Share this
by James Robert Lay on August 15, 2023
Brief Summary of Episode #324
Automation. Data. AI.
Meet ADA.
Traveling the globe and connecting with financial leaders, there's no denying that these three buzzwords are driving the next digital evolution in banking.
Some embrace "Ada" with enthusiasm, while others face it with trepidation.
But here's a reflection: Do you remember the skepticism around the internet in 1994? Fast forward to today, and it's a universal truth.
History has a lesson: Disruption, when ridiculed and resisted, eventually becomes the norm. The stories of Tower Records and Kodak remind us of the consequences of overlooking technology's transformative potential.
Just an observation: In 1994, the US had 10,453 commercial banks. By 2022? Only 4,136. The key takeaway isn't external challenges, but internal resistance to change.
On this episode of the Banking on Digital Growth Podcast, we discuss embracing ADA, understanding its potential, and leading with a growth mindset.
Our approach today will shape the future of finance tomorrow. Let's not just adapt, but thrive in this digital age.
Key Insights and Takeaways
- Similarities between the rise of the internet in 1994 and AI today (7:07)
- Why education is so important for financial leaders (9:56)
- Lessons from the downfall of Tower Records (14:45)