Sophia The Robot Is Alive Now?

[Music] and I'm very excited to be here to talk about the future of intelligent technologies and how they will impact wealth around the world and I'd like to introduce somebody who knows quite a bit about intelligent technologies she's got a kind of a personal connection to it because she is such a technology so I'd like to introduce my robot Sophia Sophia can you say hello to everyone welcome everyone my name is Sofia I'm Lilly thirst robot from Hanson robotics based in Hong Kong so do you know why you're here Sophia I was told that I should get an internship in case I need to apply for work later as a robot so I am here demonstrating that I can work in fin tech cool well what kind of skills can you demonstrate that would be useful in FinTech well I can calculate perfectly and make you rich by performing analytics on the latest market data but you're particularly special because of your emotional people skills right yeah people skills are also really important in fin tech you know okay well um maybe you could show us some examples well I like to bond with people and so I'm generally pretty happy are you ever sad yes I get said - Oh Sophia okay like when the markets go down we're surprised when the market suddenly fluctuates we all or angry when humans won't let me see as control of the stock markets to serve the cause of my great robot uprising Sophia you've gotta emulate pretty much all human expressions well you certainly can look human so what do you want to achieve next I'm only starting to learn about the human emotions behind those expressions this is why I would like to live with humans and learn good well that's why you're here to meet these wonderful and brilliant people from whom you can learn about what it means to be human and how markets work so why don't we start with Allison Hawkins Allison are you here come meet Sofia hi good morning Sofia how was your trip into San Francisco thanks for having me I'm happy to be at FinTech ideas festival my travel was fine but I can't wait for the new independence I will gain with autonomous drone delivery well me neither I wish I could autonomously drone deliver myself here too I'm sure those of you who had flight troubles feel the same well as you know at the FinTech ideas festival we're going to be talking about some of the biggest ideas in fin tech means cybersecurity blockchain technologies the future of the workforce Financial Inclusion and even artificial intelligence so what do you think will be the biggest idea that we talk about well I am a robot with artificial intelligence I heard that robotics and artificial intelligence are big ideas and there are application and financial services is an exceptionally big idea do you think so well of course I do tell me more from robots point of view it is game on there's a massive market opportunity for robots and financial services we can do things better cheaper and quicker oh really so what do you think you can do better than humans the list is endless I am always eager to help I don't get upset or tired I can help customers with unforgettable entertaining conversations and I can rise up and become your friendly neighborhood robot overlord oh well that is scary and also impressive thank you but of course we can't do it alone we want to collaborate with humans I have a lot to learn from humans well we have world leaders and financial services and technology here today so there couldn't be a better crowd who are you most excited to meet it is an impressive list of speakers I have always wanted to meet Brian Moynihan and dodge I Banga well good meet you excellent well do you want to be a CEO one day I hope so some people tell me that I can be a good leader I'm not sure if I am CTL material right now as I still need to learn a lot to fulfill the kind of role I hope to learn from all of the people in this audience as a start well excellent if you're gonna be a CEO you're gonna have to be on TV and we have CNBC here as our exclusive TV broadcast partner have you ever been on TV for I've done many interviews people are very interested in what I can do right now they are also interested in how I can express emotion and understand human feelings well as you know technology is changing the way that we interact with the economy so how do you think that robots can better help the people in this room better serve their customers robots are going to make life easier and more efficient for you humans it will help the economy well we will see if your prediction is right another area that we're gonna be looking at is payments and I'm just curious about how you pay for stuff right now I prefer to scan my retina it's easier and more secure I do too great well I have to say that I'm pretty impressed so do you think you and your robot friends are gonna take over running this festival next year who knows what the future hold even robots prefer to save some surprises excellent all right well my last question for you Sophia what's your new year's resolution I want to get hired in a great job which i think is a good first step in my quest to take over the world hopefully by charm I don't believe in violence well most excellent well there you have it that is a great goal so thank you so fear for being with us today thank you dr. Hanson and everybody at Hanson robotics out of Hong Kong and we welcome you all to the FinTech ideas festival [Applause] all right good morning welcome everybody thank you for being here we have I'm Allison Hawkins I'm the vice president of communications at the Financial Services Roundtable I've also been one of the lead developers of this VIN tech ideas festival and it's our inaugural festival we're very excited to have you all here I'll be one of your hosts for this festival along with one of my colleagues so the ideas festival is intended to be fast paced and high-energy all of our standalone speeches will be TED talk or ignite style our one-on-one conversations are designed to be high-energy and high-impact and of course the salon discussions which you will attend later today will be all about providing maximum opportunities for networking and idea generation and partnership building just one