#131 AI & Technology, Key Drivers for Scaling and Optimising the Value Chain with Steve Monaghan – EVP, Chief Digital Officer
Steve Monaghan is the Chief Digital Officer at Riyad Bank. He has a series of investments in banking and insurance using AI and new technologies in order to improve efficiency.
He started out as a commercial pilot working 22 hours a day, running the aviation company during the day and flying at night. His first contact with data came when he started using spreadsheets to automate tasks and accelerate the time in which he got them done. He was able to quote 3 days before any of his competitors and his business boomed. This gave him a great insight on the impact technology can have.
His career then moved from flying into technology. Within this industry, he has learned that people have a learning curve and for them to adopt change, they first need to understand it. You need to show people how processes and systems work for them to understand and accept them. That’s the reason why he thinks curiosity is such an important trait.
For Steve, the three core laws of technology that drive data science and AI are:
Moore's Law: processing power doubles every 18 months for the same cost.
Metcalfe's Law: the value of a network grows by the square of the network's size.
Kryder's Law: storage doubles every 13 months for the same cost.
He believes these 3 laws encompass the ability you have to assimilate learning into knowledge. The faster you do that, the bigger the advantage you have over your competitors. It’s almost as if you live in their future because you’ll be able to see things they won't see for a period of time.
Stay tuned to learn more about the impressive way he looks at what you can do with technology, the results he’s had and how he leverages AI in business.
Enjoy the show!
We speak about:
[4:05] How were you attracted into the world of data?
[6:10] What happened as a result of using automation in that business and where did you go from there?
[12:55] What is your input about automation and how to know if you are automating the right things for it to scale up and be successful?
[16:20 ] How do you approach finding the leverage points when you move into a new industry?
[23:05] Where would you say your entrepreneurial drive comes from?
[28:50] How important has it been for your career to push yourself out of your comfort zone?
[33:00] How was it working with Jeremy Howard?
[35:50] What things are you working on currently?
[43:40] What do you think about fintechs?
[49:25] Tell us a bit more about your initiatives and projects on financial services and insurance.
[55:20] How aligned is the vision of the companies you’ve been a part of with your perspective?
[56:20] From everything you have accomplished, what are you the most proud of?
Resources:
Steve’s LinkedIn: https://www.linkedin.com/in/stevemonaghan/
Steve’s Twitter: https://twitter.com/Steve_Monaghan
Riyad Bank on LinkedIn: https://www.linkedin.com/company/riyad-bank/
Quotes:
“What technology does is, it arbitrages time, and you get to live in someone else’s future, which is the most powerful proposition on the planet, and especially what data science enables one to do, is to achieve this at scale.”
“One of the main problems in data science and analytics is the adoption of the work, the last mile and being able to have the impact that technology promised.”
“It is all logical, and it is all there , so work it out. Technology and data science is logical, it's only about putting our mindset and attitude towards it and working it out. Because everything we do in the tech space is driven by some level of logic, and if its logical it can be done. Don’t accept your own limitation find a way to work around it.”
“Banks have a wide portfolio, where as fintechs have a narrowed approach and go deep into the value chain of the customer, and that creates and liberates new types of values for the customers.”
“Value comes from optimisation (offerings), that’s where the future lies, which fintechs are able to do, and that holds true for both insurance and banks today.”
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