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In part one of Tech WELLcovered, we explored how tech is augmenting work and unlocking our true creative potential. In part two, we profiled how tech disruption is evolving how we have fun, creating vast possibilities for experiences tailored to our interests. Here, we highlight how innovation is helping you control your own destiny with improved guidance for every life stage.
Navigating new life stages — like education, relationships, health care, and retirement — has long been filled with uncertainty. In the past, you may have sought guidance from friends or relatives on the best path forward, read self-help books, or scoured the internet. But this advice was rarely data-driven and often not suited to your individual needs, making it challenging to chart a clear path to achieving your goals.
Today, in every life stage and across industries, tech innovations like AI and machine learning are harnessing big data to offer personalized insights and assistance to everyone. This progress reduces unknowns by using hard data to overcome human error and anecdotal inconsistency, boosting your probability of success by enabling you to make more-informed decisions.
The future will likely see companies combine data across your education, career, health, finances, and personal life. This will help offer synergistic, personalized guidance on how best to fulfill your aspirations and enable increasingly proactive and impactful decision making. For example, if genomic testing shows you are likely to require specific medical treatment in the future, a financial planning company may suggest ways to save enough to cover the related costs based on your finances. A career advisor may even propose new, higher-earning job opportunities based on your educational and career backgrounds.
While data-driven foresight has its merits, it has also raised privacy concerns. Companies will have huge repositories of personal data, including sensitive health and financial information. Data privacy and security will therefore continue to be key areas of risk, potential regulation, and consumer advocacy. The regulatory effort aims to ensure that customers retain control of their sensitive personal information and benefit from the resulting insights (and opportunities) made possible by this new technology, while mitigating the associated risks.
Past results are not necessarily indicative of future results and an investment can lose value. Funds returns are shown net of fees.
Source: Wellington Management
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