[Audio] Podcast: Play in new window | DownloadSubscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSSLex Sokolin is Global Fintech Co-Head and Head Economist at ConsenSys. He is a New York & London entrepreneur with senior operating and board-level Fintech experience in blockchain, digital investing, and wealth management. He founded the Fintech practice at Autonomous, a financial services equity research firm, where he focused on artificial intelligence, blockchain, and mixed reality. Episode Links:  Lex Sokolin’s LinkedIn: linkedin.com/in/alexeysokolinLex Sokolin’s Twitter: LexSokolin Lex Sokolin’s Website: https://www.lexsokolin.com/Podcast Details: Podcast website: https://www.humainpodcast.comApple Podcasts:  https://podcasts.apple.com/us/podcast/humain-podcast-artificial-intelligence-data-science/id1452117009Spotify:  https://open.spotify.com/show/6tXysq5TzHXvttWtJhmRpSRSS: https://feeds.redcircle.com/99113f24-2bd1-4332-8cd0-32e0556c8bc9YouTube Full Episodes: https://www.youtube.com/channel/UCxvclFvpPvFM9_RxcNg1ragYouTube Clips:  https://www.youtube.com/channel/UCxvclFvpPvFM9_RxcNg1rag/videosSupport and Social Media:  – Check out the sponsors above, it’s the best way to support this podcast– Support on Patreon: https://www.patreon.com/humain/creators  – Twitter:  https://twitter.com/dyakobovitch– Instagram: https://www.instagram.com/humainpodcast/– LinkedIn: https://www.linkedin.com/in/davidyakobovitch/– Facebook: https://www.facebook.com/HumainPodcast/– HumAIn Website Articles: https://www.humainpodcast.com/blog/Outline: Here’s the timestamps for the episode:

– Introduction

– Banking, investing, lending and insurance, which used to be intermediated by human beings, are now targeted by artificial intelligence companies.

– The digitization of all the industries from media to retail to now finance and healthcare.

–Machine Learning on top of large data sets. Services that used to be physical now have digital chassis that create data exhaust.

– Removing humans and running on autopilot makes it way cheaper and more accessible to manufacture a financial product.

– Mobile apps usage rises because phones are more distributed than banking services.

– 800 million or so users in China power the engine for the algorithmic decision-making for credit there.

– Free internet costs your data, your money or tracking of your behavior.

– Chinese model is successful because fixed costs of research and development are covered by government spending, and the U.S is fairly disadvantaged in that regard.

– Asymmetrical markets are controlled by very few players. Capitalism allows for that sort of selection mechanism to occur. The other option is decentralized direction, which is less profit-driven and more humanistic.

– Low marginal costs is the direction that we're moving towards from a macro level, driven by lower cost manufacturing and lower cost distribution.

– Finance jobs are threatened by automation.

– Encourage venture capitalism for innovation and risk-taking by the population.

– Distribution of wealth and income are getting more unequal because of unassailable structures of society.

– The internet age accentuates inequality. The large tech firms trend towards monopoly.

– Mental health tactics to keep at baseline