Lifehacks for When a Robot Wants Your Job

BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018

Fintech becoming increasingly prioritized - Lifehacks for When a Robot Wants Your Job(Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job.

The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt.

The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on.

With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent advisory pie of investment banking revenue outside global markets only pays well when banks counsel on large cross-border transactions or underwrite big IPOs.

See:  Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group

In Asia, the former is largely a Japanese game since China pulled the plug on deal-making by its overly ambitious conglomerates. And large share sales only happen in a few markets. India may be the second-biggest destination for cheap Xiaomi phones, but the Chinese firm’s Hong Kong IPO probably made more for banks than the entire Indian equity advisory industry will earn in fees this year, as a senior finance executive told one of us.

Desks have already shrunk, and will get smaller still. A decade from now all trading will be electronic. Last year, JPMorgan Chase & Co. Chairman Jamie Dimon famously boasted of a currency trader that made a $100 million bet via a cell phone. That’s the shape of things to come.

In contrast to the early days of the 2008 financial crisis, when tech was culled to cut costs, digital upgrades are now seen as both an operational necessity and a strategic differentiator. Tech spending in global-markets divisions of investment banks has risen to $16.5 billion at the 12 institutions Coalition canvassed, from $13.8 billion in 2013. A chunk of that is maintenance of bulky legacy systems, but Amrit Shahani, a London-based research director at Coalition, says large Wall Street and European banks are each spending around 10 percent, or a giddy $1 billion of their annual revenue, to stay relevant.

Chief technology officers are pushing for even bigger budgets. Their teams are the financial coders who’ve created bespoke systems for Goldman Sachs Group Inc. and the like and who are increasingly sitting on trading floors so that precious minutes aren’t wasted talking to someone in Bangalore when a huge deal blows up. Contract workers from third-party firms like PageGroup Plc’s Michael Page and Robert Walters Plc are getting seconded for a few years to help run trading floors smoothly. Headhunters say a $155,000 salary (excluding bonuses) for someone with eight years’ experience isn’t uncommon in Hong Kong, for instance. It’s not exactly banker comp, but it’s rising much faster.

Beyond the coders are the bankers-cum-traders-cum-tech thinkers.

See:  The world’s new oil and AI’s imminent impact on the future of Fintech

Nomura Holdings Inc. in February hired Jezri Mohideen, a former senior trader at Royal Bank of Scotland Group Plc and Brevan Howard Asset Management, to be its global chief digital officer for investment banking. Based in Dubai, part of his job is to set up artificial-intelligence labs and merge the old and new worlds of asset custody.

Talk to any senior banker or trader and they’ll tell you there’s a lot of soul-searching going on amid threats from fintech and blockchain. The challenges are even more pressing for consumer and private banks, as well as in some corners of corporate lending such as trade finance.

Barclays Plc’s wealth management and investment operations head in the U.K. is Dirk Klee, previously at UBS Group AG’s wealth arm in technology and digital services. Singapore’s DBS Group Holdings Ltd. CEO Piyush Gupta is using open-application-programming interfaces to blur the boundaries between payments and commerce. If he doesn’t do it, Ant Financial’s Alipay or upstarts such as ride-hailing service PT Go-Jek Indonesia surely will. In trade finance, using blockchain to retire paperwork older than Shakespeare’s “Merchant of Venice” is a project both Singapore and Hong Kong are working on.

Continue to the full article --> here


NCFA Jan 2018 resize - Lifehacks for When a Robot Wants Your JobThe National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

Click for News:

latest news - Lifehacks for When a Robot Wants Your Job

 

