What Could Possibly Go Wrong?
July 13, 2016
After reading The Atlantic’s article, “Technology, The Faux Equalizer” about how technology is limited to the very wealthy and does not level the playing field. It some ways new technology can be a nuisance to the average person trying to scratch out a living in an unfriendly economy. Self-driving cars are one fear, but did you ever think bankers and financial advisors would have to compete with algorithms? The International Business Times shares, “Will Financial Analysts Lose Their Jobs To Intelligent Trading Machines?”
Machine learning software can crunch numbers faster and can extrapolate more patterns than a human. Hedge fund companies have hired data scientists, physicists, and astronomers to remove noise from data and help program the artificial intelligence software. The article used UK-based Bridgewater Associates as an example of a financial institute making strides in automizing banking:
“Using Bridgewater as an example, Sutton told IBTimes UK: ‘If you look at their historic trading strategies, it’s been very much long-term bets around what’s happening at a macro level. They have built their entire business on having some of the best research and analytics in the industry and some of the smartest minds thinking on that. When you combine those two things, I would definitely expect artificial intelligence to be applied to identify large-scale trades that might not be evident to an individual researcher.’”
Developing artificial intelligence for the financial sector has already drawn the attention of private companies and could lead to a 30% lose of jobs due to digitization. It would allow financial companies a greater range of information to advise their clients on wise financial choices, but it could also mean these institutes lose talent as the analysts role was to groom more talent.
These will probably be more potential clients for IBM’s Watson. We should all just give up now and hail our robot overlords.