How do we prevent a robot takeover in fintech?

19 Apr 2016

David Dalton, head of financial services, Deloitte. Image via Connor McKenna

At the forefront of Deloitte’s fintech innovation is its head of financial services, David Dalton, who outlines how we can prevent ‘hyper-disruption’ brought on by a fintech future.

When it comes to figuring out what the next number of years hold for fintech, both from an Irish and Deloitte perspective, David Dalton knows more than most, having previously published a research paper into the future of Ireland’s financial services sector.

Within the report, he detailed a number of key contributing factors that are playing a part in the move from traditional banking practices to a future that brings together the latest advances in connectivity around the planet and the computing power used to make financial decisions.

Among these factors is the development of a specific type of AI referred to as ‘robo-advisers’, which are able to create financial portfolios for clients without human intervention; and the option of banking via a multitude of interconnected devices as part of the overall expansion of the internet of things (IoT).

How to stop robots taking our jobs

While many of the factors tend to suggest greater benefits for the financial sector, one potential hurdle that has been discussed in some corners is the possibility of ‘hyper-disruption’.

According to Dalton, if the Irish financial sector ecosystem was to become significantly disrupted by new entrants utilising AI and other new technologies , a limited talent base of potential recruits could not only restrict fintech growth in Ireland, but drive significant job losses as well.

Speaking in-depth to, Dalton explained how we can potentially prevent such a situation from occurring.

“Things around creativity are things you can’t build into a robot, certainly not now when it comes to AI… as well as building the technologies themselves that drive the automation.”

Colm Gorey was a senior journalist with Silicon Republic