I don’t know about you, but lately I’ve been reading more and more about artificial intelligence, also known as A.I. Upon hearing this word I automatically think about the Will Smith movie, I Robot. You know the one where robots have basically taken over jobs, have become our personal assistants, and we no longer drive our own cars because they are self-driving? Well I guess the movie wasn’t that far off considering we’ve already begun the discussions of self-driving cars.
The technology is there, it exists - it is just a matter of time before we all get exposed to it. The only thing it seems, that is slowing down the matter are politicians and businesses battling out regulations. The integration of self-driving cars is a massive paradigm shift in how we travel. It will greatly affect our daily lives, not to mention disrupt many jobs such as taxi drivers, limo drivers, even bus drivers. But it’s there, and we can’t stop it.
Artificial intelligence has also crept into other areas we didn’t really think about, such as financial services. Let me give you a very popular and easy example. Robo-advising. We’ve all heard the term, but what exactly is it? Well, at a very high level and in complete laments terms, it’s a robot telling you where to invest your hard earned money. You no longer need to speak to a financial advisor. You simply go online, answer a few questions and based on your responses an algorithm is triggered and this robo-advisor tells you where to invest your cash. Simple as that. Financial institutions are using it, it is not a fad - it is here to stay.
Why pay a financial advisor a salary I guess?
There are more disruptions; the industry wants to extend this compliance, customer services, product delivery, risk management. As you can see several more disruptions are coming.
But don’t worry, we won’t lose any jobs. As a matter of fact, this will create other kinds of jobs, technology type of jobs, so even if any are lost we will absorb them in another way. Technology is inevitable, advances are inventible, it is a part of life, evolve or die as Charles Darwin has taught us. However, I have to sit and ask myself, is everything replaceable with a machine? Is the human touch not important anymore? Is not listening to your client compassionately about some life circumstance, such as a loss of a loved one important? Are we to truly think that the logical, mathematical route is always the best way to service our needs? Do all types of careers need to be automated and replaced with artificial intelligence? I mean what next? Will our doctors be replaced by A.I as well? Oh, yeah that’s right, they are.
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