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Algorithms work in our lives today, because all banks, when issuing a loan, already use them. However, in the near future, it may be beneficial for algorithms to give up all their freedom of decision. It is true that there are a number of dangers here and the algorithm developers themselves are not yet sure of their decisions.
At the LOGIN conference held at Litexpo, A. Rutkauskas spoke about whether algorithms will make financial decisions for us in the future. Despite the risk, this is a very realistic scenario. About 15 minutes spoke with A. Rutkauskas.
– In your report, you presented the algorithms as our personal finance managers in the near future, which will help you avoid unnecessary purchases or investments, so a person will entrust their finances to the algorithms. Where do you think there can be a limit that a person does not dare to cross after allowing technology to control our decisions?
– An example could be the Cambridge Analytica scandal. Everyone was outraged and wondered what was going on here when their data was used. But after a while, people realize that this service exists, it comes to life. So we are pushing those limits to one side and this to the other.
We tend to say that if this service gives me some benefit, it provides convenience, why not?
Photo by Rokas Lukoševičius / 15min / Audrius Rutkauskas
So the question arises, what is more important, my privacy or convenience? Therefore, we cannot draw that line, especially in our Western culture. We think a lot about our ego, about individuality, but there are gadgets that were questioned 5-6 years ago. Every month, you give two hundred euros to some application in which you really don’t know how to invest that money. But now we see that it solves our problems, so we say: everything is fine. When we try, going back is very difficult.
– Do you think that devices that deal with human finances themselves will become popular?
– I think so. And it is not just investing that will be necessary. Every financial cycle of life will be affected. Investment aid was one of the first, and now we see applications that help to plan personal finances, help to control them. We also see the first applications of this type in Lithuania.
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