The Banking Executive Magazine - July 2024 Issue

the BANKING EXECUTIVE 44 ISSUE 187 JULY 2024 FinTech and AI Chornicle Professor Geoffrey Hinton, often re- ferred to as the “godfather of artificial intelligence,” argues that govern- ments must implement a universal basic income (UBI) to mitigate the socioeconomic disparities exacer- bated by AI advancements. Speaking to BBC Newsnight, Profes- sor Hinton emphasized the need for reform in the benefits system, advo- cating for a fixed cash allowance for every citizen. His concern stems from AI's potential to displace nu- merous routine jobs. “I was con- sulted by people in Downing Street and I advised them that universal basic income was a good idea,” he revealed. Despite AI's potential to boost pro- ductivity and generate wealth, Hin- UNIVERSAL BASIC INCOME: A NECESSITY IN THE AGE OF AI, SAYS AI 'GODFATHER'