Our children will only know a world with AI. Last year was massive for the creation of exponential technologies leveraging Artificial Intelligence (AI) and Machine Learning (ML). Venture capital funding doubled to $12 billion in 2017 for AI. Blockchain has been laying the foundation for a new decentralized internet at the same time. Last year, the total amount of capital raised via ICOs was a little over $5 billion.
If you go to college and take a course "Machine learning 101", this might be the first example of machine learning your teacher will show you: Imagine you work for a real estate agency, and you want to predict, for how much a house will sell. You have some historical data -- you know that house A has been sold for $500 000, house B for $600 000, and house C for $550 000. You also know something about properties of the houses -- you know the size of the house in square meters, number of rooms in the house, and the year the house was build. The goal of the real estate agency is to predict, for how much a new house D will sell, given its known properties (size, age and number of rooms of the house). In ML terminology, the known properties of the house are called "features" or "indicators" (we use the term "indicators" in Signals, because this term has been historically used in trading).
When people talk about artificial intelligence (AI), the discussion commonly turns to flashy robotics – how they support manufacturing production lines, disable explosives, or even vacuum the floors. Major steps in AI were made in the late 1950s and early '60s, with flagship examples like the ELIZA computer program that demonstrated the superficiality of communication between humans and machines. From then until the 1980s, there was great promise that AI could revolutionize businesses, but there was no major disruption. Today it feels as if AI is born again, and it is much more than robots. Innovative new AI technologies are delivering benefits to a wide variety of industries, including financial services.
Artificial intelligence (AI) has already become an everyday part of our lives. AI is evolving now in all industries especially in the banking sector, 2018 will showcase many projects and applications that are adopting AI to increase their performance and security in all terms. In the past few years almost all the tech giants have started using and promoting AI in their applications, and embedding it into their processes and new releases. Oracle; for example, the software giant announced its autonomous database 18c in Oracle Open World 2017 which will run and manage all of it's patches by itself without the need of the DBAs, Oracle is just one of so many other software companies which have started promoting the use of AI. The banking sector has realized that it has to adopt AI into its processes and applications as fast as possible as the outcome of this technology will enrich the customer experience in many areas; it will also increase customer confidence and engagement, which will enable banks to know their customers and provide guidance on how and what services to offer them.
Artificial intelligence and blockchain are two technologies that are poised to upend how corporate America conducts business. IBM (IBM) is investing in both. Artificial intelligence can eventually be used to help cleanup oceans, according to Avrind Krishna, senior vice president of research at IBM. As for blockchain technology, Krishna said IBM is working with Walmart (WMT) to improve food safety. Subscribe on Youtube for extended interviews, Cramer Replays, feature content, and more!
Many insurance companies already utilize AI for risk analysis, allowing them to determine more accurate premiums based on the data. What's especially exciting for those of us working in the industry, though, is how machines are learning to spot inconsistencies in applications, claims and premium assessments that have historically plagued insurers. With thousands of insured clients, companies experience a backlog in claims processing due to human error, but AI can streamline the process and improve both accuracy and customer satisfaction rates.
Every time you read a trade journal, an article on LinkedIn or attend a conference you can bet there'll be something about AI and Big Data (it's always capital B and capital D too). It's also probable that many businesses will be able to get along fine without either. However, anyone wanting to profit from these innovations will be finding out exactly how they can assist them. On the one hand, AI will undoubtedly help in processes, transactions and compliance. Machine learning will reduce time, cost and complexity from many arduous jobs within companies, businesses and firms.
Rather than being fearful of machines rising up against humans, one company is actively trying to merge the two, by combining human intelligence with computer algorithms to predict a whole series of real-world events. Unanimous AI is a company that uses technology that draws from a concept commonly found in nature: swarm intelligence. Rather than using algorithms to replace human intelligence, the firm tries to amplify it. "The artificial swarm intelligence really refers to the way in which we actually combine humans with technology in order to come to these amplified outsets, or amplified outcomes," David Baltaxe, chief intelligence officer at Unanimous AI, said on Tuesday. Biologists and zoologists have been studying swarm intelligence in systems of insects and animals, like fishes, birds and honeybees, for a long period of time, Baltaxe told CNBC at the Credit Suisse Asian Investment Conference.
India's homegrown smartphone manufacturer Micromax has invested an undisclosed amount in AI startup One Labs. One Labs operates inOne, a platform that aggregates apps across multiple genres in food, shopping, travel, deals, cabs, news, recharge, games and more. Among the 50 apps that it hosts include Zomato, Ola, Uber, Flipkart, Amazon, Snapdeal and others. The company plans to use the funds for product development and add more than 200 apps on the platform in the next 1 year. Besides, inOne will be pre-embedded in Micromax devices, the statement added.