Sandler O’Neill, an investment banking firm, has put out predictions that say that traders could soon buy and sell stocks with a simple voice command. They say it will soon be possible to set up a voice command, bypassing the need for a trader to speak to a customer service representative in order to conduct their business.
Currently, Fidelity and Charles Schwabb allow their traders to set up a voice recognition command, similar to a fingerprint scan to unlock smartphones, but they still need to speak to a representative, after entering their account information. This latest in technology could eliminate the need for human interaction for traders, altogether. However we must ask, this development in technology – how safe is it?
We have made many advancements as they pertain to personal finances over the last two decades – chip credit cards, depositing cheques via smartphones, and web banking. Call me a tech cynic, but I must question to the extent to which we put our finances in the hands of technology. No piece of technology has been fail proof thus far, and voice recognition technology will be no exception. What could be the possible repercussions of allowing technology into the worlds of financial trading? Will the next development be the ability to forge traders’ voices and potentially wreak havoc?
“We believe fully automated voice recognition, identification, and trading could open the door to other retail voice activated technological advancements in the banking & brokerage area,” they said, adding it could “marginally increase trades, over time,” say analysts at Sandler O’Neill.
While I’m sure that there will be placed safety mechanisms, and the financial world has by far, some of the best anti-fraudulent mechanisms, I think it wise to take the involvement of technology within finance with a word of caution.
Technology is a wonderful thing, but we haven’t quite made it fail-proof, yet. Read this and more, in this article by CNBC.
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