05 Oct Everything digital. Where’s humanity? and our view on digitization
Last week I spoke at the Bethmann Forum about “Everything digital. Where’s humanity?”. When Oliver Becker, who organizes this event series for Bethmann Bank, came to me, my first reflex was: “Yes, how then? Where is the contrast, the “but”. For me, digital has always been an extension, an improvement of people.
Earlier in my career, I used to build satellites. These small devices can take such sharp picture of me on the ground without having a no pilot up there. By using sensors, it is possible to know at any second where and how the position in space is and to control it automatically. I wanted to transfer these mechanisms to the financial markets. So, I turned my hobby into my profession. I thought, Reuters and Bloomberg also provide only high-frequency data – and we only want the same stability on the financial markets.
It was in spring 2003, the DAX was close to its low of 2,200 points, the Bild Zeitung but also the renowned press spread panic. we knew that the mood of the investors was enormously important, still we could not measure it validly.
Who is going to sell now? With this panic, everyone should already have sold. If we could now measure the change of mood among investors, that would be the perfect support to make smart investment decisions. That was when the idea for YUKKA Lab was born. There was only not the required technology yet.
Today, YUKKA trains computers to read and understand business and financial news and to generate precise recommendations for action for various applications. We measure sentiment on stocks, sectors, industries, but also on people and topics.
Augmented Language Intelligence and how AI can make us better
At YUKKA Lab, we believe in a better world through digitalization and work on AI that supports and expands people’s capabilities. We are convinced that AI can support people to act even better, faster, more efficiently, more fact-based. But for now, it can’t or shouldn’t replace them.
That’s why we called our technology Augmented Language Intelligence. Our goal is not to replace people, but rather to make people even better at what they already do best. To support human beings in making better decisions based on all the information available. This combination, when used effectively, is crucial to the game.
But still – and here I would like to recommend the presentation that Georg Wittenburg, CEO of Inspirent, held that evening – machines can do some things really really good, for example solving difficult arithmetical problems, finding fast that one guy in a huge hidden object pictures etc., but there are others things they have a really hard time with like deciding ethically, guessing emotions etc.
Digitization is not a threat.
That is why we are convinced that no one needs to be afraid of digitization. Machines/Artificial Intelligence can help us to make our work better. They can help us to make better and more profound decisions. And we do not need to be afraid that they take away our jobs. Because where on door closes another one will open. I am convinced of that.
I was happy to see that all speaker and most of our guests agreed on this: Digitization is not a threat. But digitization will support us for a long time to come. There will certainly be some areas in which there will be job losses and technology will replace people. But there will certainly be many more new doors opened. Let´s be adventurous and let´s use the enormous opportunities it offers.
Thank you for the wonderful event and all these inspiring talks with my co-speakers Dr. Georg Wittenburg, CEO of Inspirent, and Prof. Dr. Anabel Ternès, multiple founder and professor at the Institute for Sustainability Management. Many thanks once again to Lothar Henning, Bethmann Bank, for the invitation, Oliver Becker for the organization and moderation and last but not least Hans Hanegraaf, CEO of Bethmann Bank AG and Country Executive ABN AMRO Bank N.V. Group Germany, for the questions afterward.
This story was provided by Andreas Pusch, CEO & Founder YUKKA Lab AG.