Can AI Tech Innovations Fix a Broken Economy?

Should we be looking to AI more to fix our problems?

Innovations in artificial intelligence technology are continuing to pave the way for financial markets to experience a period of progression rather than turbulence.

Can artificial technology innovations brought forth by fintech companies serve as a critical driving force for solving the pleads of a broken economy which has shown to be susceptible after the detrimental effects caused by COVID-19.

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At a point in time where social distancing is at its peak, consumers are now faced with a limited number of options while many individuals have already adapted to the refined limitations and  accepted the reality of total lockdown and self-isolation as the new ‘norm.’

Whether advancements in artificial technology is the saving grace to reversing recession behaving markets from the bearish clutches of reality has yet to be seen but we will address the controversy nonetheless in addition to its roles in how today’s culture can be tailored to drive demand and cultivate capitalism.

Blockchain & Cryptocurrency Trader

Blockchain is a versatile and unique technology whose applications will play a pivotal technology advancement role in government, healthcare, supply chain, manufacturing, trading, banking, IoT, and security sectors.

Blockchain reflects a decentralized framework while displays information in the form of a public digital ledger that is used to record transactions across a myriad of computers, therefore, also increasing the security as it would be much more difficult to hack multiple computers.

For traders, many banking and financial intuitions along with trading platforms are opening their doors with mobile and web-based trading offers in a commission-free environment coupled with seamless digital banking and full stock, share, precious metal, and commodity investing opportunities available via the platform.

As Bitcoin and other cryptocurrencies continue to become more popular, so will the technologies used to drive those digital currencies consumer demand and sentimental value.

Banking and Investing Apps

Fast food is responsible for innovating the food industry.

Digital banking applications on mobile devices are now innovating the banking industry.

Mobile check depositing, fluent and user-friendly banking options, budgeting, invoicing, transaction searching, account creating and tailoring, and countless other options are accessible.

Logging into your financial banking institution dashboard with your thumbprint while traders invest goods through investment applications such as Robinhood and Acorns are avenues becoming more prominent every day.

The future of banking is digital while the investing arena has already shown us major trading industries such as vanilla options, contracts-for-difference, and the foreign exchange have shifted from manual to digitized autonomy.

Augmented Analytics

Augmented analytics concerns the use of allowing technologies the ability to perform machine learning and artificial intelligence to aid with data rendering and insight learning from the surrounding data pool.

Considered to be the fourth wave of data and analytics, augmented analytics are used to identifying key patterns while data scientists use automated algorithms to test hypotheses.

Augmented analytics primarily affects business intelligence (B.I.) platforms and online analytical processing (OLAP).

Job demand for data scientists is projected to multiple over five times in the years to follow which reveals how augmented analytics will play a considerable role in developing technologies to come.

Relevant applications with augmented analytics include finding insights to answered such as how businesses can maintain healthy cash flow during the Coronavirus pandemic while streamlining business internally to maintain and increase productivity.

Internet of Things (IoT)

Anything and everything that is connected to the Internet is classified into a broad term generalization known as the Internet of Things.

More specifically, when the internet of things is being discussed, it relates to the way that devices communicate with one another.

This includes devices with sensors that can be used to communicate, such as the same technology found in Fitbit watches and smartphones.

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As consumerism shifts to more online, the Internet of Things will continue to expand while innovations that look to bridge the gap between consumers and action plans solved through technology will shape the future as we know it.

Creating Demand Within New Consumerism

If job automation and manual processes can be replaced through the employment and the application of artificial technology then shifts in market demand will need to be consistent with fulfilling job replacements without jeopardizing business efficiency.

With more companies and entities moving to online workplaces, the demand for technology certified individuals and fintech companies will continue to create more demand in the B2B atmosphere while consumers will play a considerable role in determining business longevity through the quality and demand of B2B services rendered.

Artificial technology has already begun to alter the way the online financial world operates along with banking, similar to Bitcoin, as its acceptance continues to grow so will its real-world applications with consumers.

Look at the auto industry, for example, Tesla.

Tesla has both a large portion of the energy sector and automobile sector at its disposal, that is not including SpaceX.

Tesla’s market cap currently stands at $183.8 billion, experiencing a one-month appreciation of 21.61%.

Year to date appreciation for Tesla for 2020 is + 137.08%.

Tesla Inc (TSLA) is over 7 times larger than Ford Motor Company in the market cap.

Tesla’s market cap is over 10 times larger than Nissan Motor Co Ltd.

Tesla has effectively created and filled a command within both the energy and automobile sector that effectively targets both B2B and B2C participants.

Let’s not forget, Tesla’s cars operate primarily off of artificial intelligence too, so continual advancements in AI are bound to affect future operations of Tesla while also creating more opportunities for competitors to challenge Tesla.

Is AI Up to the Task of Fixing Broken Economies?

Tesla is a great example of a real-world company that is innovating the future.

If more companies from different business sectors impact both participants in the B2B and B2C arena while creating a sense of demand or a real demand while also being able to fill that demand void in the process can significantly shape the way consumers and businesses operate in the future to come.

Advancements in artificial technology are one of the most promising avenues to pursue which can result in powerful and equitable companies like Tesla, Microsoft, and Apple.

While artificial intelligence has the potential to take away and replace human jobs while not only performing more efficiently but also more affordably, the variance in labor costs versus the profits gained by the company will likely determine whether a company is to make that shift or not.

Tesla has shown a unique way of harnessing artificial technology, which is still considered in its early stage of development and how the future will be shaped by advancements in artificial intelligence will be exciting to see and be a part of.

Should the economy collapse once more as a byproduct of the Coronavirus then advances in artificial technology through the finding of new and existing companies ability to create demand, market flow, and services and/or products to fill that gap will be critical to helping repair a potentially broken financial market but we would need several companies and unprecedented advancement and applications in artificial intelligence before we saw such a transition.

 

 

 

 

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