Key Takeaways

• Artificial Intelligence (AI) is exciting technology, but it is also very different, so it will take some time to get used to it.
• Five kinds of AI that will disrupt the way we do things today deal with machine learning, investing, cognitive biases, sensors, and autonomous vehicles.
• As technology advances, AI will become a bigger part of our lives, and will also disrupt the way businesses operate.

Have you ever met a person who is kind of weird, disturbing, and eerie, all at the same time? If you’re kind, you might say, “that person’s different.” Artificial Intelligence (AI) is like that. The following five areas of AI are different, and will be disruptive in our lives:

1. Machine Learning. There are machines out there now, like IBM’s “Watson”, who can beat Jeopardy players, the best chess players, and come up with tens of thousands of different recipes for food and drinks that are actually really good! And it learns all the time. That’s going to make a difference in the future when computers can do things for us that we no longer have to do for ourselves.

2. Investing. This summer, Numerai AI is coming up with the first and only computer-based decision making program for investing in a hedge fund. What that means is data scientists will come up with algorithms, they’ll use machine learning like “Watson”, and they’ll say “Buy X,Y,Z stock,” or , “Short this stock,” and other suggestions, all automatically. We’ll have to see how that goes, but if it’s successful, that will be a dramatic change for the investment world.

3. Cognitive Biases. Did you know that we are 10 times more likely to pay attention to negative news or negative items than we are to positive ones? It’s called Negativity Bias. Imagine in the future, you’re trying to make a decision and you’re talking through it, and the computer pops up and says, “Gary, just stop and think. You have a bias here. The facts are really this. The decision that you are trying to make should be considered based on these facts, not on the biases you have.” That would make a huge difference in helping us make better, smarter decisions about important items we look at in our lives.

4. Sensors. There will be over a trillion sensors in 5 years. There are many around us already. It’s almost like 1984, you’re walking down the street, and you’ve got cameras, GPS tracking you, devices listening to you, and so forth. It’s going to make a big difference when you look at how those sensors are going to change the way we operate. It’s social transparency. It’s going to make us ethically and morally better. We’re already starting to see some of the statistics showing how we’re becoming more “civil” in our civilization.

5. Autonomous Vehicles. They’re here to stay. It’s already proven technology that autonomous vehicles are safer than humans driving cars. Uber, the ride sharing program, launched in February, in seven cities, the testing of autonomous Uber vehicles. Currently, there’s a driver in the seat to monitor, but they are not operating the vehicle. This is going to affect auto manufacturers, insurance companies and many other businesses due to how this will affect the way we drive, cars, roads, etc.

These are just five different ways AI will affect us in the future, but there are others, and there will certainly be more as we continue to make technological advances.

Until next time, enjoy!

Gary

Gary Klaben is in our Glenview, IL office and serves our clients who are now located all over the country. Instead of being afraid of change, Gary is always looking at how technology will effect clients and bringing the best of it into the practice. Whether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.

Learn more about TransformingWealth™ , our proprietary approach using the best technology and proven research so you’ll make informed financial decisions. Schedule a complimentary TransformingWealth Preview Meeting, and start living the Good Life Managed Well™.

www.coylefinancial.com
800-480-7913 | coyle@coylefinancial.com

We value your comments and opinions, but due to regulatory restrictions, we cannot accept comments directly onto our blog.  We welcome your comments via e-mail and look forward to hearing from you.