You may think of companies like Fast Loan UK as a simple boring loan company. We, however, see ourselves as more of a ‘Fintech’. A term coined in recent years to describe how the use of software and financial institutions merge to create a new type of entity. One that uses Technology, Automation, and Artificial Intelligence to run and manage everything within the business.
This is great news for us, as we won’t need to pay a computer a wage or pension, and many businesses are going this way. But what will these changes mean for the wider society and the people who would have once done the jobs that the smart computer and AI can now do better, and at a fraction of the price?
In the last 10 years, we have seen an accelerated reduction in the proportion of middle-income jobs. Blue collar operative and production roles within our manufactures industries died off years ago and now it’s the turn of the white-collar worker. The reason for this decline is no secret. Jobs with well-understood rules and processes can easily be codified in software and executed by computers. If you were thinking of a career in sales or broking you might want to reconsider. You only need to look at those businesses that have come from nowhere to dominate the landscape to see how rapid this change is happening. Airbnb, Purple Bricks, and Uber became successful by doing away with the middle man, eliminating costs and prices at the same time.
Let’s get realistic, millions of jobs that are currently done by humans will be replaced by robots. You only need to look at Amazons new Mega warehouses manned solely by self-driving trollies for a taste of what’s going to happen across the board.
Eventually, computers will become so cheap and Artificially intelligent robots so clever that all mundane low skilled jobs will be replaced completely. It’s predicted that the price of this technology will become economically viable for all businesses in the next 10-15 years. Supermarket staff, to bin men, to cleaners, to name a few, are all on the endangered list.
It’s been said that real societal wealth comes from science and technology coming together. But these breakthroughs come in waves. The first wave to create substantial wealth was with steam power. psychists in the 1800s worked out the thermal dynamics of heat. They were able to calculate from a lump of coal how much heat and energy were required to move a locomotive. This led to the first industrial revolution where millions of agricultural jobs were destroyed to be replaced by large-scale city-wide industry. 80 years later and psychists worked out the laws of electricity and magnetism which gave us telephones, radio, and eventually the microwave. 80 years on and psychists created the transistor and the laser. This led to all kind of modern technology and industries from GPRS to smartphones.
Each wave displaced jobs, but at the same time created new opportunity’s as well as personal and national wealth. This wealth has always ‘eventually’ found its way to create benefit for the whole of western society, through a reduction in living costs, and increased innovation. Over the ages, these waves have created higher living standards for the average man and women.
Let’s put the doom and gloom of everyone losing their job aside for a minute, and delve into what this could mean for how we live our lives.
Firstly, computers will become so cheap, it will cost a penny a piece, computer power will be so advanced that they will be everywhere and nowhere, integrated into our lives in seamless ways. We will forget they are even there and won’t be able to imagine a time without them. Smart Siri will become your companion through life.
Biotechnology is seen to be the biggest benefactor of future technology, eliminating all major health issues we face today. Artificial Intelligence will be embedded everywhere and through only sitting on your Smart furniture; you will know all biological changes your body is undergoing. Not only will biotechnology offer instant detection of any faulty cell in your body, but it will also offer organ digitization in the future. People will be able to heal and possibly grow back their vital organs. The process of aging can be halted through lung engineering, where the process of oxygenation results in biological deterioration, whereas brain digitization will facilitate brain waves and thoughts to be translated into images.
In the future, Siri and Alexa will play all roles, when looking for a house they will become an Artificial Intelligent Agent. They will tell us who owns a property, how much it costs, and will even extrapolate future valuations based on infinite data sources.
3D printers will become so advanced and cheap that everyone will have one in their living room. If my Violet wants a new Poor Patrol pup toy. I will simply download the blueprint online and Voilà...
Intelligent Cyber paper will become the new Smartphone, tablet, laptop, and desktop computer rolled into one. What’s the need of all these different size screens when you can simply unfold your Epaper from your phone to a required size, write your email, or watch your funny video, and then fold it back in when you finish.
future digitization will compress literally all the information of the world in a microchip, fitted in your eyeglass frame, or perhaps your optical lenses. All the information you ever need will be only a blink away! Digitization will thus revolutionize the way we educate ourselves, and illiteracy will be completely eradicated.
