Artificial Intelligence (AI) and digitisation can cut bank and financial operating costs by half, according to Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation. Speaking at the Middle East Banking Forum in Abu Dhabi, Al Ghurair said that the UAE is among the most advanced nations when it comes to the implementation of technology in the banking sector. "Artificial intelligence and digitalisation save up to 30 to 50 costs for the banking and financial system," he said, adding that digitalisation is "a must" for UAE banking and financial-sector companies to keep pace with global developments. "The banking sector is an integral part of the UAE economy, playing a major role in the economic diversification drive," he added. In September, Al Ghurair told local media that Mashreq Bank may cut as much as 10 percent of its 4,000 strong workforce over the course of the next year due to the successful implementation of AI technologies.
Referring to the fact that productivity growth slowed in the 1970s and 1980s even while information technology developed rapidly, economist Robert Solow once quipped: "You can see the impact of IT everywhere but in the productivity statistics." Today, one can see the so-called job-destroying impact of robotics everywhere but the employment statistics. Last month, the U.S. economy created over 220,000 net jobs. On average, it has created 174,000 jobs a month this year, relatively tepid but nonetheless steady job growth (just below last year's 187,000 jobs a month). With a 4.1 percent jobless rate, and more Americans re-entering the workforce, the economy seems to be at or near full employment.
Artificial intelligence will be one of the key drivers of the economic growth in the next few years. But what will drive the AI industry itself? Some consider AI technologies a secret weapon of a few high-paid engineers. In fact, the success of an AI solution is mainly defined by the low-paid workers in developing countries. By 2025, AI technologies and AI-driven services will become a nearly $60 billion market -- $59.75 billion in Tractica's view, an increase from less than $1.38 billion in 2016.
Artificial intelligence is already reshaping the labor market. Its impact will likely become even more disruptive. But experts have historically been bad at predicting which jobs and tasks will be lost to automation, and public officials have historically been slow to respond to technological advances with smart, effective regulations. That's the nutshell of a RAND Corporation report on "The Risks of Artificial Intelligence to Security and the Future of Work," released earlier this week. What can K-12 educators and policymakers take away from the work?
Job growth in the healthcare sector outpaced all other industries for freelancers in the new LinkedIn 2017 U.S. Emerging Jobs Report, and technology chops are increasingly critical to many careers in the future. The social network's research, in fact, found that the 5-year growth for healthcare jobs is at 47 percent among freelancers and 20 percent for non-freelance employees. Second to healthcare, LinkedIn put retail and consumer products at 42 and 5 percent, respectively. The staffing industry is an interesting comparison because freelance growth was lower than healthcare at 41 percent but higher, at 30 percent, for those non-freelance employees. How AI is driving forward-looking healthcare orgs.
Today, it is no longer a question of adopting AI or not. Instead, ask yourself if you and your sales team are ready for the inevitable. Artificial intelligence for business is a reality. If your goal is to forge ahead and lead in your field, then you need to adapt to a workplace where AI plays a crucial role. As J.J. Kardwell, founder and CEO of predictive marketing software company EverString, puts it: "Growth-focused sales organizations of every size and stage cannot afford to ignore the benefits of AI-assisted sales."
SYDNEY – After applying his machine-learning programs to central bank policy statements to churn out trading calls, a hedge fund-backed political economy specialist is aiming his sights on corporate earnings announcements. Evan Schnidman, a 31-year-old who set up his own firm after a Harvard University Ph.D. dissertation that looked at the Federal Reserve's communications, is hoping the approach that lured $3.3 million in a fundraising round last December will work in the corporate sphere. St. Louis-based Prattle has until now focused on applying the artificial intelligence method known as natural-language processing to make assessments of Fed and other central bank policy statements. At a time when analysis is poised to get its own price tag, with the introduction of Europe's MiFID II regulations, research costs are an increasing focus for investment banks and asset managers. BlackRock Inc. has even moved to use robots to design funds.
It is that time of the year again and 2017 is over before we knew it. The Year of Intelligence brought us a lot of progress and change; from over-hyped ICO's to algorithms that created secret languages. As every year since 2012, I provide you with seven of the most important technology trends for 2018 to help you, and your business, prepare for the next year. One thing that we can state is that we are on our way to enter the 4th Industrial Revolution. Many of the technologies that have been promised for decades are constantly improving and are now reaching a point of maturity.
Since the term "artificial intelligence" (AI) was first used in print in 1956, the one-time science fiction fantasy has progressed to the very real prospect of driverless cars, smartphones that recognize complex spoken commands and computers that see. In an effort to track the progress of this emerging field, a Stanford-led group of leading AI thinkers called the AI100 has launched an index that will provide a comprehensive baseline on the state of artificial intelligence and measure technological progress in the same way the gross domestic product and the S&P 500 index track the U.S. economy and the broader stock market. A Stanford-led AI index reveals a dramatic increase in AI startups and investment as well as significant improvements in the technology's ability to mimic human performance. "The AI100 effort realized that in order to supplement its regular review of AI, a more continuous set of collected metrics would be incredibly useful," said Russ Altman, a professor of bioengineering and the faculty director of AI100. "We were very happy to seed the AI Index, which will inform the AI100 as we move forward."
The Basel committee rules have been an ongoing international response to the 2007-2009 financial crisis that saw the bankruptcy of U.S. investment bank Lehman Brothers and taxpayer bailouts of big banks. The financial crisis was the prelude to the Great Recession that saw many people lose their jobs and homes. Governments in the United States, Europe and elsewhere were pushed to rescue banks to prevent a cutoff of credit to businesses that would further harm the economy and increase unemployment.