The strengths of AI are a good match for the challenges facing financial services firms around the world. AI has generated a lot of excitement and attention in recent years because of its huge potential to add value to all kinds of financial services transactions. Banks and investment firms are exploring the power of AI to improve customer experience, automate cumbersome tasks, cut costs, and help uncover new opportunities for future growth.
For example, the ability of AI to detect and analyze patterns in big data makes it a powerful tool for wealth management and investments. Companies like Betterment that use a combination of human and AI expertise are leading the charge in this growing trend. The company helps customers set up a portfolio, choose, and maintain investments for a fixed annual fee.
And for those of us who are concerned with the security of our personal bank accounts and assets, we can expect more sophisticated, AI-powered fraud protection in the future. And for those of us who have endured cumbersome and unhelpful phone support from our banks, we can look forward to advances in AI service bots that promise to be much more efficient at problem-solving and providing quick responses.
We can say with certainty that AI is such a profound tool that its impact marks a true global paradigm shift, similar to the revolutions brought about by the development of agriculture, writing, and manufacturing. While the future changes that AI will bring are almost impossible to imagine, we have identified three key benefits and three key risks worth keeping in mind:.
Advanced pattern recognition, computing speed, and nonstop productivity courtesy of AI allow humans to increase efficiency and offload mundane tasks—and potentially solve problems that have evaded human insight for thousands of years. We are human, and so we make mistakes and get tired. We can only perform competent work for a limited time before fatigue takes over and our focus and accuracy deteriorate. We require time to unplug, unwind, and sleep. AIs have no biological body, side-gig, or family to pull their attention away from work.
And while humans struggle to keep focus after a while, AIs stay as accurate whether they work one hour or 1, hours. While they work, these AIs can also be accurately recording data that will, in turn, provide more fuel for their own learning and pattern recognition.
For this reason, AI is transforming every industry. The amount of time and energy companies have to invest in repetitive manual work will diminish exponentially, freeing up time and money, which in turn allows for more research and more breakthroughs for each industry. As AIs gain greater capabilities and are deployed in different capacities, we can expect to see many of the problems that have plagued government, schools, and corporations to be solved. AIs will also be able to help improve our justice system, healthcare, social issues, economy, governance, and other aspects of our society.
These critical systems are rife with challenges, bottlenecks, and outright failures. In each realm, human bureaucracy and unpredictability seem to slow down and sometimes even break the system. When AIs gain traction in these important domains, we can expect much more rational, fair, and thorough examinations of data, and improved policy decisions should soon follow.
As AIs become more mainstream and take over mundane and menial tasks, humans will be freed up to do what they do best—to think critically and creatively and to imagine new possibilities. In the future, more emphasis will be placed on co-working situations in which tasks are divided between humans and AIs, according to their abilities and strengths.
Perhaps the most important task humans will focus on is creating meaningful relationships and connections. As AIs manage more and more technical tasks, we may see a higher value placed on uniquely human traits like kindness, compassion, empathy, and understanding. Will AI change our current way of life? Do we know exactly how? Absolutely not. AI already is affecting nearly every aspect of our personal and professional lives. Every human institution—businesses, governments, academia, and non-profits—is already experiencing the accelerating pace of change.
And although AI is often portrayed in terms of solutions to solve problems in healthcare, transportation, and business productivity, there is also a darker side to consider. There are concerns that AI will replace human workers, and some people fear the ultimate outcome will be that superintelligent AI-powered machines will eventually replace humans entirely.
Consider the following two scenarios:. Those who insist that technology is neutral will point out that a hammer can be used to build a home or to hit someone over the head. As with any technology in the wrong hands, AI could be created to help humans commit horrible acts. This might be an autonomous weapon programmed by the military, or a malevolent algorithm set loose by an individual hacker.
What Is Artificial Intelligence? Examples and News in - TheStreet
Fear associated with AI—a technology that is intelligent and capable of self-learning—is not unfounded. While one person or group is attempting to create something harmful, there is often an equal or greater amount of energy being invested to stop that harm and create countermeasures that limit risk and impact. With the widespread use of AI, as well as its growing capabilities, this scenario may no longer seem as far-fetched.
