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Innovative technologies<br />
Robotics is an important component<br />
of the new industrial revolution<br />
New technologies will offer automated<br />
advice, products and services<br />
Henry<br />
Lucas<br />
$1BN<br />
The investment US multinational<br />
conglomerate General Electric<br />
is making in becoming a<br />
software company<br />
HARUYOSHI YAMAGUCHI/AFLO/ALAMY<br />
staggering pace as new applications are<br />
found for aerial technologies.<br />
Autonomous vehicle technology has<br />
progressed more rapidly than forecast.<br />
Tesla downloaded new code to its vehicles<br />
that enables them to drive in a semiautomated<br />
mode, which means the driver<br />
is still in charge. At some point in the<br />
future, most individuals may not own cars<br />
and wouldinstead summon an electric,<br />
self-driving vehicle through an Uber-like<br />
app. The vehicle will operate like a public<br />
taxi and dramatically reduce accidents and<br />
injuries from motor vehicles. Automobile<br />
manufacturers are concerned enough about<br />
this scenario to be investing in Uber and.<br />
Financial services have already been<br />
revolutionised by technology. High<br />
frequency trading is responsible for more<br />
than half of the trades on the New York<br />
Stock Exchange, although this approach has<br />
generated extensive controversy regarding<br />
its fairness. Investment firms are offering<br />
automated financial advisers that replace<br />
an individual who offers advice to a client.<br />
Start-ups are trying to disintermediate<br />
traditional financial institutions such as<br />
banks through crowdfunding and peer-topeer<br />
lending. <strong>G20</strong><br />
Robert H Smith<br />
Professor of Information<br />
Robert H School<br />
of Business University<br />
of Maryland<br />
Henry Lucas is the Robert H Smith<br />
Professor of Information at the<br />
Robert H Smith School of Business<br />
at the University of Maryland. His<br />
most recent bok is Technology<br />
and the Disruption of HIgher<br />
Education. His research interests<br />
include information technology–<br />
enabled transformations,<br />
disruptive technologies, the<br />
impact of information technology<br />
on organizations, information<br />
technology in organisation design<br />
and the value of information<br />
technology.<br />
G7<strong>G20</strong>.com September 2016 • <strong>G20</strong> China: The Hangzhou Summit 87
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