Robots of the financial world: a threat or help for humans?
Costly staff
Decentralized technologies have already affected the world economy. For example, following the business results of the Nordea bank over the past year, its management decided to significantly reduce the staff. Does this mean that decentralization will leave everyone without work? Not at all. It’s only the way of working that will undergo complete changes. And not only work, every sphere of human activity will change.
The first and most important thing that modern technologies provide is the simplification of processes and the automation of most routine tasks that today are performed by many people of various professions. Today robots can manage assets, answer calls and customer letters. What will happen when AI will go full force?
Automation of banking services affects personal, corporate, and investment areas. Some robots now can predict future better than humans. Managing crypto portfolios on a volatile market, operating transactions and analyzing the trends — these are the areas where robots show very good results already today.
No more need in people?
According to Bloomberg, the expenses of Nordea Bank for the second half of 2018 decreased by 11%, while the profit for the same period increased by 31%. Such results would be impossible to achieve, even if a good professional was taken to replace every dismissed employee.
Such indicators have silenced even the most conservative market players, and today many of them are becoming adepts of a new technologies. The recognition of a new technologies, in turn, creates demand for IT specialists and experts working with Big Data, that robots can’t replace so far.
Analysts’ forecasts for the coming years sound encouraging: the development of artificial intelligence and its implementation in business processes may increase general revenue by 30%. The largest bank conglomerates like UBS or Citigroup expect that such growth will continue for at least another ten years.
Changes also affect the field of crypto trading. Traders are less and less decide to trade by themselves, building and implementing trading bots instead, that show more profitable results due to the increased trading time. They work 24/7! According to stats, almost 70% of all the operations on cryptocurrency exchanges are executed by bots.
Anyway, every new technology develops by people and for people. Therefore, we hardly have to fear that robots will fully replace us if the humanity will continue to learn as much as robots do.
But robots will always serve to those who search for a better solutions. Just as trading bots do today, while traders just take all the profits.
