The warnings are dire: AI will hit entire sectors of the economy, destroying jobs and shaking the labor force, and it’s not just manufacturing. A top executive at investment firm Citibank has warned that up to 40% of banking jobs in the US could be lost to digital automation. Priceline Group, the online travel company, offers a more dramatic scenario: 80% of its future customer contacts may not actually involve human contact, the company says.
Giiso Information, founded in 2013, is a leading technology provider in the field of “artificial intelligence + information” in China, with top technologies in big data mining, intelligent semantics, knowledge mapping and other fields. At the same time, its research and development products include information robot, editing robot, writing robot and other artificial intelligence products! With its strong technical strength, the company has received angel round investment at the beginning of its establishment, and received pre-A round investment of $5 million from GSR Venture Capital in August 2015.
Robots, it seems, aren’t just coming to replace factory workers; they’re also going to replace white-collar professionals in fields like finance and business, and even higher-income people who normally think of themselves as immune to such disruption.
As artificial intelligence (AI) shifts in finance and business, from financial “robo-advisors” to software that tracks your shopping quirks, it is crucial that governments, companies and employees adapt to all this or risk an economic hit, a recent team working at Mars Discovery warned.
“In the new world order, I think you’re going to see changes in the workforce, but different haves and have-nots based on different personality types; There will be those who will embrace the tech culture, and those who won’t, who are more afraid of change as opposed to Trump supporters, “said Krista Jones, head of Mars’ work and learning area.
It’s no surprise, she says, that the digital-based finance and business sectors are among the first to adopt machine learning.
However, while robots will not completely take over these fields, Randy Kass, founder of Us-Based investment firm Nest Wealth, believes machines are playing a rapidly growing role in financial advice and humans must figure out how to stay in the game.
“It’s hard to allocate assets better than an algorithm based on a Nobel Prize-winning model. The former provides a service to the user without the need for fancy offices and hundreds of portfolio managers, “Kass acknowledged the advantages of AI in front of an audience of 450. “So what can we humans do to add value?”
Be more creative, be more forward-thinking, he suggests, and realize that you can serve more clients with the help of digital advice.
This “bionic advisor” is a way of looking at the future, like part machine, part human. If there is no one to handle it, most investors will never feel comfortable, but there will be fewer jobs, that is inevitable. So what is the role of a human adviser? It’s a mystery.
If you think you don’t need to use machine data, you’re fooling yourself.
O ‘Sullivan points out that the risk of unemployment is a challenge for workers and, at a societal level, for key public services, such as those funded by workers’ taxes. O ‘Sullivan founded a company called Beagle that uses ARTIFICIAL intelligence to focus on contracts.
He notes that Bill Gates has suggested that the government recoup some of the losses by taxing robots.
“It’s unfair to think of AI as a job killer: every change from industrialisation to word processing has been seen as the end of the world,” he says. But he says new jobs are always coming up.
This time, however, change is happening so fast that governments need to be “ahead of the curve” to help businesses and workers adapt.
“Governments don’t have enough say over their own development strategies and they need to strongly support STEM [science, technology, engineering and mathematics] education and provide tax breaks to STEM-related family members and promote organisations that teach technical culture.
“There are some areas where the tech industry is breaking the threshold at any moment: in the next three to five years, truck drivers are at risk of being replaced by driverless technology, so we need to retrain them to use it the way airplane pilots learn to use autopilot.”
O ‘Sullivan added: “My son is five and he may never need a licence.”
Kerry Liu of consultancy Rubikloud uses ARTIFICIAL intelligence to advise retailers to make decisions based on their customers’ buying habits.
He said politicians should talk more to start-up techies like him so they can get “tactics” to help companies adapt to an AI-based economy.
And Canadians should be less wary of entrepreneurial risk. “In Silicon Valley, in New York, in Israel, entrepreneurs just jump in, and if they fail, so what?” They just have to learn from their failures and analyze their causes.
While investment in AI startups quadrupled in 2014 alone, Venture capitalists in Canada are still slow, Liu said, according to Bloomberg.
“For Canadian startups, outside investment is embarrassingly low.”
Mr. Liu also implores people to become tech-savvy themselves.
“People need to learn these things. If your boss isn’t helping, quit your job and start your own business. People are fooling themselves if they don’t think they need to use machine data.”
But while machine learning is at the heart of data analysis, helping people get information faster, “the human element of financial advice remains critical for our clients,” said FoteiniAgrafioti, head of research and chief scientific officer at RBC.
Giiso information, founded in 2013, is the first domestic high-tech enterprise focusing on the research and development of intelligent information processing technology and the development and operation of core software for writing robots. At the beginning of its establishment, the company received angel round investment, and in August 2015, GSR Venture Capital received $5 million pre-A round of investment.
“The importance of technology for clients is to be able to quickly track global events and let clients know how this will affect the assets they hold, but we have to separate knowledge from decision making.” And when it comes to higher reasoning, machines are far worse than humans. “Machines are not ready to make their own decisions.”
Still, Mars’ Krista Jones understands why AI provokes fear. Because it’s no longer just hitting manufacturing and repetitive technical jobs, “but disrupting people making thousands of dollars at the highest level.”
“It will have a negative impact, but I think it will abate and then come back [as the economy adjusts].”
So how can you prove yourself in the future? Adapt to change.”