CNBC | Jordan Novet | Jan 31, 2023 Artificial intelligence research startup OpenAI on Tuesday introduced a tool that's designed to figure out if text is human-generated or written by a computer. Schools were quick to limit ChatGPT's use over concerns the software could hurt learning.  Sam Altman, OpenAI's CEO, said education has changed in the past after technology such as calculators has emerged, but he also said there could be ways for the company to help teachers spot text written by AI. Working on solution: OpenAI's new tool can make mistakes and is a work in progress, company employees Jan Hendrik Kirchner, Lama Ahmad, Scott Aaronson and Jan Leike wrote in a blog post, noting that OpenAI would like feedback on the classifier from parents and teachers. Far from perfect: "In our evaluations on a 'challenge set' of English texts, our classifier correctly identifies 26% of AI-written text (true positives) as 'likely AI-written,' while incorrectly labeling human-written text as AI-written 9% of the time (false positives)," the OpenAI employees wrote. Our work on the detection of AI-generated text will continue, and we hope to share improved methods in the future See:  How AI Is Disrupting The Web Development Industry ...
Read More
Sam Altman - Lifehacks for When a Robot Wants Your Job
Variety | Todd Spangler | Jan 31, 2023 William Shatner fans bought up all the shares in the actor’s forthcoming feature-length documentary “You Can Call Me Bill” in less than a week — shelling out nearly $790,000 and topping the film’s crowdfunding goal. Legion M’s equity crowdfunding round for the Shatner documentary, exploring the life and career of the beloved 91-year-old actor, as of Monday had sold out from reservation holders before the company opened the offering to the public. Within four days, the project raised $789,655 from 1,338 investors. Distribution: The documentary has a production budget of $565,101, according to Legion M’s listing. After “You Can Call Me Bill” deducts expenses to third parties for accounting, legal, marketing and administrative fees, 100% of any revenue generated will be distributed proportionally to the film’s investors until they have recouped their initial investment. Any additional net revenue after that will be split, with 33% going to shareholders and 67% distributed to the producers of the film. With the Shatner doc, fans were able to invest directly in the Shatner documentary for a minimum of $100, subject to certain SEC restrictions, and they will recoup their money before any profits are shared ...
Read More
Wikipedia image William Shatner - Lifehacks for When a Robot Wants Your Job
VoPay | Release | Feb 1, 2023 Leading provider of embedded financial technology solutions, VoPay, today announced the launch of VoPay 360. VoPay 360 bridges the gap between accounting software and the payment platform in one centralized platform. Built on VoPay's industry-leading API, VoPay 360 will become the "operating system" for all transaction data going in and out of a business, revolutionizing how companies handle their financial transactions. Problem: As businesses often use multiple systems to manage their Accounts Payments and Accounts Receivable processes, they must often allocate additional resources to their operations, relying heavily on manual labour, resulting in an increased risk of error. In fact, the average time to process a single manual paper-based transaction is 8 minutes, with costs $3 more than an electronic transaction. Business customers are increasingly seeking integrated solutions to solve complex money movement problems, as manual and paper-intensive methods cannot keep up with modern enterprises' needs. See:  Payment Trends: Opportunities and Risks Shaping 2023 Key benefits: Integration: Allows VoPay customers to connect VoPay to their accounting system Centralization: Brings in open invoices and bills from the accounting system to VoPay Efficiency: Eliminates the manual processes of financial data entry, freeing up staff members ...
Read More
Vopay360 - Lifehacks for When a Robot Wants Your Job
Guest Post | Feb 1, 2023 Cryptocurrency has taken the world by storm since its entrance into mainstream awareness. This new form of money is quickly becoming a sought-after resource for individuals looking to acquire venture capital or to fund startups. The possibilities that cryptocurrency provides in the fundraising and venture capital industry are unique, adding another layer of complexity to the already intricate process, which requires careful consideration from entrepreneurs and investors alike. This is because cryptocurrencies offer several advantages over traditional fiat currencies, such as lower transaction costs, higher security, and quicker settlements. Cryptocurrencies are also becoming more widely accepted as a form of payment. Because of this, cryptocurrencies are becoming more popular in the fundraising and venture capital sectors. In fact, some startups and venture capital firms now accept and trade cryptocurrency for investment deals. What is cryptocurrency fundraising? Cryptocurrency fundraising refers to the process of raising funds for a project or venture by accepting cryptocurrency as a form of payment. This type of funding has become increasingly popular in recent years as it enables companies to tap into a global pool of investors. Using cryptocurrencies to raise money is an option that works well for initiatives ...
Read More
Unsplash Christina @ wocintechchat.com business meeting - Lifehacks for When a Robot Wants Your Job
OECD Forum Network | James Bessen | Jan 24, 2023 For all the talk of disruptive innovation, start-ups have become less likely to displace dominant industry leaders because the new technology has become much more proprietary Large firms across many industries are hiring to build a new generation of systems to meet heterogeneous customer needs. These systems have made leading firms more dominant in their markets, suppressing the risk of disruption and slowing the growth of innovative rivals. These systems also contributed to the slowdown in productivity growth, to increased social division, and to an increasing inability of government to regulate major firms. Walmart systems manage over 100,000 items per store—far more than traditional department stores, they adjust inventory to respond quickly to changing consumer demand, and they use advanced logistics to get these items to the stores quickly and efficiently. Amazon, of course, handles an order of magnitude greater selection. Big banks use extensive consumer transaction data to tailor offers of credit card and home equity lines to individual borrowers and to target the marketing to them. Google and Facebook provide data-driven targeting of Internet advertising. Automobiles and airplanes are now built on large software systems that provide unprecedented ...
Read More
Unsplash Braden Collum competition race - Lifehacks for When a Robot Wants Your Job
