From the Technological to the Financial Singularity – A Journey Without Return to the Future of Finance
By José Manuel de la Chica Rodriguez
CTO Santander Universities, Banco Santander
The first generation of the internet focused on connecting businesses and people, and the second wave centred on social interactions. Now we are entering the third generation, called the “Internet of Convergence” or the “Internet of Value”. This internet will be mostly boosted by the confluence of different technological advances that will allow us to design disruptive and complex systems gifted with ubiquity, hyperconnection, decentralization and intelligence.
Throughout this generation many industries, including banking and FinTech, will create new services, products and platforms based on the merging of exponential technologies: machine learning (and especially reinforcement learning), cryptocurrencies and blockchain, mobile phones, the internet of things, quantum computing, virtual reality (VR), augmented reality (AR), APIs, digital identity, decentralized and autonomous networks, cybersecurity and, of course, the data economy.
This new technological environment will lead to big opportunities in the financial industry. One of the most controversial effects, according to the futurists, would be “financial singularity” – an event that would change irreversibly the investment industry within 20 years.
The Artificial Intelligence Super Explosion
Before explaining what financial singularity is, ...
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