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Machines will Rule … Soonest?
[By Dr. David Edward Marcinko MBA CMP™]
Machines beat humans at chess. Machines can pilot airplanes to land at O’Hare; or on Mars. There is now a machine that beats the best of us at Jeopardy.
And, many predict that an Artificial Intelligent medical clinician is ten years away.
Just think tele-medicine and tele-health.
And, no one will use a biological doctor in twenty five years. Then, of course, enter the singularity*.
Innovation
I’m not sure who said it first, but this quote has been floating around Twitter lately:
“In 2015 Uber, the world’s largest taxi company owns no vehicles, Facebook the world’s most popular media owner creates no content, Alibaba, the most valuable retailer has no inventory, and Airbnb, the world’s largest accommodation provider owns no real estate.”
Assessment
Fundamental assumptions about what is needed to be a successful doctor, financial advisor, or other business has changed in just the last few years.
So – I ask MD and FA colleagues – will you keep up professionally, or fall behind? What are the ethical implications of these technology innovations; if any?
***
[Vanguard’s “Robo Advisor” – Good for Clients but Bad for Advisors?]
***
More:
- Are MDs and FAs being Replaced by Robotic Technology?
- Tele-Medicine is Growing
- About Tele-Health and Medicare
- How (Human) Advisors Might Adopt Robo-Advisors – Client Segmentation, Trading Tools And Indexing 2.0, And Full Stack Solutions
- The Advisor Of The Future Is Not Human Nor Robot, But Cyborg
- Technology Will Improve Financial Planning And Augment Planners, But It Won’t Replace Them
- LearnVest – A Glimpse Of Financial Planning’s Future Serving The Masses In The Digital Age?
Even More:
Note: From Wikipedia, the free encyclopedia.
The Singularity
The technological singularity is the hypothesis that accelerating progress in technologies will cause a runaway effect wherein artificial intelligence will exceed human intellectual capacity and control, thus radically changing civilization in an event called “the singularity”.[1] Because the capabilities of such an intelligence may be impossible for a human to comprehend, the technological singularity is an occurrence beyond which events may become unpredictable, unfavorable, or even unfathomable.[2]
The first use of the term “singularity” in this context was by mathematician John von Neumann. In 1958, regarding a summary of a conversation with von Neumann, Stanislaw Ulam described “ever accelerating progress of technology and changes in the mode of human life, which gives the appearance of approaching some essential singularity in the history of the race beyond which human affairs, as we know them, could not continue”.[3] The term was popularized by science fiction writer Vernor Vinge, who argues that artificial intelligence, human biological enhancement, or brain–computer interfaces could be possible causes of the singularity.[4] Futurist Ray Kurzweil cited von Neumann’s use of the term in a foreword to von Neumann’s classic The Computer and the Brain.
Proponents of the singularity typically postulate an “intelligence explosion”,[5][6] where superintelligences design successive generations of increasingly powerful minds, that might occur very quickly and might not stop until the agent’s cognitive abilities greatly surpass that of any human.
Kurzweil predicts the singularity to occur around 2045[7] whereas Vinge predicts some time before 2030.[8] At the 2012 Singularity Summit, Stuart Armstrong did a study of artificial general intelligence (AGI) predictions by experts and found a wide range of predicted dates, with a median value of 2040. Discussing the level of uncertainty in AGI estimates, Armstrong said in 2012, “It’s not fully formalized, but my current 80% estimate is something like five to 100 years.”[9]
***
***
Conclusion
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- Dictionary of Health Economics and Finance
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Filed under: Career Development, Ethics, iMBA, Information Technology | Tagged: robo advisors |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Humanoid robot can recognize and interact with people
Here is a humanoid robot named Han who can mimic human expressions.
http://news.yahoo.com/humanoid-robot-recognize-interact-people-171421715.html
He greeted visitors recently at a Hong Kong electronics fair.
