Even Robots Aren’t Perfect
This week’s roundup of news solidifies one thing – we’re not all perfect. From AI social struggles to financial news mishaps and billions lost, we’re digging into some of the most important and interesting topics in tech and finserv.
The Downfall of a Human Teacher
We’ve seen robots write code, play poker and even attempt to solve cancer. Talk about progress! However, three Princeton University students have identified one area of AI that is lacking progress … sexism and racism. Yup, you heard us right. You see, machine learning gathers all of its intelligence from human knowledge, which, unfortunately, is riddled with biases. So while robots may be advancing at unbelievable rates, for now they’re still confined to the same societal biases as their human counterparts.
Don’t get us wrong, we still love AI. Click here for some of our favs.
Blockchain Gets a Caffeine Boost
Coffee beans have become the world’s second most traded commodity, yet the some 125 million people earning their living from growing this addictive bean typically live on about $2 a day. Now, a “Denver-based startup called Bext Holdings Inc. wants to make it easier for those producers of this much-in-demand commodity to garner a fair price and get paid instantly for their beans.” Enter blockchain. The bext360 system tracks goods from producers to end consumers, delivers digital and mobile payments, and even provides a sophisticated scale that allows coffee buyers to quickly assess the quality and weights of a farmer’s product in the field ensuring fair pricing.
Want to know what other “commodity” is impacting banking solutions? Cannabis.
Financial News Credibility Takes a Serious Hit
The SEC recently announced that “hundreds of articles published on top financial news websites were written by individuals paid to promote certain biotech stocks” … yikes! The sites in question include Benzinga, Forbes, Investor Village, Minyanville, Seeking Alpha, Small Cap Network, The Motley Fool, TheStreet and Yahoo Finance. In a world where media is perceived as foe not friend, our financial news friends have a lot of work to do to repair the damage.
While you’re at it, avoid these no good, absolutely terrible public relations strategies.
Cyber Breaches Cost More than Information
Brace yourselves shareholders. A new study issued by CGI and Oxford Economics found that in the case of 65 global companies impacted by security breaches since 2013, the cost to shareholders is in excess of a cool $52.4 billion. Financial firms are (no surprise here) the worst affected by breaches with retail, hospitality and travel industries coming out with far fewer bruises.
In the News
Financial advisors are faced with the growing challenge of ensuring clients’ financial well being. 1st Global’s Cyndy Hubler discusses the warning signs and actionable steps advisors can take to safeguard their clients’ financial futures in 10 tips to better serve senior clients.
Events
Startup enthusiasts, entrepreneurs, investors and lovers of innovation, you’re not going to want to miss San Diego Startup Week! SDSW brings together the community to share progress, exchange resources and celebrate the thriving innovation economy found in our city.
Date: June 19-23, 2017
Place: San Diego, CA
The Bottom Line
Walmart is interested in acquiring Bonobos, you say? Anytime M&A is on the table, strategic comms needs to be top of mind. Make sure you don’t botch that acquisition with these expert tips on how to own M&A communications.