Addressing concerns over whether AI will drive massive job displacement , Singularity University Co-Founder and Chancellor Ray Kurzweil explains that while certain jobs will be lost, new jobs and careers will be created as we build new capabilities. Kurzweil notes that AI will benefit humans and that AI is less likely to be threatening than beneficial to us , and it benefits us in many ways already. As the development and application of AI continues to evolve at an unprecedented rate, a handful of important trends have begun to emerge. Perhaps the most significant trends involve deep learning applications that have demonstrated outstanding performance competing against human contestants in games like Jeopardy and Go.
The job market also reflects this growth clearly. From to , for example, we saw a 35x increase in posted jobs that require deep learning development skills. And in , the demand continues to increase. The purpose is to enable devices to respond faster by processing more information locally, rather than sending the communications back and forth to the cloud.
Artificial Intelligence is all around us, step forward and build a career in it
The integration of AI, the IoT and edge computing will be a driving force as businesses seek to improve the speed and performance of their solutions and services. Another important trend is the development of specialized processors that are engineered to optimize AI performance. Other important trends driving the growth of AI include computer vision, voice assistants, and a push for more standardization and ethics.
So not only is AI likely to be integrated into nearly every electronic system—but also into nearly every person as well. None of us can predict the future, nor can we stand against the wave of change driven by AI and other exponential technologies. Instead, we can do our best to learn about these technologies, understand their inherent opportunities, and apply them to solving our biggest global challenges. Perhaps the biggest mistake we can make with AI is to underestimate its impact and rapid growth. Enjoying this Exponential Guide? You can also get inspired with actionable insights from Singularity Hub , check out the great content on our blog , and connect to a global community of changemakers with a free membership.
How Does Artificial Intelligence Work? Machine learning is a method of data analysis that enables computers to learn without external instruction. Deep learning is a branch of machine learning that uses computer simulations called artificial neural networks. Big data With the rapidly decreasing cost of sensors and the global growth of the Internet of Things IoT , we have dramatically increased the number of smart and connected devices that are continuously measuring and recording data.
AI adoption across industries and scenarios create higher value-involvement opportunities and consequent shift from traditional jobs to more evolved roles. The steep salaries also tell their own tales that are totally out of sync with the AI naysayer-speak.
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The Accenture Report elaborates on the AI job scope. It predicts that higher AI investment will boost revenues and employment opportunities across various industries from 38 to 50 percent between and This graph below illustrates the potential increase in employment across some key industries. Are you still wondering where the AI jobs are?
What is AI?
Consider businesses operating in high AI adoption sectors like technology, automotive, banking, finance, e-commerce, retail, and media. These industries are on a fast-growth trajectory marked with intense competition for a business edge and shareholder confidence. To move ahead and capitalize on industry opportunities, businesses will deploy AI for innovation and differentiation. No sector or business today can resist the impact of AI.
Core business processes are being redefined as AI has the potential to transform customer experiences. In such a scenario, companies are not only investing in technology and data but also the AI talent that makes use of all that data for business growth. What we are witnessing across India is a radical change to organizational structures and processes, as Applied Artificial Intelligence gains traction, with focus on end-to-end process automation. Tasks and skills are reconfigured to generate more job roles — Tasks are reconfigured to create specialized multi-skilled and insight-driven job roles.
Skills are mapped to new business models — Customer satisfaction, product and process efficiencies are at the core of current business models. Thus, high levels of technical skills are being mapped to these emerging AI-driven roles and systems.
In the banking industry, fraud management and regulatory requirements top the priority scale. AI is the most time-proven and robust method for fraud identification, enabling red-flagging a transaction for the timely prevention of frauds. The thrust is on innovative customer experiences — It is certainly true that AI creates as many or more jobs as it displaces. One of the best examples is e-commerce where AI is the driving force behind degree personalized customer experience, higher sales, and marketing ROI.
The explosive growth of e-commerce has required a built-out of warehouse and delivery systems across the country, and a robust technology stack that is ever-expanding. The vast geographic reach and logistics network has more producers, suppliers, and marketers jumping on to the e-commerce bandwagon. Jobs have been created at every touchpoint.
Even as AI ensured slicker and more effective marketing and sales, the exponential growth in job creation offset the loss of marketing personnel. Besides, humans are needed to make sense of all that big data too!