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CG #042: 3 Reminders, 3 Quotes, and 3 Lessons

What I Learned From Fintech Millionaires

Hello 👋🏾

Welcome to edition #042 of the Chase Growth Newsletter!

One letter goes out each Saturday encompassing but not confined to:

  • Tech + Systems To Build Your Brand/Business Online

  • Curated Content Creation Concepts

  • Personal Development Tips

Today's edition be a bit of a longer 7 minute read.

I packed today’s letter with value, let’s get it.

3 Reminders, 3 Quotes, and 3 Lessons

This week I attended Fintech Islands.

Throughout the event, I had the chance to learn from leaders in the space.

To my delight, I did not feel as out of my depth as I did for last year’s event.

However, many things have changed since last year.

Mainly, the advent of generative AI and how it is shaking up every industry.

I took lots of notes, now I will share my best learnings from the event.

3 Reminders:

  • set the bar high

  • failure is a part of the process

  • build companies with real value to society

3 Quotes:

“People and planet over profit!”

“Every challenge presents a hidden opportunity.”

“It’s better to have half of a watermelon than a whole of a grape.”

3 Lessons:

  1. The Three Evolutions of AI

So, here I was thinking I knew a lot about AI.

(Classic example of the Dunning Kruger Effect)

At the event, I volunteered to answer a question about AI.

I did not completely bottle it, but my categorization was off.

Now that I know my mistake, I want to expand on this so you are clear as well.

There have been three stages in AI evolution:

  • Basic AI

  • Generative AI

  • General AI

Basic AI - The use of computers to perform human tasks.

We see this form of AI utilized whenever we are asked to solve a captcha.

It is also the form of AI present whenever we see and use predictive text.

Pretty cool technology, but nothing that gets us off our seats.

Generative AI - Computers create new items based on data given to them.

Think “Chat GPT” or Midjourney.

You give the computer a prompt and it creates a new asset.

For instance, you can ask AI to create a Country song with Lil Wayne’s cadence.

Or, you can ask it to create an image of a polar bear lying on a beach drinking Red Bull.

You would never see these things in real life, but AI makes them possible.

You “train” the AI based on human data and it can use this to create new data.

General AI - Computers create new assets and make self-informed decisions based on those new interpretations of data.

This is the next evolution of AI and where things get a bit scary.

Here is where computers start making brand new decisions about the new assets they want to create, completely in isolation from human input.

Naturally, you can think about some of the problems that could occur here.

Computers can make decisions about removing humans for what they might deem to be the greater good based on calculations (humans are pretty shitty when you think about it).

Here is where computers could pose a threat to us as a society.

Hopefully, we can control the development of AI to allow it to only be used to our benefit.

I believe in humanity and our ability to adapt.

I still believe that AI will never replace humans, but humans who use AI will replace those who do not.

  1. A Huge New Opportunity Just Arose In Fintech!

As a space, Fintech seemed to be slowing down.

Decreased funding for startups, less creative ideas, less new concepts.

However, a huge opportunity was just created in the space of wealth management.

Why?

AI

Wealth management is traditionally a service only available to the wealthy.

For good reason…

It’s hard to incentivize someone to manage tiny amounts of wealth.

The energy you put in compared to the ROI is too low.

With AI taking over automation, millions of lower-income personnel become applicants for wealth management services.

100% Automated by AI.

Watch out for a new startup or even your bank offering new AI-powered investing opportunities soon.

Onward.

  1. Working for a big company does not carry as much weight as you think.

Why?

People are accustomed to interacting with people from these companies all the time.

They have unconscious biases towards and against certain big companies.

Having a “big” company on your LinkedIn does not make you stand out from the crowd.

It causes you to blend into a tier of “corporates”.

How do you stand out?

Build your personal brand.

I already discussed this in length here.

One of the more powerful presentations was given by Christopher Kai.

He reiterated many of the things I mentioned in that newsletter.

It was nice to have my thoughts and beliefs backed up by an “expert opinion.”

Please, do not be left behind.

Start documenting until you are comfortable enough to create.

See building your company or side hustle as building your savings account and see building your brand as creating an investment portfolio.

Some Interesting Finds From Last Week:

📺 Watch this: How Loneliness Is Killing Us

That’s it for this edition of the Chase Growth newsletter.

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If you found no value, please consider unsubscribing.

Until next time, take care.

CH

When in doubt, Chase Growth