Eric
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The $5 billion race to map your brain
Eric – In this Columbia University lab, what are the fastest lasers money can buy up to? They’re shooting infrared light into a mouse’s brain as it runs on a rotating trackball while watching a movie. No, this is not video game research.
http://www.msn.com/en-us/money/technologyinvesting/the-dollar5-billion-race-to-map-your-brain/ar-AAbxH5j?ocid=iehp
And, for those ME-P readers to whom this experiment does seem fairly typical, don’t be fooled: This test, which examines neuron response, is just one of the questions at the heart of a $5 billion so-called Brain Initiative aimed at “revolutionizing our understanding of the human brain.”
Atom
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Downsides of automating health care
If you are a doctor, nurse, patient, or just someone interested in patient safety, you should read a five-part story called “The Overdose: Harm in a Wired Hospital” excerpted from a book The Digital Doctor by my colleague Dr. Robert Wachter.
View at Medium.com
Dr. Wachter and the hospital are to be commended for publicizing this incident so others may learn from it. The hospital staff, the patient, and his mother, also deserve credit for allowing their stories to be told.
http://www.kevinmd.com/blog/2015/05/the-downsides-of-automating-health-care.html
Dr. David Edward Marcinko MBA
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Workers are competing with machines
As sophisticated new technologies emerge to automate human tasks, the employment potential for future workers is bound to decline.
Microsoft founder Bill Gates stated in an interview last year, that many existing jobs might disappear within two decades due to technology, and an Oxford University study concluded that 47% of U.S. jobs could be at risk within 10 years due to advances in robotics.
Researchers at MIT have also painted a bleak picture for the American workforce, and not just for blue-collar jobs. The availability of cheaper computing power and storage capacity as well as the emergence of artificial intelligence and big data analytics could turn even professional services in white-collar industries, such as banking and law, into technical commodities – easily and cheaply provided by machines instead of people.
Can u hear me now … MDs and FAs?
Ali
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ROB – FAs
Outside of a 401(k), if you want a plan that’s more tailored to you, web-based automated investment services can put you in a mix of low-cost index funds and then rebalance as you go.
Betterment and Wealthfront stand out as low-cost options, charging 0.35% of assets or less.
Chad
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Robo FA Revolution?
Robo advisors could control $2 trillion, or 5.6 percent of all investable assets, by 2020, according to consulting firm A.T. Kearney. BloombergBusiness reported the firm estimated assets managed by robo advisors will increase 68 percent annually within the next five years. A.T. Kearney predicted about half of the projected $2.2 trillion in assets will come from money currently invested in traditional funds and the rest from new money.
Michael Kitces pointed out on Twitter that A. T. Kearney’s definition of “robo” was too broad, because it includes automated investment platforms that can be augmented by humans if clients desire, like Vanguard’s Personal Advisor Services, where advisors are on hand if clients request.
https://wealthmanagement.com/blog/robo-revolution?NL=WM-27&Issue=WM-27_20150622_WM-27_792&sfvc4enews=42&cl=article_7&utm_rid=CPG09000002702210&utm_campaign=3037&utm_medium=email&elq2=087468008bba411784e88591464e75f0
But, Kearney makes clear their definition of ROBO is one where investors use a digital platform to put money in a personalized portfolio based on risk tolerance with automatic rebalancing, without the need to talk to a human, and all fully digital “if desired.”
Eric
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On Charles Schwab Corp.
According to Michael Cuggino, the president and portfolio manager of the Permanent Portfolio Family of Funds, which has about $5.3 billion under management:
“Schwab is very leveraged to the psychology and behavior of individual investors. So you tend to see it mirror market activity. They are also on the cutting edge of the changes in the market, including the robo-adviser trend.”
Your thoughts?
Dominic
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Enter the Robo Hiring Managers!
Can an Algorithm Hire Better Than a Human?
