Is it better to own your work force rather than to rent it? “Slavery” is coming back.
Most of us already have a slave or two like a vacuum cleaning robot, or an Alexa app that turns on your appliances and gives you information on demand. AI (Artificial intelligence) is going to give us an army of slaves providing efficiency, productivity, and information.
Financial advisers for example are looking to AI for efficiency and a better client experience. AMP’s new Digital Financial Advice Market Scan reported a surge of interest in digital solutions. These solutions have arrived.
Finchat’s financial planning assistant is trained to test scenarios, examine products, and produce an advice document using voice and touch only. This dramatically reduces the time (and cost) to prepare advice and is arguably a better experience for the client.
Finchat.io (unrelated to Australian finchat above) has detailed information and analysis of over 800 companies (and growing) a user can investigate. This makes it easier for a stockbroker to access compelling information to support a recommendation. Gembot.ai goes further and offers share trading as well.
Some will trust the AI “slave”, others will only deal with a human. Most will prefer a hybrid process that takes the best of both.
How will modern slavery affect society?
Most commentators see AI taking jobs and creating a “useless” class of worker who are unable to upskill and compete in the shrinking AI dominated job market. According to Elon Musk, the pace of technological change is leading to “a massive social challenge. I think ultimately, we will have to have some kind of universal basic income. I don’t think we’re going to have a choice.”
Just like Roman times, if a slave can do the job there was no sense hiring anyone.