Posted on 03/17/2016 9:30:09 AM PDT by SeekAndFind
Artificial intelligence is poised to automate lots of service jobs. The White House has estimated there's an 83% chance that someone making less than $20 a hour will eventually lose their job to a computer. That means gigs like customer-service rep could soon be extinct. But it's not just low-paying positions that will get replaced. AI also could cause high-earning (like top 5% of American salaries) jobs to disappear.
Fast.
That's the theme of New York Times reporter Nathaniel Popper's new feature, "The Robots Are Coming for Wall Street."
The piece is framed around Daniel Nadler, the founder of Kensho, an analytics company that's transforming finance. By 2026, Nadler thinks somewhere between 33% and 50% of finance employees will lose their jobs to automation software. As a result, mega-firms like Goldman Sachs will be getting "significantly smaller."
That's because Kensho does analytics work — previously an artisanal skill within Wall Street — at high speeds. Instead of sorting through news clippings to create a report, Kensho generates them from its database of finance analytics — essentially doing the work of researchers and analysts algorithmically.
Type in "Syrian Civil War" into Kensho and you'll get a number of data sets showing how major assets like oil and currencies reacted to events in the conflict, Popper reports. The minutes-long search "‘would have taken days, probably 40 man-hours, from people who were making an average of $350,000 to $500,000 a year," says Nadler.
Goldman is actually a huge investor in Kensho. It will be interesting, to say the least, to see how that investment pays off.
When speaking with Tech Insider about Google's huge AI victory in the game of Go, Brown University computer scientist Michael L. Littman explained that in any game with fixed rules, computers would win.
(Excerpt) Read more at businessinsider.com ...
“They’ll replace you with 4 Indians who cost 10% each of what you earn. They’ll think ‘it’s good enough’.”
Yes, and add two levels of management, an 800 page procedures manual and committees + staff to maintain the manual.
Mark my word: With the elites of this nation in charge, the jobs which can’t be performed by robots or software will be outsourced to illegal immigrants or low wage H1B holders.
True. But whoever created the initial “savings” has been promoted and is no longer responsible for the cluster left behind.
I got a Level 3 escalation response yesterday that demonstrated no actual knowledge of what we do for a living. That’s three levels of people who have not a single clue.
Oh well! We saved so much money offshoring those jobs, that it’s totally worth never getting any answers to any questions!
“
Yesterday, I was on the phones with some support people in the Philippines. I asked that on issues they escalated to me that they tell me what they think should be done.
They and their American manager both said that the contract explicitly disallowed them from communicating their opinion about an issue.
Contractors are not ALLOWED to THINK.
I JUST got a new job that is technical and requires skill, but not more than a HS diploma. I did have looming plans to go back to school and get an engineering degree that I was not looking forward to; it was the only way I would advance in my current job stream.
This new job will end up paying just as much as an engineer with a PE. Fantastic! No more degrees needed, just hard work and determination!
I feel blessed!
Some guy was saying the exact same thing in 1880.
I JUST got a new job that is technical and requires skill, but not more than a HS diploma. I did have looming plans to go back to school and get an engineering degree that I was not looking forward to; it was the only way I would advance in my current job stream.
This new job will end up paying just as much as an engineer with a PE. Fantastic! No more degrees needed, just hard work and determination!
I feel blessed!
Good for you. You will not owe a ton of money for a degree that will not pay any more.
Now you will prove that you are worth your pay and more.
One word of advice. Get with a similar group/network with other firms and form a core network group. Our younger relatives have done this and have had jobs offers before they got home after being laid off.
Congratulations and you will do great!
Amazon’s mturk calls itself artificial artificial intelligence. Whether you’re a housewife in the US or professional in India, you make less than minimum wage doing image recognition, text recognition, transcription, surveys for grad students.
ping
You are a prototype of the career development path that I have been suggesting, as an alternative to “University”, with its unnecessary level of liberal brainwashing (and cost).
I am sure you will be keeping up with the evolving technology, but that is fun, when the job is challenging.
My oldest son is 14, and got accepted to a more technical high school. They learn more trade oriented things, which is fantastic! He is a smart kid, but getting into a technical field straight out of HS will make a world of difference for a person.
These reports assume the data in the database is correct, not altered to look good/bad or tampered with.
And Wall Street has already proven it will lie about the quality of assets in order to sell them, while others will falsify or obfuscate reports to look better on the market.
It takes a human to do the forensics work, because tweaking software to get a set result or entering specific data is easy. Look at climate models that show only warming no matter the data put in, for example, that needs a fudge factor to not show an ice age in 1900.
He was right as well.
Wow, kind of shocked someone beat me to that point.
And yeah we have not addressed ANY of those things. At the very least look out for a return of Ludditeism - this time from people who have literally nowhere to go for employment in the Obamaconomy. That won’t be pretty.
Because, you know, life was so much better in 1880. Before all those contraptions screwed it up.
Why yes we think a like ;/
Love how a guy tells me how life was better in 1880 from the comfort of his air conditioned, indoor plumbed house while on his computer.
Office. My house has no internet.
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