Times are changing, and they are changing fast. The jobs our generation have known may become obsolete much faster than we think. Automation, A.I. (Artificial Intelligence), and the rate of expenditure on human & technological advancement and betterment is going at warp speed.
I was having coffee the other day with a fellow trader friend, and he was telling me on how JP Morgan has automated it’s financial contracts which used to take 360,000 hours for it’s legal team but now takes seconds with it’s new software (link here). Who would have thought that would be possible? Cutting the lawyers out of contractual work (I mean, we all love lawyers – really *cough*).
Other companies are following suite as well, Goldman embraces automation with it’s own trading. Having a trader force of 600 in the 2000s, now being streamlined with automated trading programs and 200 computer engineers (link here).
Last year a banker was asking if I was interested in a startup that was aiming to remove lawyers and make contracts automated combined with block chain technology. In all honesty, I thought it was feat that would take a very long time to come to life. That’s hindsight for you 😉
There are many companies adopting automation. Don’t think this is just limited to certain industries. Even the pizza business has an automated pizza robot (link here). Think about it, robots are less error prone, they can work 24/7 (they don’t need breaks), no unions, pensions, health care, the list can go on. All of this can be applied to all the industries we are working in.
It has been known that job security is a thing of the past with our new economy. But what will the jobs of the future be? And what will the future workforce look like? And more importantly how will you keep your edge?
I know this is off on a tangent from full forex trading but it’s really food for thought and will have a huge impact on our lives.