Lifeboat Foundation

Nice! Robo-advice will be accessed by investors worth $2.2 trillion by 2020, equivalent to 12% of the global retail funds.

If you’re a finance professional, the question you probably get asked most by your friends and acquaintances is “what investments they should make”? That’s the basic question that everyone with money will ask. They may ask the “financial advisor” at their bank, they may turn to Google for advice, they may ask their “friends who work in finance”, or they may listen to recommendations of people they trust. However, individuals with a high net worth will typically seek out a wealth management firm with a brand they trust. But which firm?

Try to Google “top wealth management firms” and the first 5 search results will be a comparison of the top 100 wealth management firms. That’s a very competitive space. How do you differentiate yourself from your 99 competitors who are essentially trying to so the same thing you are? One way is through the use of technology, and as a result we see the rise of “robo advisors”. Here’s the definition of a “robo-advisor” from Investopedia:

Continue reading “The Real Truth Behind the Rise of Robo-Advisors” »

Overall, this is a good article. However, for AI to truly take off across industry; you must understand the industries that you’re trying to enable. I keep finding this gap in all of the AI discussions.

Yes, we have opportunities in the consumer space; however, if you truly want to be embraced by industry to enable it’s front and back office operations you must ensure that the AI that you’re developing can easily support and enable businesses. Granted not all AI belongs in business and are sometimes better suit for the consumer space or government and vice versa. However, when designing and developing AI; you truly have to know up front who is your primary targeted audience and remain focused towards that audience.

Dr. Kailash Nadh, who holds a PhD in artificial intelligence from London’s Middlesex University and is the CTO of financial technology firm Zerodha, talks about why AI hasn’t picked up yet and what lies in the future.

Read more

Wise Autoresponse for your Customer Support Call Center needs — I do know that one of the large financial institutions in NYC announced in Dec. that they were replacing their tier 1 & tier 2 support with AI this summer.

BERKELEY, CA — (Marketwired) — 01/27/16 — Wise.io, which delivers machine learning applications to help enterprises provide a better customer experience, today announced the availability of Wise Auto Response, the first intelligent auto reply functionality for customer support organizations. Using machine learning to understand the intent of an incoming ticket and determine the best available response, Wise Auto Response automatically selects and applies the appropriate reply to address the customer issue without ever involving an agent. By helping customer service teams answer common questions faster, Wise Auto Response removes a high percentage of tickets from the queue, freeing up agents’ time to focus on more complex tickets and drive higher levels of customer satisfaction.

“Wise Auto Response has dramatically eased the burden on our support agents, allowing us to reply to half of all tickets automatically,” said Francesca Noli, VP of Marketing at Product Madness. “Now we are able to focus agent attention on more complex, customer-facing issues like payment problems, which have a direct impact on our bottom line. Wise gives us the best of both worlds: it has the power of an artificial intelligence system like Watson, along with the lightweight integration we need to successfully apply machine learning to our service operations quickly, easily and cost effectively.”

Wise Auto Response identifies common customer inquiries that can be responded to with a high level of confidence — such as password resets and basic product functionality, or standard “thank you” email templates that don’t require hands-on follow up — and automatically responds without the need for any manually written business rules. The new functionality complements the current suite of predictive applications offered by Wise.io, including Wise Routing, which automates the support ticket triage process, and Wise Recommended Response, which provides a ranked shortlist of appropriate macros and templates for each new customer inquiry.

Read more

Last week, Ben Goertzel and his company turned on a hedge fund that makes all its stock trades using AI—no human intervention required.

Read more

Kudos to Manpower’s CEO Jonas Prising — with the possibility on the horizon of a world wide loss of 5 million jobs; we need to make sure we a structure in place to absorb that hit with needs to include education & retraining and a financial support structure to help those laid off and their immediate family members (namely children). And, the earlier we can train folks; the less costly it will be for governments and countries in the long run.

ManpowerJonas Prising, CEO and Executive Chairman of Manpower, spoke to Business Insider in Davos for the WEF meeting.

Over 2,500 of the world’s most powerful people have talked about the risks and opportunities surrounding “The Fourth Industrial Revolution” this week at the World Economic Forum in Davos, Switzerland.

Continue reading “Manpower’s CEO just gave us an awesome solution to the ‘robots taking human jobs’ conundrum” »

Virginia Tech’s Professor Doug Bowman comes to Apple to make VR. This should be very interesting since he won the research grant to work on the “Hololens” — could be interesting.

According to a report in the Financial Times, Apple has hired one of the leading experts on virtual and augmented reality — Virginia Tech computer science professor Doug Bowman. He was recently listed among grant winners for HoloLens research projects and is skilled in creating 3D user interfaces, reports Endgadget. He has also co-authored a book called 3D User Interfaces Theory and Practice.

He’s been working on technologies such as wearable displays and full surround display prototypes at Virginia Tech.

Continue reading “Apple hires virtual and augmented reality tech expert: Report” »

Another article highlighting the fears around Singularity. There are so many great things that will come from Singularity such as Cancer is wiped out, improved healthcare across the board and cheaper, etc. And, there are also downsides as Gates, Musk, etc. have warned folks especially around AI.

So, what are our options and obligations around Singularity? In reality, you will not be able to stop this evolution from happening. However, each person has a right to decide how much singularity is right for their own private use. As a business or a company, there are many things to consider such as Total Cost of Ownership v. ROI, tax codes or how government will view “humanoids” v. non-humanoids as it relates to CapEx and Taxes, etc. And, the company or business needs to ensure that there are appropriate safegaurds in place in order to protect their data, etc… Also, government has an obligation to the people in general in safegaurding our rights, security, and safety.

Another, question that will continue to be raised and will increase overtime is government and business obligations to the financial welfare of the people. And, this one will become more and more complex and interesting overtime. If AI was to truly displace millions of workers; how will the countries help feed, clothe, and house millions displaced people beyond what they have done in their own country’s past? Will the countries government place a special tax structure on companies and businesses to help fund the displaced workers and their families? Or, will it be a joint partnership with business and government? It does make one wonder.

Continue reading “Why you should be scared of robots” »

Investments in gene editing, AI, robotics, Quantum; everything is looking rosy. What could potentially go wrong or slow us down?

STOCK markets in China and Asia have taken another hammering, hitting traders in Britain and across the globe with yet more waves of panic.

Read more

Ok, my one world currency comsipracy friends; here is a story for you.

Cash could become history within a decade, thanks to new financial instruments, including virtual currencies, some of the world’s leading bankers said during the World Economic Forum on Wednesday (20 January).

The impact of technology, the overarching theme of this year’s meeting, will be very significant.

Continue reading “Lagarde: The end of cash could happen within a decade” »