How do we protect humans and their data in the wake of AI? | Pay it Forward with Theodora Lau

The AI hype is real, but how do we protect humans in the wake of this new phenomenon? In another great edition of the Pay it Forward podcast hosted by payabl. we speak to fintech author and thought leader Theodora Lau, who unpacks this very question. Not only that but Lau, who is the founder of Unconventional Ventures, also discusses evolving consumer behaviours and the prevalence of fraud in the financial industry.

The topic of AI is bound to garner a variety of opinions and rather than getting a glowing appraisal here, we get some interesting and important insights on how to consider pathways for human workers in the wake of the AI boom. There’s no question there’s an increased appetite to implement it in financial services and a lot of people are deciding what purpose it will serve. But as it becomes more and more popular, the unavoidable question is what impact will it have on workers? This was a sentiment also shared in a recent piece by Hannah Duncan.

In this episode, Lau emphasises the importance of data security, regulatory compliance, and suggests that we should focus on upskilling initiatives to ensure responsible deployment of AI in financial services.

Lau and host Doug Mackenzie also discuss consumers changing preferences when it comes to payment methods, noting the shift from cash to digital transactions and the increasing demand for diverse payment options. They highlight how economic factors like increasing debt and geopolitical tensions are influencing consumer spending habits. This is prompting businesses and payment providers to innovate with new models such as Buy Now, Pay Later and subscription-based services.

We also get an in depth look at what customer-centricity in financial institutions really means, a topic we’ve covered before in other videos. There’s a real need, Lau says, for personalised services that cater to the diverse needs of consumers, including small business owners, gig workers, and immigrant communities.

As if that wasn’t enough, the conversation takes a broader perspective as they consider the role of the fintech industry in addressing global challenges such as climate change and environmental sustainability.

And the discussion touches on the pressing issue of fraud in digital payments which by all accounts is growing in the wake of increasing transaction volumes. They share anecdotes of fraudulent schemes targeting vulnerable individuals, highlighting the need for increased vigilance and proactive measures to combat fraud. There’s more to be uncovered in this podcast which is aimed at delivering some of the best and most insightful thought leaders in the business..