Data provides a solid foundation for sound decision-making; however, the availability of data is increasingly at an exponential rate, and it is becoming harder and harder for the average person to process this massive influx of information. This is especially true in the financial sphere, which has seen a shift from human analysis to automated (and increasingly artificial intelligence-based) analysis. This is evidenced in the wide use of scoring algorithms, automated calculations for the full cost of credit, auto-generated payment documents and automatic reporting. But why not take this further?
If humans are prone to errors in judgment and bias (both conscious and unconscious), why not use artificial intelligence-based analysis processes to uberize the financial sphere completely? Let these processes sift through mountains of data, calculate risks and select appropriate terms and conditions to determine pricing and concessions – all without the participation or intervention of a person. While there will be some loss of the “personal touch” by turning over all these financial matters to artificial intelligence, this represents a brighter, more equitable future than system we are currently using. We’ve been slowly heading in this direction for years; now it’s time to fully embrace a better way of doing things.