Elon Musk is no stranger to pushing the envelope when it comes to technology, finance and business. From dreams of living on Mars to making cryptocurrency a subject of dinner table conversation, Musk is known for his targeted approach towards out-of-the-box ideas. So, when Musk announced that he was working on a coin-sized brain implant chip that could communicate with smartphones and computers, the world sat up and took serious notice. This brain–computer interface device is being developed by Musk’s company Neuralink.
What is Neuralink?
Musk has claimed, among other things, that Neuralink technology can help disabled people move and even restore vision. Founded in 2016, Neuralink (and its related work) has been shrouded in secrecy. In 2021, Elon Musk claimed that the first Neuralink technology product would enable an individual with paralysis to use electronic devices easily. The idea behind Neuralink technology is this: A person with the chip implanted in their brain can link it to their smartphones or computers through mere thought. This would allow them to connect to the Internet of Things and access a range of devices they can control using their mind.
Neuralink technology and fintech
It goes without saying that Neuralink technology will have effects – big and small – on every aspect of society, including healthcare, education and finance. The jury is out on whether or not such technology will predominantly result in the betterment of society. But institutions such as the World Economic Forum have already explored the potential impact of brain-machine interfaces like Neuralink on the global economy.
The fintech world, in particular, will change tremendously with the advent of Neuralink technology. Fintech is the practice of leveraging technology to improve financial services. Today, the fintech industry leans on cloud computing, Artificial Intelligence (AI), blockchain, and big data, among other technologies, to enhance financial services. But Neuralink technology would take the industry many steps forward.
Fintech uses tools such as robo-advisors that study spending patterns and historical consumer data to provide financial advice. But intangible elements such as inherent biases, hidden concerns and personal goals may not always be clear to a financial advisor or documented explicitly. Neuralink technology can make a difference in such scenarios as it can incorporate your most intimate thoughts and emotions into your financial planning.
Consider a scenario where you have a hidden, undeclared expenditure that has not been documented, and hence escapes your financial planner or robo advisor. With Neuralink technology, this expense can be identified and accounted for in seconds if the investor just thinks about it. This would mean more autonomy and flexibility for individuals and businesses.
Neuralink can be used in several such scenarios. Take a look at these situations.
- You are considering buying a house in an unfamiliar city and need a list of home loan options and the best locations in terms of market value.
- You are increasingly concerned about the health of a particular family member suffering from a rare disease, and you need an insurance scheme that covers this condition at an affordable premium.
Currently, these are relatively tedious and complicated financial tasks that require a range of tools or financial experts. But with Neuralink technology, these financial actions can be actively initiated with just one thought.
Bottom line
Neuralink technology, Elon Musk’s experiment with neural technology, if successful, will dramatically change how the world functions. Neuralink technology will benefit the fintech industry by addressing issues like human biases, personalised services and operational delays. The need of the hour is to understand how Neuralink technology can impact the fintech industry and enable all stakeholders to embrace and build on this impact.
