#131 RE-RUN AI and Technology, Key Drivers for Scaling and Optimising the Value Chain with Steve Monaghan – EVP, Chief Digital Officer

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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!

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