One of the ways to benefit from what is taking place is to focus upon where disruption is going to happen next.
Over the last year, a lot of my writing centered around Hollywood and what is taking place there. Never have I seen an industry under such strain in a short period of time. Sure, it is far from out of business and there were things building for many years, yet the crisis seems to be increasing with each passing month.
To me, this is an enormous opportunity for Web 3.0. That is why I keep pushing the idea of video content on LEO along with some other things. We can start the process of throwing ourselves in the ring of fragmentation.
That said, this is not an article about Hollywood. Instead, we are going to concentrate on something else that is being upended.
The End (Altering) of Financial Advice
How often do we say "this is not financial advice"?
Naturally, this is to try and keep the SEC off our backs since providing financial advice without the proper licensing will get you on the Gensler list.
However, the financial services industry is being completely disrupted.
Here is an piece of an article from Investopedia in 2022:
Financial professionals such as stockbrokers and advisors have lost some of their business to online trading websites like E*TRADE and robo-advisors like Betterment. Robinhood is a free online brokerage service that is subsequently stealing market share from traditional online brokers. Robinhood. “Investing for Everyone.” Many banks are giving customers the ability to deposit checks via mobile apps or directly at ATMs, reducing the need for human bank tellers. payment systems like Apple Pay and PayPal make even obtaining physical cash unnecessarily.
This is an important concept to follow along with.
We have an industry which was disrupted a great deal by FinTech. There is also blockchain to contend with which allows for the transfer of money, without any financial intermediaries.
If that was not disruptive enough, we see the emergence of AI. One does not have to delve too deep to find out the impact chatbots are already making. As these systems get even smarter, what will the potential be?
Many believe they will be able to offer financial advice. Here is where a platform like Leo could benefit.
Automated Robotic Advisors
This is something that was touted for years.
Personally, I probably first heard about the concept about a decade ago. There were a number of firms that pursued this path towards the ends of the 2010s. I honestly did not follow them enough to know how they did.
Whatever their results, it is likely that the impact is much greater today. With the technology advancing at an accelerated pace, how long before the results produce outpace the humans?
The thing about finance is much of it boils down to numbers. Here is where computers excel. While language can be a challenge, numbers are right up its alley.
We know Wall Street investment banks have long run their own trading "bots". This was often an extremely profitable path for them. With the advancement of AI, is this starting to become available for most?
Even more importantly, could this be a feature built into something such as Leo?
It is likely that over the next few years, we see most of the LLMs broken down into smaller pieces, focusing on specific areas. I would expect the entry to start with legal, medical (already underway), economic, and finance. Of course, this is just a small sampling.
From each, there is going to be a further breakdown. We will see the technology get very specific.
Reverting back to Leo, here is where something like this could be built into the interface. We already know LeoAI is part of the future plan. Could it be developed in such a way that one could utilize the UI for "financial advice"? Naturally, the service is provided by the AI.
Something to think about.