Bankers know technological unemployment will effect their industry
By United States Department of the Treasury (http://www.ustreas.gov/news/index1.html) [Public domain], via Wikimedia Commons
Automation is coming to banking spearheaded by technologies such as OmiseGo. Over time the financial industry is going to be automated and in my opinion the financial sector is one of the most easiest sectors of all to automate. The article is interesting because it actually puts the question to bankers and surprisingly bankers communicating anonymously are willing to admit something is in the air.
Within the upper echelons of many financial firms, there’s a lot of soul searching as executives prepare to roll out a new generation of technology. Publicly, they’re upbeat, predicting machines will perform almost all repetitive tasks, freeing humans to focus on more valuable pursuits. Privately, many confide to peers, consultants and sometimes journalists that they’re worried about what will happen to their staffs -- and what to tell them.
In cryptospace we already are seeing hedge funds become decentralized and automated. The idea of the decentralized crypto hedge fund will likely have an impact on the current hedge funds. At the same time if the current commercial entities position themselves wisely then they can not only survive the changes but leverage their current positions.
Cryptospace is not something to fear, and automation is also not something to fear as in either of these cases it improves productivity for businesses. Employees do need to fear though because the employer-employee model is in jeopardy and many people may have to become self employed to survive in the future.
Sergio Ermotti, the bank’s CEO, said in a recent interview that the firm could shed 30 percent of its employees over a decade.
I really believe that in the future wi will have problems with the lack of jobs over the world, as robots, automated processes and computer programs are taking most of the people jobs. Sadly this is what everybody wanted, to have robots working for them and not to do anything, but right now they don't like so much the idea of being unemployed...
So the job of Human in the future is to think of big plans to make miracles happen then ask robots to do the manual work. Human jobs will evolve not end. We need to cure diseases, make recovery for the disable, make this earth green again, prolong our lives, bring life to other planets, expand the human population in this universe, etc. A lot of things to do... for the mission of survival and evolution in this universe for the human race.
wonderful brother
The majority of the stock traders are no longer human. The mortgage brokers will be next, then the credit card issuers.
Such a wonderful information @dana-edwards. Thanks for nice sharing.
Amazing post @dana-edwards
Very interesting to watch how banking will evolve.
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It's first [Public domain] then the url, not sepparated by spaces :)
I look forward to the day that this occurs. However, I fear that it will be an unpleasant process to reach that point, at least here in the U.S. History has shown that the elite of the financial services industry have endeavored to maintain their position at the top.
Through their own weight or through political influence and legislation (that they've sponsored through their donations).
@andrewwu makes a great point about the potential of automation. Being able to divert our attention to more worthy to pursuits would lead to a transformation of the human race. This will require a paradigm shift.
Do any of you agree?