Neither artificial intelligence nor fintech – or even the union of the two – is really anything new, despite the recent buzz regarding all of the above. With that being said, we are indeed approaching that point where the underlying technology begins to make a noticeable difference in people’s lives. From there, it won’t be long before we begin to wonder how we ever lived without artificially intelligent financial advisors implementing our own personal monetary policy.
Don’t believe that? Well, did you know that digital camera technology has been around since the 1970s but simply wasn’t good enough to get mainstream traction until decades later? Don’t worry, Kodak didn’t see it coming, either. Blockbuster and Borders also learned similar lessons, as their industries transformed seemingly overnight in processes that actually were long in the making.
So in the interest of minimizing unpleasant surprises as the fintech industry emerges, here are four predictions about the marriage between machine intelligence and people’s personal finances, based on my experience leading WalletHub, a local company at the intersection of artificial intelligence and money management of the two.