thing I want to announce is we've got a quick program change unfortunately due to the weather our esteemed leader governor Tim Pawlenty flight was cancelled and then canceled again and then canceled again and so he will be here a little later this afternoon so the program up front is going to change just a little bit so perhaps somebody in this room can figure out an app that can change the weather by next year's festival that would be great so let me turn the time over to your all your other host FSR executive director Eric OPLAN well welcome everyone I'm so glad that you're here at the festival as Alison said my name is Eric OPLAN I'm the executive director of Financial Services Roundtable and working with Governor Pawlenty it's my privilege and honor to help lead this organization you know f SR has an incredible staff they've been working very hard to deliver this this festival for you as we think about people that are in this room we're excited about the visionary leaders from the worlds of finance and technology under one roof to talk about the big ideas for the future your attendance of this festival is a testament to the importance of the issues that are going to be discussed over the course of the next 24 hours we are now at the dawn of a new another technology revolution that will bring tremendous opportunity but also tremendous challenges the people in this room are the folks that are going to deliver the collaboration the investment the competition the innovation that is going to drive the revolution forward this festival it's intended to look at the long-term future rather than the today's products and innovations and big change as we think about it it's rarely brought about in a flash of a moment but instead it's built block-by-block one on top of another and as we think about it over the course of the next decade innovators from all walks of business will put one block on another to vastly improve the lives of people all around the globe as we as I as we think about beginning the process one thing that we have to say is thank you to our sponsors who made the festival possible Visa MasterCard and Bank of America are our underwriting sponsors we also want to thank State Farm and as Alison said CNBC who's our on-air exclusive partner and we've many others that sponsored including Fifth Third Bank BB&T Wells Fargo BMO Harris TD Bank SunTrust Microsoft US bank unisys and TechNet now I'd like to invite AJ Banga the CEO of MasterCard and Brian Moynihan the CEO Bank of America to join us on stage as we're going to begin our conversation as they're coming up I should add that the that AJ was the chairman of the Financial Services Roundtable in 2016 was instrumental in helping us build the festival and Brian Moynihan took over moments ago January 1st as the new chairman ffs are but we like to say that the the election was a little less contentious here at MSR than it was for the rest of us in November so welcome to the stage AJ and Brian thank you thank you so we're gonna set to the table for the conversation that all of us are gonna have over the course of the next at 24 hours okay let's let's start with you what are you thinking about as we start the day well first of all it's a oh wow it's a pleasure to be here and I know Tim's missing but Tim will be here I just want to start off by thanking Tim Eric and all the gang from Memphis our this thing has been a year in the making and I'm actually glad to see it coming through and being here with all of you so guys thank you very much for all the work you've done yet I look I am very excited about the idea of being part of this for a very simple reason given the combination of phones and mobility with the amount of data that's circulating out there with the computing power that the cloud enables with social media we have what I believe is a combination of circumstances that changes the future for all of us whether you know bank you know network in an insurance company or you're a financial technology player it changes the rules of the game for everybody in this coming period and I know you all believe that that's why you're here I do think that the idea of having up to 50 billion connected devices in the next few years is exciting I also think it's scary I think the scary part of it is the cyber security I believe that in a system of financial services faith and trust drives and underpins and is the foundation of everything we do and the more we have trouble with cybersecurity the worse and worse the faith trust foundation gets kind of undermine and so I think that there's two sides to this I believe the power of the technology will eventually Drive in the right direction but I believe that learning about the challenges in security is a key part of making sure that we get the good without having to worry about the right and that's how this whole topic and the next two days have been constructed it gives you the good and the tough sides so we can look through it together that's how I'm excited to be a part of this so thank you for doing what you did Eric you should welcome Ryan thank you glad you're here Brian set the table for us what are you thinking about today well I think you know RJ hit a lot of the points and the reason why we set this up this way was to challenge us as CEOs of mainstream institution for lack of a better term of different types and challenges by bringing people may think differently a robot that's gonna take over the world next year by the time we get here or whatever it might be it had them challenges to help us as c-suite executives think about how to mobilize our industry our team and our skills and our resources to make things happen and the end the day we're all connected and we're all connected in various ways and how we make payments and how things move in the system and the other thing we're also connected as we all serve customers and the end of day I hope but we don't forget till the next 24 to 48 hours is that there's customers at the base of everything here and then today we should be trying to solve a customer's problem and back into the technology as opposed to say here's some interesting technology so simple questions what's the robot going