By United States Department of the Treasury (http://www.ustreas.gov/news/index1.html) [Public domain], via Wikimedia Commons
Automation is coming to banking spearheaded by technologies such as OmiseGo. Over time the financial industry is going to be automated and in my opinion the financial sector is one of the most easiest sectors of all to automate. The article is interesting because it actually puts the question to bankers and surprisingly bankers communicating anonymously are willing to admit something is in the air.
Within the upper echelons of many financial firms, there’s a lot of soul searching as executives prepare to roll out a new generation of technology. Publicly, they’re upbeat, predicting machines will perform almost all repetitive tasks, freeing humans to focus on more valuable pursuits. Privately, many confide to peers, consultants and sometimes journalists that they’re worried about what will happen to their staffs -- and what to tell them.
In cryptospace we already are seeing hedge funds become decentralized and automated. The idea of the decentralized crypto hedge fund will likely have an impact on the current hedge funds. At the same time if the current commercial entities position themselves wisely then they can not only survive the changes but leverage their current positions.
Cryptospace is not something to fear, and automation is also not something to fear as in either of these cases it improves productivity for businesses. Employees do need to fear though because the employer-employee model is in jeopardy and many people may have to become self employed to survive in the future.
Sergio Ermotti, the bank’s CEO, said in a recent interview that the firm could shed 30 percent of its employees over a decade.