A Set of Novel Algorithms and Processes for Mortgage and Investment Innovations

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As a result, a large increase of articles were published about FinTech since The ability of FinTech to be a disruptive innovation is proven by innovations such as Blockchain and Bitcoin. Therefore, FinTech was considered a threat for many established organisations. A shift has been started. The established institutions are investing in FinTech themselves or buying start-up companies that have innovation s with potential.

Second Machine Age or Fifth Technological Revolution? (Part 9 — Final)

Their approach towards FinTech changed from a defensive to an offensive strategy [5]. FinTech has created a lot of new innovations, both disruptive and incremental. Examples are shown in Figure 2. Within the Information Management field, Bockchain-based markets are known as a cryptocurrency. RegTech originated from FinTech and collaborates with financial institutions and regulatory bodies.

How to get a second mortgage to buy another house (to invest in or move to)

RegTech facilitates regulatory requirements more effectively and efficiently by information sharing , for example through cloud computing. However, RegTech is arguably becoming more than a subset of FinTech, namely the next step in financial services regulation. FinTech is changing the operations in financial services industry in multiple ways.

An example is that investments across business partners and competitors are harmonized through new services and products. Furthermore, niche products are created through open source software, for example Google Cloud. In addition, the transactional process is transformed: transactions are supported by machine intelligence and added value human involvement. FinTech forced financial services firms to be more customer focused. Transitioning to branchless banking is the transition from in-person to digital transactions: physical bank evolves into a digital banking service.

Mobile banking as an alternative service channel is also a result of this transition. The transitioning to digital banking services led to the opportunity for non-financial firms to offer financial services. Historically, monitoring transactions has been stressful and subject of significant time delays for customers. The ability of new FinTech products and services can meet this need more appropriate than traditional financial services. For example, FinTech improved the detection of fraudulent transactions.

It used to have time delays, but the real time location data improved the detection of fraudulent transactions.

A time to be bold: setting a new direction to create new demand

Lenddo in Singapore. Organisations such as CreditKarma and Mint have used FinTech as an advantage to reliably reduce customer acquisition costs. Platforms are created where these companies collaborate with credit card companies and banks.

In doing so, they improve their costumer intimacy, which has led to a reduction in costs when customers are switching to a competitor. FinTech is a highly relevant topic in the Information Management and financial services field. FinTech can be seen as the umbrella concept approach for disruptive and incremental innovations in the financial services industry. It changes the core of the financial service industry using technical developments. So everyone will still need some basic skills interpersonal communications, basic arithmetic, along with some general culture awareness [so] they can have that flexibility.

What I worry about is how well they will adapt when they are 35 or This ability to adapt is what distinguished Homo sapiens from other species through natural selection. As the rate of technological innovation intensifies, the workforce of the future will need to adapt to new technology and new markets. The people who can adapt the best and fastest will win. This view means that any given set of skills will become obsolete quickly as innovations change the various economic sectors: precision agriculture, manufacturing 4. Therefore, the challenge is not only to teach skills, but also how to adapt and learn new skills.

Whether the traditional programs or new programs will be better at teaching adaptive learning remains to be seen. Many ambitious federal and state programs have fizzled, to produce dismal to no statistical change in the caliber of K education. Online mediums and self-directed approaches may be limited in effectiveness with certain labor segments unless supplemented by human coaching and support systems. It is true that most online courses require self-direction.

But in-person courses may also be self-directed. This works well for some students but not others. Students who are self-directed often have had a very good foundational education and supportive parents. They have been taught to think critically and they know that the most important thing you can learn is how to learn. And they are also are more likely to come from economic privilege. So, not only does the self-direction factor pose a problem for teaching at scale, the fact that a high degree of self-direction may be required for successful completion of coursework towards the new workforce means that existing structures of inequality will be replicated in the future if we rely on these large-scale programs.

The problem of future jobs is not one of skills training — it is one of diminishing jobs. How will we cope with a workforce that is simply irrelevant? Jennifer Zickerman.

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But in the next decade or two, there is likely to be a significant amount of technological innovation in machine intelligence and personal assistants that takes a real swipe out of the jobs we want humans to have in education, health care, transportation, agriculture and public safety. As for the skills for the employed fraction of advanced countries, I think they will be difficult to teach. Nathaniel Borenstein.

Algorithms, automation and robotics will result in capital no longer needing labor to progress the economic agenda. Labor becomes, in many ways, surplus to economic requirements. By the time the training programs are widely available, the required skills will no longer be required. The whole emphasis of training must now be directed towards personal life skills development rather than the traditional working career-based approach. There is also the massive sociological economic impact of general automation and AI that must be addressed to redistribute wealth and focus life skills at lifelong learning.

We urgently need to explore how to distribute the increasing wealth of complex goods and services our civilization produces to a populace that will be increasingly jobless in the traditional sense. The current trend of concentrating wealth in the hands of a diminishing number of ultra-rich individuals is unsustainable. All of this while dealing with the destabilizing effects of climate change and the adaptations necessary to mitigate its worst impacts.

Some of these experts projected further out into the future, imagining a world where the machines themselves learn and overtake core human emotional and cognitive capacities. Timothy C. This section features responses by several more of the many top analysts who participated in this canvassing. Following this wide-ranging set of comments on the topic, a much more expansive set of quotations directly tied to the set of four themes begins on Page From the employer perspective, this type of learning will only grow.

The automation of human labor will grow significantly. And having a workforce trained in discrete and atomizable bits of skills will be seen as a benefit by employers. This of course is a terrible, soulless, insecure life for the workers, but since when did that really change anything? There will also be a parallel call for benefits, professional development, and compensation that smooths out the rough patches in this on-demand labor life, but such efforts will lag behind the exploitation of said labor because big business has more resources and big tech moves too fast for human-scale responses of accountability and responsibility.

Look at Linux and open-source development. The world runs on both now, and they employ millions of human beings. Many, or most, of the new open-source programmers building and running our world today are self-taught, or teach each other, to a higher degree than they are educated by formal schooling. Look at Khan Academy and the home-schooling movement, both of which in many ways outperform formal institutional education. This model for employment of self and others will also spread to other professions. The great educator John Taylor Gatto , who won many awards for his teaching and rarely obeyed curricular requirements, says nearly all attempts to reform education make it worse.

We are by nature learning animals. We are each also very different: both from each other and from who we were yesterday. As a society we need to take advantage of that, and nurture our natural hunger for knowledge and productive work while respecting and encouraging our diversity, a fundamental balancing feature of all nature, human and otherwise. But we will likely see a radical economic disruption in education — using new tools and means to learn and certify learning — and that is the way by which we will manage to train many more people in many new skills.

Financial technology - Wikipedia

An earlier and more enduring focus on stats and statistical literacy — which can readily be taught using current affairs, for example, analyzing the poll numbers from elections, the claims made by climate change scientists, or even the excellent oral arguments in the Supreme Court Texas abortion law case — would impart skills that transferred well into IT, programming and, especially, security. About , years ago, Earth experienced its first Cambrian Explosion — a period of rapid cellular evolution and diversification that resulted in the foundation of life as we know it today.

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We are clearly in the dawn of a new age, one that is marked not just by advanced machines but, rather, machines that are starting to learn how to think.