Dr. David Edward Marcinko MBA CMP™
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The Emergence Of The “Location-Independent” Virtual Financial Advisor
An essay by Michael Kitces
https://www.kitces.com/blog/the-emergence-of-the-location-independent-virtual-financial-advisor/
“Location-Independent” = ROBO advisor.
Dru
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Welcome to the world of evolutionary robotics
Robots are made, they are not born. Or are they?
At the University of Cambridge, scientists have created a “mother robot” that can not only build smaller robots, it can also select the fittest among them for survival, and re-arrange the rest.
http://www.msn.com/en-us/news/technology/researchers-create-robots-capable-of-evolving/ar-BBlJ5XF?ocid=iehp
Giles
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Fintech Clubs Are Trending at B-Schools
Fintech, once the nerdy interest of a small circle of enthusiasts, is inspiring MBA students to form university clubs dedicated to a sector that is now flush with venture capital.
http://www.financial-planning.com/news/technology/fintech-clubs-are-trending-at-b-schools-2694113-1.html?utm_medium=email&ET=financialplanning:e5108786:86235a:&utm_source=newsletter&utm_campaign=Sep%209%202015-reinvent-wealth&st=email
For example – Wharton FinTech, at the University of Pennsylvania, and MIT FinTech Club are among the existing university groups, while several other graduate schools are in talks with the professional clubs to launch something similar on their campuses.
What the clubs have in common is a mission to learn the landscape — who is disrupting what and why — while deciding their next career moves.
Mark
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Robo-advisors will find opportunities in crowdfinance
This past July I produced FinFair, the first conference to introduce Wall Street to the leadership, products and technologies that are driving the crowd-centric retail alternatives market and democratizing the investment landscape.
Although the program focused on crowd-driven assets, I was surprised to discover that the event sparked the interest of robo-advisors. I’m not suggesting that they are jumping on the crowdfinance bandwagon just yet. But I do believe that in 2016, robo-advisors will begin to appreciate the significant role that crowdfinance plays in “modern retail financial services”; hence, they will start exploring potential “crowd-tech” synergies.
For example, I wouldn’t be surprised to see a partnership between a robo-advisor and a marketplace lending platform or a P2P note aggregator.
Dara Albright
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Internet of Things, artificial intelligence, machine learning: Closer than we think?
An expert from the Advisory Board says clinicians and physicians should be far more prepared than they are today for the onslaught of technologies that once seemed space age.
http://www.healthcareitnews.com/news/himss-speaker-internet-things-gives-rise-smart-machines-deep-learning-healthcare
Giles
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Wealthfront
CEO Adam Nash revealed what he calls Wealthfront 3.0, the latest version of the automated investment advisor built for increased artificial intelligence and the integration of modern application program interfaces (APIs).
http://wealthmanagement.com/technology/wealthfront-turns-artificial-intelligence-improve-robo-advice?NL=WM-27&Issue=WM-27_20160401_WM-27_819&sfvc4enews=42&cl=article_1_2&utm_rid=CPG09000002702210&utm_campaign=5495&utm_medium=email&elq2=003e013aa8154b528ce38aa17f6d3d78
Some believe AI could have a big impact on the financial services sector.
Dr. David Edward Marcinko MBA CMP™
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No HUMANS Required?
AI will create ‘useless class’ of human, predicts this bestselling historian.
http://www.msn.com/en-us/money/technology/ai-will-create-useless-class-of-human-predicts-bestselling-historian/ar-BBth8eb?li=BBnbfcN&ocid=U348DHP
Dr. David Marcinko MBA
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ROBO-FAs
“About 50 percent of the overall time of the workforce in finance and insurance is devoted to collecting and processing data, where the technical potential for automation is high.”
http://wealthmanagement.com/blog/yes-robot-could-do-your-job?NL=WM-27&Issue=WM-27_20160712_WM-27_4&sfvc4enews=42&cl=article_8&utm_rid=CPG09000002702210&utm_campaign=6515&utm_medium=email&elq2=2335db8183eb4f43aefbf88b65e9732f
Clark
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