May 16, 2017

"Wall Street will be one of the first and largest industries to be automated by artificial intelligence, predicts Kai-Fu Lee, China’s most famous venture capitalist and former Microsoft and Google executive."

Quartz: Lenders, money managers, and analysts—any jobs that involve crunching numbers to estimate a return—are at risk. by Dave Gershgorn

'“Banks have the curse of the baggage they have, like Kodak letting go of film,” Lee says. “Their DNA is all wrong.”

'Lee’s VC firm, Sinovation Ventures, has started to invest in this space by financing Smart Finance Group, a company which algorithmically determines eligibility for payday loans. Lee expects the company’s algorithms to pay out 30 million loans this year, giving the company scale that would never have been achievable when hiring humans to do the same job. That core technology would be easily applicable to other kinds of loans and financial decisions.'

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