The Future with Artificial Intelligence and Machine Learning
Many of us in the financial industry have always felt that we could never be replaced by technology because we built trusted relationships with clients. They relied on us for our advice which was gleaned through education, training and years of experieince. That was something that technology could never do nor replicate we told ourselves.
I am now convinced that those days are numbered. And not just for the millions of bankers, brokers, investment advisors, and other financial professionals but for lawyers, doctors, accountants and any other professional that makes a living by providing advice to clients. Think about who you would want to trust with investing millions of dollars, a critical legal problem or how to deal with a life threatening disease. A human or a computer with infinitiely greater intelligence resources and data? Maybe not today right now, because its such a new concept and certainly the technology has a ways to go. But if (and its only a matter of time with technology), you were sure of getting a better, state of the art, non- emotional, decision from a computer, wouldn't you make that choice?
Lets face it, humans make mistakes, are not always ethical, and can be biased in their decision making by irrelevant stimulus or emotion. A machine decision based on learning from millions of previous outcomes and analyzing them along with the latest available data on the subject is simply a much better and reliable source of advice. There are still bugs to be worked out and the process needs to be perfected but there are already intelligent chat bots that have helped me through problems better than people have in the past. (As an aside nothing is worse than bad AI which should be called Artificial Unintelligence - if you've ever cursed at a chat bot you know what I mean.)
Where does that leave all the professionals? "Clients still want someone to talk with", they argue. Yes but for how much longer? Five years? Ten Years? Younger people seem more comfortable dealing with their phones than interacting with humans. When it comes to providing advice I'm afraid eventually humans are not going to be able to compete. Just like "Death of a Salesman" the ending is not pretty.
My advice is learn to code!
#futurist #fintech #technology #banking
Department of Defense Account Manager at DocuSign Federal
6 年First a PROSPECT buys from THE SALESPERSON, then he buys THE TECHNOLOGY, and lastly THE COMPANY
Senior Sales Consultant and Sales Communications Professional
6 年So true!!? Having been in the sales training industry for over 2 decades, I have witnessed the demise of "traditional sales" Struggle,? die, or adapt!? Life is about change,? Finally, the role of traditional sales is on the wane!
Guiding Multifamily Investors to Secure More Funding with Specialty Finance Solutions | Florida Live Local Act Advisor | Smart Tax & Expense Reduction Strategies to Maximize NOI & Valuation
6 年Been following this topic.? I think it can serve us incredibly if we use it to enhance our work.? First, repetitive, mind-numbing, production oriented tasks will get replaced..but that can free up our time to handle more creative, strategic and thoughtful work.??
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6 年General Provision is hosting a Machine Learning Hackathon on Oct 13 & 14. Attendees will use technologies to solve problems that are important to the community. Previous hacks have included programmable telecoms (voice, video, messaging), internet of things, cloud computing, robotics, speech and face recognition, mobile payments, enterprise communications, decentralized web, blockchain, encryption, open source, and many more. Join us!