Note: This is not a clickbait title, it’s actually the truth.
The topic of discussion in any board room and dining room today is about robots and artificial intelligence eventually making all human beings redundant on Earth. There are many conspiracy theories which say that this will happen eventually, but the reality is much further away from it.
The lever/ fulcrum can be called the first machine. Although it was rudimentary, it made human work easy. As mankind progressed, we started building bigger machines, that could reduce human efforts and manpower. Machines evolved and have given way to bigger machines, which resulted in the industrial revolution. These machines created many jobs for the common people, who would otherwise be stuck doing menial, monotonous jobs.
The ultimate invention was the computer, a device that could be taught to think on its own and take decisions, that would otherwise take up a lot of our precious time. Computers and the internet clubbed together have given birth to the information revolution – i.e. the next phase of the industrial revolution. Whatever we know today can change rapidly. The speed at which technology and business models are evolving, we may soon call 2 years to be a long time in the timeline of a product/ company.
Computer robots/ bots are performing many of the tasks that junior executives in many technology, insurance, bank, finance and retail industries perform. Scanning, recording and billing products in retail stores is nothing but a bot/ machine making our task easier. Similarly, we have bots who advertise for us online, bots that manage our accounts, bots that trade on the stock market and now we also have bots that can manage production lines.
However, the one thing that does not change is that, we will always need humans to stay in charge, to supervise, to design them, to build new ones, to write programs and to repair the old ones when they malfunction. This is the reality of bots. Bots will always need us to show them the direction, to tell them the difference between right and wrong, etc. Without humans, bots have no instructions and they have no reason for existence.
Additionally, bots are creating jobs and industries that did not exist earlier. Another advantage that companies using bots have is that they can base all their employees in 1 country and service the entire globe. That is the power of bots.
These are just some low hanging fruits that a few countries cannot let go of. New Zealand plans to launch Robo Advisory services on a large scale in 2019. Robo Advisors are financial planners who help retail investors plan their finances better. Robo Advisors help investors invest appropriately in debt, equity or any other market linked financial instrument based on the risk appetite of the investor.
Robo Advisors are becoming popular as you can easily and immediately get any information related to the markets on your smart phone or your laptop. The pilot studies and soft launches that were done by fintech startups proved that robo advisory services were appreciated by the citizens of New Zealand. It is on the basis of this positive response that major fintech companies plan to ramp up hiring in this segment and reach out to more retail investors.
One of the biggest challenge that businesses face worldwide, is absent in New Zealand. Recruitment of skilled talent! A major reason for fintech startups to invest in New Zealand is because the requisite talent is easily available. New Zealand has historically had excellent Universities that have consistently been ranked among the best of the World. This has allowed every business to hire students with ease.
One of the most prestigious University of New Zealand is the University of Otago – a 149 year old venerable centre of excellence. It has the distinction of teaching, training and skilling graduates with industry relevant skills and knowledge. Their Masters in International Business is apt for recruiters looking to hire students who can manage a global business. It is a 12 month programme offered jointly with BSE Institute Limited, one of India’s leading financial institutes. Students graduating from this course have a record of bagging jobs paying $50,000.
Technology keeps evolving for the betterment of mankind. The only way people realize that anything is beneficial for them is when they enjoy its fruits! Robo Advisors are here to stay as they do much more than normal financial planners. It’s only a short period of time before people see their benefits and accept them wholeheartedly! Cheers to a new way of wealth creation.