What’s next for AI and it coexisting with humans
old opinion piece…
After a wide range of Adoption in 2020 we are starting to see that AI and its role is changing the way humans work in the financial industry is significant. With many start-ups now providing platforms that replace traditional intermediaries. A 2017 Gartner study shows that although AI is expected to eradicate 1.8 million jobs by 2020, it will simultaneously create 2.3 million jobs. what does this mean for humans ? what skills would we need ?
After much evidence in recent years we are able to see that AI will completely replace the role of humans in the financial industry — examples of Robo advisory platforms such as Wealthface.com and new insurance companies like Naked insurance are using AI and machine learning to make decisions that would traditionally be made by humans — concerning both stock trading as well as decisions in regards to insurance policies and so on. It is no doubt that platforms like these and many others will replace the role of humans in the future , making decisions, the accuracy of credit loans and other spaces in the financial industry more efficient.
However it could be said that due to this massive impact ,humans will have to gain new insights into other skills , such as managing the maintenance of Bots and the data being fed into such machines — this would be the facilitation and management to ensure no bias data is fed into AI overall. In addition, Humans will have the capability of engaging with other skills beyond the role of AI such as arts and culture and finding a small niche that includes the role of money and its impact upon society ( this is also coined web 3.0)
Moreover, Loan and credit algorithms that can determine the amount of credit an individual is granted like Upstart.com will replace the need for current employees that make these decisions( bankers) , however it could be said that humans will now have to play a more humane role in these decisions such as ensuring the business being granted the credit are businesses contributing to society in a positive light — like that of climate change , enhancing society and the people around them — through education and proof of skill, as well as regulated and legal products are being sold.
As we have seen with AI bias , it is only what we feed the machine does bias come about — so in the end a bias will create a bias , kind will create kind , and its opposite will produce the programming behaviour. In this it is clear that once we control ourselves we can harmoniously control AI.
If the argument I have created above has some truth , it could be said that the role of humans will be collaborative with AI and its role , to an extent humans will not play a role directly into the financial industry but rather an indirect approach.
Regarding the financial industry and its benefits amongst society and the way it thrives towards more beneficial communities. As the impact of AI is coming fast , there has never been a more increasing need for humans to start knowing themselves and the people around them — the need for greater enlightenment and the recognition of reality around them is necessary for humans to actually collaborate with AI instead of being destroyed by it.
AI will not only change the way we’re interact within the workplace but also how we govern our daily lives in space time existence. Ironically the freedom from routine based work modes will allow individuals to explore the creativities of the human inherent in various faculties of the self. Once we can discover this, we are able to move beyond space and time — focusing on the internal combustion engine and what drives us to be human.
Written and edited by Zaydan
February 2020
