Big Banks Will Fall First To AI, China's Most Famous VC Predicts (qz.com)

Posted by msmash on Tuesday May 16, 2017 @07:20AM from the how-things-will-unfold dept.

An anonymous reader writes: Wall Street will be one of the first and largest industries to be automated by artificial intelligence, predicts Kai-Fu Lee, China's most famous venture capitalist and former Microsoft and Google executive. Lenders, money managers, and analysts -- any jobs that involve crunching numbers to estimate a return -- are at risk. "Banks have the curse of the baggage they have, like Kodak letting go of film," Lee says. "Their DNA is all wrong." [...] The big banks that dominate now, the venture capitalist predicts they will be outmaneuvered by smaller startups able to deploy new technology much faster.

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Yes but as Mark Twain once said by Anonymous Coward · 2017-05-16 07:31 · Score: 3, Interesting

"I don't worry about the return on my investment. I worry about the return *of* my investment."
That's something to keep in mind with the coming wave of new-fangled financial services outfits, starting with Capital One, which is apparently Google-like in its determination to collect and harvest every ounce of data about how their customers spend their time and money. Slow-moving and a bit set in their ways can be a good thing.