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Why Self-Driving Trucks Won’t Spell the End for Truck Drivers




Self-driving vehicles are in the news all the time. Some of the latest stories claim that self-driving trucks may be hitting the road in Texas very soon. Kodiak, a self-driving truck company, already has an office with its first client.

It’s exciting to watch the transportation industry change right before our eyes. From being able to study and take a permit test online to vehicles that can parallel park themselves, the entire transportation industry has been changing for years.

Although change can be exciting, it can be nerve-wracking too. The good news is, all this new technology won’t spell the end for truck drivers.

Safer with Someone Behind the Wheel

It’s true that self-driving vehicles have the potential to be safer than human-operated vehicles. However, the safety record for self-driving vehicles hasn’t been proven. Not to mention, the idea of the roads being filled with cars that drive themselves gives most of us the heebie-jeebies.

That’s good news for truck drivers. It means that there will still need to be a driver behind the wheel for the foreseeable future.

Think of it like an airplane pilot. The pilot isn’t physically steering the plane through the air. Instead, the pilot is there to program the airplane and make sure everything goes according to plan. If something goes wrong, there’s someone there to take manual control. Truck drivers will do the same thing behind the wheel of a truck.

Technology Will Make Operating a Truck Easier and Safer

As it stands, the current technology is more about making it easier and safer for a truck driver to operate their vehicle than it is about getting rid of their position altogether. Ways technology is making truck driving better include:

  • Dynamic routing enables drivers to spend less time on the road by finding the fastest possible route.
  • Dash cams can defend against phony insurance claims, and they can reduce distracted driving.
  • Driver scorecards can help the training process and keep drivers safe on the road.
  • Collision mitigation technology can engage the brakes automatically.
  • Electronic logging means drivers are paid for the exact distance traversed.

As truck tech continues to evolve, it will make other aspects of operating a vehicle safer too. Technology will be able to monitor vehicles behind and beside the truck, completely eliminating blind spots, it will monitor the speed of other vehicles on the road and adjust the truck accordingly, and a fully self-driven truck will be able to squeeze into tight spaces for delivery without the need for extreme maneuvering by a driver.

The Trucking Industry Is Huge

Even if self-driving trucks that don’t require a human driver are just around the corner, that doesn’t mean all trucking jobs are gone forever.

The trucking industry is huge. It accounts for more than five-percent of all full-time jobs in America, and over 70-percent of all freight in the United States is moved using trucks.

Even if some jobs are displaced, the industry is so massive that not all the jobs will be taken over by technology. Smaller companies may continue to pay drivers while new technology is expensive.

Even when costs are reduced, it may continue to be a way some companies set themselves apart. Just as some clothing companies boast that they pay actual seamstresses to construct clothing instead of using factories in other countries, so too may some companies boast about hiring actual drivers to deliver their goods.

Most Drivers Will Age out of Their Jobs Before Technology Replaces Them

Technology takes a while to be implemented. Especially when you consider that laws and regulations need to be changed, and the legalities of self-driving technology need to be worked out. Although self-driving vehicles that are operated by actual people may be just around the corner, entire fleets of vehicles that don’t require a driver are decades away.

That means, most drivers will age out of their jobs before the change happens. As a matter of fact, there’s a shortage of drivers right now! The average age of a driver is 49, which means most drivers today will be enjoying their retirement before they get displaced by technology.

Whether you drive a truck or someone you love does, there’s no reason to get worked up about self-driving technology just yet. It is poised to make things easier for drivers rather than displacing them altogether. There will always be positions available for people who are willing to work with technology to make deliveries, whether sitting behind the wheel or a computer screen.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That




Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®

What’s Keeping Millennials From Accessing Credit?

The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.

Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.

The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:

  1. Payment history
  2. Amount owed
  3. Length of credit history
  4. Credit mix
  5. Hard credit inquiries

You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.

The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.

The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.

Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.

It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.

How Credit Bureau 2.0 Fixes Those Problems

Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.

Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.

The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.

Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”

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