(Yicai Global) April 21 -- Big Data and artificial intelligence will become unstoppable trends for all sectors, but a balance between personal privacy and public space should be struck to protect humans in this era of tech juggernauts, was the consensus that arose at a forum Yicai Global hosted in New York City on April 18.

The group of academicians and insiders participating shared their views on the future of technology at the Yicai Global New York Spring Forum. Guest speakers at this roundtable discussed such topics as whether technology is good, or if it a disruptive force in our society. Our level of preparedness for the advent of the Age of AI was also a specter that loomed large over the gathering.

In the first panel session moderated by Dorinda Elliott, senior vice president and director of Manhattan-based China Institute's Center for Business, the speakers focused on what big tech brings to Wall Street firms. 

Big Data and AI will become widely used, far beyond current expectations, predicted Jeannette M. Wing, Avanessians Director of the Data Science Institute of Columbia University and a professor of Computer Science.

But further improvements and deep learning that combines algorithms with Big Data is still needed, she said. 

"Another problem that confronts the world today is the abuse of user data, which is why greater regulation is needed to win more customer trust," she noted. 

Her view was echoed by Guyan Liu, founder and portfolio manager of New York-based Miles GL Capital Management.

"AI will help manage and collect data, as well as pushing transmission analysis," said Liu. He added that Wall Street firms also need technology to solve data problems and construct models to earn more profits. "People come to the city because it is where finance and big technology meet," he said.

Chaining the Beast

The moderator and guest speakers in the second panel discussion addressed the challenges that AI presents to human society and the importance of striking a balance between personal privacy and public space. 

AI is inexorable, said David Chen, chief financial officer at Hong Kong's Hanson Robotics and founding partner of Shanghai-based AngelVest Fund. 

Yet it can only perform simple tasks, he noted, and cannot think in as complex a manner as humans, who can engage in specific analyses and will thus always control machines. 

People must take intelligent control of technological evolution and craft effective regulations to shape the future, as rules are the key to averting harm, said Peter Micek, who is general counsel at international free internet advocacy group Access Now and an adjunct professor at the Columbia University School of International and Public Affairs. 

The full advent of AI is merely a matter of time. Effective regulation of deep learning AI and Big Data and smart control over machines are therefore the keys to shaping our future lives, Micek advised. 

Yicai Global co-hosted this forum with Bank of China (New York, NY) which does business as Bank of China USA.

Editor: Ben Armour