Brett King, co-founder and CEO of Moven, explores how artificial intelligence (AI), embedded tech and experience design are reframing banking. As technology has dominated our lives over the last decade, banking has transformed what customers expect in an everyday banking experience. Today, a digital presence is simply table stakes – it has become imperative in how banks engage and more importantly, retain their customers. Despite this progress, less than 5% of banks in markets like the US and UK allow a customer to open an account through a mobile phone. So where are banks today, and what do they need to do to compete with the challenger banks whose offerings are 100% digital?

In 1942, science fiction author Isaac Asimov introduced the world to his three laws of robotics. An incredibly prescient visionary, Asimov started the world thinking about the potential challenges sentient technology might present the world of humanity. In LinkedIn's Financial Services/Fintech survey of more than 1,000 professionals from the broader FI/Fintech space, it is clear that the threats and opportunities associated with A.I. have never been more present conceptually than they are today. When you look at some of the organizations making big bets on A.I. today, the online lists always include technology majors, but we don't yet see banks investing anywhere near the scale of Microsoft, Google, Apple, Alibaba, Baidu and others. Industrial players like Boeing and Tesla are making big bets on A.I., so it is reasonable to expect that we should see big investments coming through financial services also.

First came banks, then came Fintech, now we've got a complicated relationship on our hands. Here's what influencers said last year when we talked about the love-hate relationship between banks and Fintech: Getting back to technology, the nature of the FinTech narrative over the past few years has been evolving. As well, the pace of technology change continues to accelerate. Rapidly evolving advances in artificial intelligence across chatbots, robo-advisors, claims, underwriting, IoT and soon blockchain, add another layer of potential to further shake-up the traditional business model. The rise of startups is a logical step and part of the progress tech has made.

The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for businesses. AI is the science of creating intelligent machines and computer programs that can replace human tasks. Computer programs have vast capabilities to execute tasks quicker than humans can, with embedded algorithms that leave less chance to make human error. Robert Smith, Chairman and CEO of Vista Equity partners said at The World Economic Forum: "Since the invention of computers, we have envisioned that computer systems will take the best of what we think and deliver real time solutions that are more efficient. The desire to leverage really hasn't changed since we were first sparked with that vision. What has changed is that we have scientists, technologies and leaders who have developed new computing platforms such as AI that make this type of computing a reality."

The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for businesses. AI is the science of creating intelligent machines and computer programs that can replace human tasks. Computer programs have vast capabilities to execute tasks quicker than humans can, with embedded algorithms that leave less chance to make human error. Robert Smith, Chairman and CEO of Vista Equity partners said at The World Economic Forum: "Since the invention of computers, we have envisioned that computer systems will take the best of what we think and deliver real time solutions that are more efficient and efficient. The desire to leverage really hasn't changed since we were first sparked with that vision. What has changed is that we have scientists, technologies and leaders who have developed new computing platforms such as AI that make this type of computing a reality."

The Internet and smartphone are just the latest in a 250 year long cycle of disruption that has continuously changed the way we live, the way we work and the way we interact. The coming Augmented Age, however, promises a level of disruption, behavioral shifts and changes that are unparalleled. While consumers today are camping outside of an Apple store waiting to be one of the first to score a new Apple Watch or iPhone, the next generation of wearables will be able to predict if we're likely to have a heart attack and recommend a course of action. We watch news of Google's self-driving cars, but don't likely realize this means progressive cities will have to ban human drives in the next decade because us humans are too risky. Following on from the Industrial or Machine Age, the Space Age and the Digital Age, the Augmented Age will be based on four key disruptive themes - Artificial Intelligence, Experience Design, Smart Infrastructure, and HealthTech.