Sifted | Molly Johnson-Jones | Jan 31, 2023 As the funding slowdown hits startups and the global economy teeters on the brink of recession, hiring decisions have never been more important. Hiring Situation: Get them right and you’ll gain talent that can crucially broaden your team’s skill set, add new perspectives and help fuel growth despite economic challenges.  Get them wrong and you could face a revolving door of employees, sinking countless hours into continuously interviewing candidates and onboarding new joiners.  How to grow your team with literally no recruitment spend....: See:  58 Must-Read Remote Work Resources | 50 Great Remote Working Resources Publish a salary band along with job description - Pay transparency is also fundamental to the fight for pay equality — something that is starting to shift in Europe. Use social media to showcase company culture - According to a 2021 survey conducted by LinkedIn, 63% of professionals say work-life balance is a top priority when picking a new job and 40% identify colleagues and culture as a top consideration.  But don’t just tell employees what working for you looks like — show them. Get employees sharing about their working environment:  There’s no better way to illustrate your working ...
Read More
Unsplash Tim Mossholder this must be the place - Lifehacks for When a Robot Wants Your Job
Guest Post | Jan 31, 2023 The global pandemic has left many people in dire financial straits. Therefore, most of the leading companies put themselves in the shoes of their customers and suspended debt collections, reduced or canceled interest rates, and lowered prices. However, they also need to restore and stabilize their income. Therefore, debt collection is resumed. According to what strategies to implement them and how to effectively work with debtors - read on. The best ways to collect the debt in 2023 According to the statistic, the average US household has $15,000 in credit card debt. This is a colossal amount and loads of work for financial companies. Create an information hub for customers Having complete information about each client makes it easier for company employees to work with them. These are data on payables and receivables, balances, etc. However, this data must be verified, accurate, and constantly updated. Definition of the communication channel Properly configured communication with the client allows you to create effective cooperation. You can communicate with a person using messages, calls, and e-mail. However, it is better to discuss these communication pitfalls in advance, because, with the appearance of a large number of scammers, ...
Read More
Pexels Nicola Barts past due debt collection - Lifehacks for When a Robot Wants Your Job
Guest Post | Jan 30, 2023 AI is disrupting the web development industry in a number of ways, from automated code generation to predictive design and personalization. One of the most significant ways in which AI is impacting the industry is through the use of AI content detection tools. These tools are revolutionizing the way in which web developers and content creators detect, analyze and manage website content, making it faster, easier, and more cost-effective to identify the authenticity of the content. Introduction The web development industry is constantly evolving, and with the advent of AI, it is now entering a new era of automation and optimization. AI is transforming the way in which web developers create and manage websites, providing new opportunities for innovation and efficiency. In this article, we will explore how AI is disrupting the web development industry, with a focus on the use of AI content detection tools and its impact on digital content authenticity. Automated Code Generation AI is also being used to automate the code generation process, which can save web developers a significant amount of time and effort. AI-powered code generators can analyze a website's design and functionality, and then generate the necessary ...
Read More
Unsplash Andrea De Santis AI content generation - Lifehacks for When a Robot Wants Your Job
Capgemini | Nilesh Vaidya | Jan 30, 2023 Top Trends in Payments 2023 contains Capgemini’s perspectives on the top 10 trends for the months ahead We anticipate widespread opportunity for innovation and growth. Trends include payment providers’ customer-centricity strategies such as buy-now/pay-later and embedded finance, data-safeguarding tokenization, and sustainability protocols focused on eco-friendly payment modes. Also on the radar screen are changing industry dynamics brought on by composable architecture and payment hub modernization, among other actions. See:  Payments Canada Report: Rebound & Grow – Payment Methods and Trends in 2021 Included Trends BNPL momentum continues despite post-pandemic macroeconomics Embedded finance is leveraging customer data to find new use cases Global adoption of ISO 20022 opens doors to data modernization Central banks gearing up to pilot and implement CBDCs Composable architecture leads to competitive efficiencies Real time cross border payments will improve speed and volume of regional trade End-to-end ecosystems are simplifying payment moderatization Paytech innovation and partnerships seeking to revamp SMB payments Tokenization for scalable and secure payment infrastructure Eco-friendly cards, digital payments, and cloud-based payment hubs will boost sustainability Continue to the full article --> here Download the 34 page PDF --> here The National Crowdfunding & Fintech Association ...
Read More
Capgemini payment trrends 2023 - Lifehacks for When a Robot Wants Your Job
Richard Branson's LinkedIn Newsletter | Jan 30, 2023 What advice do you have for ‘dadpreneurs’, and how do you balance being a great dad with building a great business?  People first: One of the best things about being an entrepreneur is the freedom to work in a way that is best for you.  As more people and businesses breakaway from the 9-5 mould, you should be as flexible as possible to find a routine that works for you and your family. It sets a good example as a leader, as it demonstrates that it’s OK to be human, and people should always come first. Understand yourself and values: Most founders start businesses from a place of passion. They’re motivated to want to be their own boss, to bring something to life or to solve a problem they see in the world. Being an entrepreneur is part of who they are and their own personal purpose. Having children can turn that on its head and change your outlook. Be sure to check back in with yourself, relook at your values and purpose and ensure the entrepreneurial journey is right for you. See:  How Entrepreneurs Can Manage Their Mental Health Establish limits: ...
Read More
Unsplash Tim Mossholder older business man - Lifehacks for When a Robot Wants Your Job

 

Leave a Reply

Your email address will not be published. Required fields are marked *

thirteen − ten =