Today, as our latest A+ property-backed loan offering closes, we look at what the future holds. Our communications director, award-winning journalist and author, Martin Baker, is writing a follow-up to his highly acclaimed first book of satirical financial essays, A Fool And His Money. Getting Fooled Again? asks whether the financial world is making the same mistakes as it did ahead of the tech bubble and consequent economic depression.
"The world of alternative finance (altfi), crowdfunding and financial technology (FinTec), has sprung up to service the 2.0 and 3.0 models of the new economy. The semantic web (New Economy 1.0), the internet of services (NE 2.0) and the internet of things (NE 3.0) use a heady mixture of mainstream finance and alternative funding to flourish and grow. The new-economy companies will take bank loans when they can get them, supplemented or supplanted by altfi loans or share investment, facilitated by the process of crowdfunding. But where is the wisdom in this crowd? Who mediates it? Is – and you can probably guess the answer to this one - anybody actually in charge? Government? Regulator? Market forces?"
Meanwhile, Dr Chris Brauer of the Institute for Management Studies appears to have few doubts. He argues in CityA.M. that robot advice and the high-tech world of big data is to be welcomed.
"In the blizzard of noise around a looming acceleration in technological unemployment we need to balance our fears of the rise of the robots with excitement around the impending demise of the human machine.
The era of asking people to perform deterministic, repetitive, and mundane jobs better suited for machines is nearly over, and this might hold more promise than threat. It seems paradoxical but in essence we may need to learn to love artificial intelligence to restore and embrace our humanity.
"The fears we have around machines taking our jobs are really fears of abandonment. We are going to create these incredible technologies and then they are going to leave us. Experiments with living wages and universal basic income are great ways to insure against human redundancy. They don't, however, mean we need to go all-in against our remarkable abilities to adapt, reinvent ourselves, and innovate our way out of trouble.
The transformation to a life in which we make the most out of both people and machines is going to be a bumpy and frequently wild ride. It is going to need to involve wholesale shifts in cultural consciousness alongside more instrumental transformations in organisational structures, job design, and methods of innovation. The decisions and directions we take today are the over-turning of earth that will determine the landscape when the dust settles on this smart machine revolution.
P2P & Risk
The latest property-backed loan offering from webuyanyhome.com on site is closing today. But please bear in mind P2P is definitely not foolproof. Capital loaned is also at risk. Lenders should always scrutinise individual loans carefully before committing capital. Read warnings on site before committing cash.