrate with smart home devices, sending alerts to homeowners if unusual activity is detected, such as a door being opened at odd hours. AI is improving the safety and convenience of home surveillance by allowing it to be more responsive and proactive.
Jimmy: That’s a really interesting application. You also mentioned healthcare. How is AI helping in that field?
Aziz: AI is transforming healthcare in several ways. For instance, AI is being used to analyze medical imaging, which helps doctors make more accurate diagnoses faster. It can also predict patient conditions by analyzing historical health data, offering personalized treatment plans. Additionally, AI-powered chatbots are being deployed for patient engagement, providing 24/7 assistance and helping with appointment scheduling or basic health advice. The potential for AI in healthcare is enormous, from enhancing patient care to reducing operational costs and improving overall healthcare outcomes.
Jimmy: Incredible! AI is clearly making its mark across various sectors. I also see investment in education as a key piece of the puzzle. Why do you think education is so crucial to this transformation?
Aziz: Education is essential because it helps individuals adapt to the rapid pace of technological change. In a world that’s constantly evolving, acquiring new skills is critical to understanding and utilizing technologies like blockchain and AI. Investing in education doesn’t just improve individual capabilities, but it strengthens the economy as a whole by preparing the workforce to tackle future challenges.
Jimmy: That’s a very important point. How can entrepreneurs and investors direct their investments toward education to ensure future generations are ready for the changes ahead?
Aziz: They should focus on supporting educational programs that teach future-ready skills, such as digital literacy, critical thinking, and creativity. They can also invest in nonprofit organizations that provide quality education to students from all backgrounds. It’s essential to make sure everyone has the opportunity to develop the skills necessary to succeed in tomorrow’s economy.
Jimmy Korn: Thank you, Aziz, for sharing your insights. It’s been fascinating to discuss how robotics and AI technologies can reshape the future, not only in finance but also in human interaction. The integration of emotions into robots could create new avenues for deeper relationships between humans and machines. It’s clear that education and adapting to technological change will be key to preparing future generations for the challenges ahead. We look forward to seeing how this all unfolds.
Aziz Mone: Thank you, Jimmy. This has been an exciting conversation!
This interview highlights the challenges and opportunities presented by robotics, AI in finance,
home surveillance, and healthcare, while emphasizing the importance of education in preparing future
generations for the rapidly changing
technological landscape.
About Aziz Mone
Aziz Mone is an international speaker and business coach, specializing in helping entrepreneurs and companies grow and succeed. With years of experience, he has mentored businesses globally, guiding them through challenges and helping them reach their goals.
Known for his inspiring talks on leadership, strategy, and success, Aziz motivates individuals to live exceptional lives and build impactful, resilient businesses.