AI Hacked 2: Reimagine the Future by Elzar Simon

Author:Elzar Simon [Simon, Elzar]
Language: eng
Format: mobi
Publisher: Elzar Simon Publishing
Published: 2020-06-16T00:00:00+00:00

The Big Picture

Artificial intelligence inhabits the digital world. That digital cashless universe is rapidly expanding as more and more companies around the globe digitize their processes and data.

Equally interesting is the rise of mobile applications now fueling a mass exodus from cash transactions to digital commerce.

Years before China decided that they want to be the world leader in AI by 2030, Allen Zhang[101] in 2011 created a mobile application, WeChat. Zhang’s app enables its users to not only connect with each other via social media, but also electronically pay for purchases and even transfer funds seamlessly. With over a billion potential users in China itself, WeChat is a giant leap into a cashless world.

In the corporate arena, there has been an acceleration in the transformation of financial data to digital format over the last 10 years. Furthermore, as a consequence of the emergence of AI technologies, major financial institutions like banks, stock trading companies, and insurance firms have recognized the business value of AI: efficiencies, cost reduction, data accuracy, service availability, and even security and fraud detection.

However, all these benefits to business come with a price tag.

In October 2019, Wells Fargo predicted that over 200,000 jobs will be lost due to automation technology over the next decade.[102]

Even highly paid Wall Street employees are at risk of losing their jobs due to the rise of AI platforms that can outperform humans in data analysis and stock trading.[103]

The more widely financial institutions implement automation technologies, the higher the probability that human workers will be displaced.

At the same time, as more financial transactions become automated and more traceable through the use of blockchain technology, there will remain to be unscrupulous elements in society who will try to break into financial systems. Such criminals will become more sophisticated. Financial crimes will likely involve highly advanced technologies. That said, there will be a growing need for more information security specialists to protect financial systems and data.

As a result, governments will tighten financial controls and will likely implement some form of electronic ID system to allow for speedy access to information and traceability of financial transactions. For one, the Chinese government is known to have already implemented facial recognition in many parts of their country.

In October 2019, France announced that it is planning to use facial recognition as a mandatory digital ID for its citizens.[104] Now that the French government will be taking this step, it won’t be long before the rest of Europe follows.

Another consequence of automation is that nations will likely tighten immigration and give preference to highly skilled workers over human laborers whose tasks can be performed by AI-enabled solutions.

In fact, on February 18, 2020, the BBC News announced to the world, “Immigration: No visas for low-skilled workers, government says.” The news bit explained that, as a result of Brexit, the UK government is urging UK companies to not rely on “cheap labour,” but instead develop automation technology.[105]

As we march into the future, the story will unfold: AI will enable financial institutions such

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