Could AI Do Your Job?



Overall, we estimate that about half of the activities that people are paid almost $15 trillion to do in the global economy have the potential to be automated by adapting currently demonstrated technology…

All occupations will be affected. Only a small proportion of all occupations, about 5%, consist of 100% of activities that are fully automatable using currently demonstrated technologies. However, we find that about 30% of the activities in 60% of all occupations could be automated. This means that many workers will work alongside rapidly evolving machines, which will require worker skills also [to] evolve. This rapid evolution in the nature of work will affect everyone from welders to landscape gardeners, mortgage brokers—and CEOs; we estimate about 25% of CEOs’ time is currently spent on activities that machines could do, such as analyzing reports and data to inform decisions.

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Blockchain to Improve Access to Banking


World Economic Forum:

Of the many hundreds of potential applications for blockchain, targeting financial inclusion is mentioned again and again.


World Economic Forum:

According to a survey by the IBM Institute for Business Value and the Economist Intelligence Unit, one in seven companies it calls “trailblazers” expect to have blockchains in production and at commercial scale in 2017. Respondents were interested in taking advantage of the blockchain’s multiple benefits, which include cost reduction, immutability of records, transparency of transactions and the potential to create new business models. For example, the blockchain would eliminate the need for keeping multiple records at banks and other parties doing currency trades. The survey tracked responses of 200 global financial markets institutions.

MIT Technology Review:

Two billion people worldwide don’t have bank accounts and must conduct their transactions in cash―which can be difficult to manage and presents safety issues. Could blockchain, the technology underlying the digital currency Bitcoin, give them access to financial services? The Bill & Melinda Gates Foundation thinks so, and it is modifying blockchain, which is essentially a secure, reliable digital record-keeping system, to bring the poor into the formal economy.

The initiative is part of the Gates Foundation’s Financial Services for the Poor program―specifically, its Level One Project, which gives governments and central banks a framework for creating national digital payments systems that anyone can use, even those who live on a few dollars a day.


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Distracted: Millennials Addicted to Social Media


eMarketer:  A new study from private software research company Qualtrics and venture capital firm Accel looked at how plugged in to social media internet users in North America, the UK and Australia really are. It found that many millennials haven’t gone more than five hours without checking social media.

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Artificial Intelligence (AI): Venture Capital Funding


Source: Venture Scanner

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Tipping Point: Internet and TV Consumption

Infographic: Is TV's Reign Nearing Its End? | Statista You will find more statistics at Statista

Zenith Media:

Traditional, broadcast TV is still the largest single medium by consumption time, averaging 170 minutes of viewing per day this year, compared to 140 minutes for the internet, and we expect it remain dominant for the rest of our forecast period. The gap between television and internet consumption will narrow, however, from 30 minutes in 2017 to just seven minutes in 2019.

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Digital Transformation in Banking and Financial Services: A Report Card



Digital business platform provider Avoka has released its second annual State of Digital Sales in Banking study that measures the digital account opening capabilities of the 32 largest banks in North America, Europe and Australia. The report ranks and compares the digital customer acquisition capabilities of the largest banks worldwide, both in breadth and quality of their offering.

New for 2017, Avoka has developed the Digital Sales Readiness Matrix, scoring each bank’s digital capability on two key measures: “Digital Readiness”—the ability to apply for personal banking products with a mobile device; and “Ease of Use”—the ease of use of the digital experience for customers who wish to open a basic deposit account online.

One-third of the banks surveyed have reached the “Digital Promised Land” segment—they have the majority of their personal banking products available for digital account opening, lending applications and onboarding. At the same time, their most prominent personal banking product was scored above average for ease of use. This indicates both aggressive deployment of digital sales capabilities, and some of the knowledge and skill required to deliver an experience meeting customer expectations.

The Australian banking market has been an early adopter of digital technologies and Australian banks scored highest—half of them landed in the Digital Promised Land quadrant, and nearly all were better than average on the user experience measurement.

For more than half of banks, the majority of their personal banking products cannot be applied for online. Avoka concludes that most banks fail to capitalize on their investments in digital marketing and digital channels, resulting in 70%‑90% abandonment rates when potential customers try to open an online account. Only 66% of personal banking products were deemed ready for online sales and fewer than 25% of wealth and business banking products were found to have online applications.

There was some improvement in 2017 over 2016 results, but less than 30% of all products can be applied for using digital channels, and still only 43% of personal banking products are enabled for mobile customer acquisition (but up from 31% in 2016).

Some bad news…

Only 1 in 4 business banking products can be applied for online, and mobile accessibility is even lower.

Only 9% of small business accounts can be opened from a mobile device, up from a similarly modest 7% in 2016.

Only 41% of wealth management products are accessible online.

And some good news…

Even the largest institutions can change quickly when they get serious about digital sales readiness. For example, two large US banks showed an improvement of over 30% vs. prior year in the percentage of personal accounts that were ready for mobile sales.

Not a moment too soon. Already three years ago, retail banking executives surveyed by CEB estimated that by 2019 banks will need to make roughly half of all sales using digital capability that did not exist at the time—and is still missing in action today, for the most part. Only 46% of financial services executives surveyed by Deloitte agree or strongly agree that their firms are adequately preparing for digital disruption.

Digital transformation is hard work, and its biggest enabler, according to Darryl West, Group CIO at HSBC, is “driving a cultural shift within the business to make this really work. You have to adopt an agile methodology, a dev-ops mindset, and you need to be able to recruit and retain talented people who understand how to use these new technologies and work in this way.”

Finding new ways for defining and developing products and services is only one dimension of the necessary cultural shift, Keri Gohman told me last year (then Executive Vice President and Head of Small Business Banking at Capital One, she is now President of Xero Americas). Other important mind-shift changes are finding new ways to interact with existing customers and for attracting and retaining new customers. “Customers do not want to be told what your brand is,” said Gohman, “they want to experience it.”

This requires a lot of serious work internally, while the external environment—and the definition of “digital”—continues to change rapidly. Just consider the following new developments:

The rise of virtual banking… “How do I take a brick-and-mortar store, then enable a consumer to be immersed in that environment through VR so they can access different products and services”—Stephane Wyper, senior vice president of new commerce partnerships and commercialization, Mastercard.

Applying machine learning and AI… “The ability to really understand and predict what clients might need leads to the industry achieving a much higher level of client satisfaction value”—Kumar Srivastava, vice president for product and strategy, Bank of New York.

Frighteningly realistic customer service chatbots… Would your banking experience be more satisfying if you could gaze into the eyes of the bank’s customer service chatbot and know it sees you frowning at your overdraft fees? Professor and entrepreneur Mark Sagar thinks so. “The application of the technology is vast but the essence is that it augments, rather than eliminates the need for, face-to-face services,” he says.

Originally published on

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When Will Human-Level AI Arrive? Ray Kurzweil (2029) and Rodney Brooks (2117++)

Source: IEEE Spectrum

See also:

AI Researchers Predict Automation of All Human Jobs in 125 Years

Robot Overlords: AI At Facebook, Amazon, Disney And Digital Transformation At GE, DBS, BNY Mellon

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