What if machines manage our money?
Artificial Intelligence has been a very interesting topic for the last 5 years and will keep its popularity for a very long period. As we started to use AI, everything has became smarter. We now have smart phones which can do everything easily. Smart household appliances can now decide the best program for our dishes, laundry etc. Even cars are now getting self-driving machines. It is for sure that we will be using AI more and more in the future but what about applying this to banking?
Banks are the biggest data stores of our capitalist world. 61% of the world population has at least one bank account. That means banks have highly private information of 4.6 billion people in the world. All the transactions that users have are making such information more than 1000 times bigger but the questions are can we use them to make the system smarter? Can this data make us richer and save us to wait years and years to buy a 30 m² apartment? Well, yes! it might do it. I am not sure if it will be available for everyone or the profit rate will be the same but machines are going to make money for money owners without even asking them.
If we look at the vision of Tim Berners-Lee, the inventor of Web, money also will be managed by machines.
“I have a dream for the Web [in which computers] become capable of analysing all the data on the Web — the content, links, and transactions between people and computers. A ‘Semantic Web’, which makes this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The ‘intelligent agents‘ people have touted for ages will finally materialize.”
Tim Berners-Lee and Mark Fischetti, Weaving the Web, HarperSanFrancisco, chapter 12.
The new way of banking will be called The Semantic Bank! Think about a bank system that can see the potential investment opportunities and invest your money or use your money to exchange with winning currencies such as bitcoin etc. In brief, a very clever and very profitable bank system.
I am pretty sure that banks are doing something on the semantic bank but the question is will they want everyone to make money and not losing any?
Capitalism is still in our life and will be for a very long time but it will be transformed into another form with technology. Let’s see together if it will be better.