Augmented reality will enable scientist to walk inside a DNA molecule, allow designers to create concepts by waving their hands.
No more will you need to worry on whether to hire a professional for the redesigning of your garage or opt for a DIY project. In future robotics and Artificial intelligence will be doing all the tedious jobs for you. Owning a single robot that is programmed to deal with your plumbing, electrical, building and carpentering jobs will eliminate not only boring and tedious tasks, but will also save you a fortune on repair expenses.
It's predicted that by 2025 driverless cars will be picking you up and taking you to work. A few years later and companies like Uber, Mercedes, Google, and Apple will make owning a car an unnecessary luxury. It will become economically viable and an environmental necessity to use vehicle lease/sharing platforms. City’s will be revamped as parking spaces become relics of another time. The car itself will change (No more steering wheel). The car will become a social hub of entertainment and luxury.
Since many of the future jobs will be concerned with robotics and Artificial Intelligence, having appropriate education in this field will ensure future job security, irrespective of whichever field you belong to. I.e. make sure that the kiddies choose Information Technology subjects at School.
Explore how your present job can be influenced by AI and robotics. Attend relevant courses, be informative about what new is surfacing in your industry, be aware of how it can change your job and career. Don’t hide your head under you pillar as change is coming fast!
Preparing yourself for the future requires proper planning in terms of education, job career and the finances needed to support the planning. A successful tomorrow is always a product of a planned today!
The world is set to change and to be able to change with it requires proper management of education, knowledge, awareness and finances today! Hurry up, as the future is closer than you think!
Okay, so will this make my life and finances better or worse off?
The Honest answer is no one knows! It’s true Automation, AI, and other advanced technology will create amazing advancements and wealth, as more work will be done in less time at a lower cost. But who is that going to benefits the most? And what will that wealth be used to do? Will those who create the value and wealth share it with the wider society through lower prices? All these questions are up in the air.
The pursuit of wealth and power for many has been historically prevalent in modern Western Society. Wealth creation and increased inequality in the UK have gone hand in hand over the last 2 centuries, and the rich continue to get richer.
However, I’m optimistic that change is afoot; not through the softening hearts of the bankers and industry tycoons, but because people around the world are more informed nowadays than they have ever been. Society as a whole is more aware of the threats we face. From environmental pressure to privacy or equality issues. Adam Smith coined the term ‘the invisible hand of the market’ this was used to describe how natural market forces in a competitive market tend to create products and services at a price that consumers want and can afford. It’s to this end that I believe governments and business will have to become more socially responsible for the general good of the population. It’s now an economic imperative for their survival. Think of it like this - If the consumer has to choose between 2 businesses: 1 that invests in the wider society and all of its stakeholders, and one that only has shareholders in mind, all other things being equal, who will the consumer choose? Well, it’s obvious, consumers want their business to be ethical, so the one operating in an ethical manner will win more business and make more money. Business will have to become socially responsible to survive.
For you middlemen and low skilled workers - I wouldn’t worry too much. Throughout each wave of change in the last 200 years, jobs have come and gone, only to be replaced with new industries. The UK itself has always managed the transition of change well. I believe living standards will increase and life itself will become less expensive through cost reductions in computing. New services and opportunities will be created and people’s occupations will become more creative and empowering. New Privacy laws will continue to facilitate a fair and free online community which will lead to a more conscious society.
I think we have a lot to get excited about. Think of how far we have come from the first brick of a mobile phone to the latest bending smartphones we have today. History tells us that Technology is expensive when it first comes out but within a few years, it becomes affordable as competition and markets forces make it so. Get ready for a new Sci-fi age!
The long-term aim and vision for Fast Loan UK is to develop technology, automation, and Artificial intelligence in a way that manages all of the day-to-day operating processes within the business, whilst at the same time still being able to offer exceptional customer service. This will in-kind drive down our operating costs, which we can then pass onto our customers. Our long-term goal is to is to become the cheapest, most socially responsible, technologically advanced short-term lender in the market.