Latest Thoughts 06 August 2018: Professionals must join the digital revolution
Having made their millions in tech, many of today’s new wealthy are asking themselves an elementary question: why are my professional advisers – lawyers, accountants, bankers and wealth managers – stuck in ‘analogue’ mode?
With digital disruption ripping through so many industries, wealth management is one of the many sectors experiencing radical change. A recent EY report on digital disruption in wealth management reveals that most high net worth entrepreneurs would gladly swap having a wealth relationship manager in exchange for better digital capabilities.
Digital disruption is expanding beyond retailing, high street banking and taxi hailing and is now impacting the professional classes, with a recent McKinsey report ‘Jobs lost, jobs won’ forecasting that robots will replace 800 million jobs by 2030. A recent competition by legal Artificial Intelligence platform LawGeex, in consultation with law professors from Stanford University, Duke University School of Law and University of Southern California, pitted 20 experienced human lawyers against an AI trained to evaluate legal contracts. They all read a series of non-disclosure agreements with deliberate loopholes included. The results showed the humans achieved an accuracy rate of 85 per cent and the AI 95 per cent. The humans took an average of 92 minutes to complete the task, the AI 26 seconds…
Read the full thought piece for more on this hot topic.