Reports of our death are an exaggeration: Difference between revisions

Reports of our death are an exaggeration (view source)

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 Getting regulations wrong can have ''bad'' consequences. Even apparently formalistic things like [[KYC]] and [[CASS 6|client asset protection]]. Banks ''already'' throw armies of bodies and [[legaltech]]<ref>Our [[legaltech roll of honour]] refers.</ref> at this and still they are routinely breaching minimum standards and being fined millions of dollars.
 ===The gorillas in the room===
-But in any case park all the above, for it is beside the point. For Mr. Perez overlooked the same core banking competence that Mr. Cryan did: quality ''people'".
+But in any case park all the above, for it is beside the point. For Mr. Perez overlooked the same core banking competence that Mr. Cryan did: quality ''people'', and quality ''leadership''.
+We have fallen into some kind of modernist swoon, in which we hold up ourselves up against machines, as if techne some kind of ideal to which we should aspire. Having done that, we naturally find ourselves in every regard ''wanting''. It has gone beyond that, for we set our children modernist criteria, too from the moment they set foot in the classroom. We have geared our [[education]] system to select for individuals who can be scored by reference to how reliably and quickly they can analyse and resolve ''known'' scenarios.  This is exactly what machines are best at. If we tell ourselves that machine-like qualities are the highest human aspirations we make it easy for the robots. We set ourselves up to fail.
+But human attributes — our tendency to improvise, our ability to imagine, narratise and analogise — our impish inconstancy, unreliability and unpredictability — these do not make us inferior to machines. They make us difficult for machines to control and manage.
+And that is the point. By suppression these instincts, we make ourselves more legible, more machine readable, to the advantage of efficiency, economy. These advantages accrue to the machines and their owners, not to us .
+Why surrender before kick-off like that?
 They are the irreducible, ineffable, magic difference between excellent banks and hopeless ones: the transparent ''informal'' networks by which it mysteriously navigates all kinds of terrain like some hovering, morphing jellyfish. Sundar Pichai can’t code that. The same human expertise the banks need to hold their creaking systems together, to work around their bureaucratic absurdities and still sniff out new business opportunities and take a pragmatic and prudent view of the risk — this is not a bug in the system, but a feature. Neither Cryan nor Perez seems to think it exists.