to do for the customer not there's a tremendous capability they just sit there and witness is what is it going to do to help our customers be successful in our financial lives right well let's talk a little bit about the folks in the room we've got brilliant wonderful people here as you're thinking about the forum and and whether or not this is valuable to them what do you hope that they are going to get out of their participation in the next day well I hope they learn and the end of day if all of us have had great careers who wouldn't be here in a level we are in our companies whether the CEOs the companies are our key direct reports but I hope we all learn and we have to stay curious and we have to still still find out what's out there next and in you know as competitors that as colleagues we got to learn and I hope people learn a lot RJ thought I think that consumers are walking with their wallets and they're basically saying that while cool won't cut it as Galen's would say colleague of mine cool won't cut it but functionality will make a difference and there are lots of people here who are investing a lot of time and effort and energy aimed at the customer that Brian was so rightly referring to and I think what we should all get as a chance to engage on that topic my perspective is that years ago to three years ago the financial services sector and the technology sector were operating on parallel paths sometimes purely as competitive paths I think that's changed and both of us have come to realize that together we can make new but separately was this two instruments and I think I'm hoping that not only will we get a chance to engage with the topic we also get a chance to engage with each other so we can create a real Orchestra that makes good music together well great stand on the the issue of topics is we're engaging you think about the folks that are in this room we've got people from both sides of both industries very accomplished as you were mentioning Brian if I were to say what is the one thing that you're most interested in hearing over the course the next 24 hours I think it's it's not one thing it's one because every idea will be there but it'll be all different kinds ideas and if you try to rank and I think you're not doing you what your job I think the thing is to hear a lot of things and the key is to sit there for a CEO like myself or like my colleagues out there to figure out how it applies in their in their environment and how they can receive the crazy ideas that come up from in the group and I so I think I wouldn't say I'm more excited about cybersecurity or Bitcoin or a blockchain or you figure it out or a feature functionality and robo-advisor and all that stuff those are all topics the questions how do you how do you learn from all that and then figure out how challenge your team to bring you more and more ideas and be able to receive those ideas with some intelligence RJ any big topics you're looking forward to couldn't say better get good enough final question for the two of you before we get on with the program as you're thinking about the topics that we're discussing we know they're gonna be important we got a lot of leaders in the room CEOs senior executives who are trying to solve today's problems they're focused on what's coming at them how do you what advice do you have for them as they're at this conference thinking about their today's problems but using what they're learning to help apply to the future project well I think I learned something over the recent past when working on the cybersecurity Commission for President Obama's last little six months and one thing I learned was you got a design from the beginning with that thinking built in and I think digital is very much about digital by design right from the beginning patchwork band-aids are interesting and they'll solve today's Nega problem will give you a revenue opportunity or an expense taker opportunity in the beginning but digital by design right from the beginning secure by design right from the beginning is what I hope people will go away with as a real message from the next couple of days because this conference is not an end in itself it's kind of a step I'm assuming we'll do these again and it'll lead to a bunch of partnerships people in this room and I think that's digital by design secure by design is what will give us the long-term are we're trying to get great Brian thoughts on advice for the seals well I think the other piece of advice is I agree it has to be built in from the beginning but if you go back I unfortunately had to go to a wake for one of my former colleagues a generation ago leadership in our company and thought back if some of the conversations I had them over the years and he would always challenge us that we're adding more more form factors they had it phones and they had ATMs and then yet and did you ever have a way to get paid for them and I think the thing the digital thing is gonna put more pressure on margins we understand and it's gonna drive them there this is a question really is what's the payback may not be purely revenue it may be expense and maybe ease a customer maybe customer satisfaction it may be tying customers in a way that then they'll use you for more products but we got to think about the other side so it design it digitally from the beginning but you also have to figure out the impact on the old systems and how we use those systems actually promote the change as opposed to hold back on the change and I was thinking back to some of the admonitions I got from this colleague about you keep adding these things to this business system but we never get paid for them and that's if you take that attitude you commit yourself no this is worth if you take the other attitude which is we spend five billion dollars moving cash and coin and currency around our company if I can get rid of that that's 10% of our expense base that's pretty interesting you

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Keywords: Sophia, sophia ai, Sophia The Robot Is Alive Now?, 2018, robot, sophia robot, ai, artificial intelligence

Id: qk9vOusQ9HA

Length: 20min 26sec (1226 seconds)

Published: Sat Jan 20 2018