Erik Brynjolfsson: The key to growth? Race with the machines.
Are machines taking our jobs? Sure. While this scares some ignorant politicians, it’s actually a good thing. Automation doesn’t mean that we will become obsolete or that we won’t have new ways to make a living. We need to embrace automation, not fear it. The better the machines, the more productive and better off we are… if we choose to be.
“These actions are logical next steps in Citi’s transformation,” [chief executive Michael] Corbat said in a statement. “While we are committed to – and our strategy continues to leverage – our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns.”
He then added, out of nowhere and without context, “I hate most human beings”. Weird.
Sooner or later, banks are going to have only two types of employees: Top-level executives and an IT staff. That’s where we are headed, banking is going to be 99% computerized, run by artificial intelligence and the profits-per-employee are going to near a billion dollars.