The blossoming of fintech shows financial regulators need to update their tools, Rep. Patrick McHenry, possibly the next chair of the House Financial Services Committee, said today. Regulators need to start using Artificial Intelligence (AI) to adapt rules quickly to a rapidly changing financial system, a Republican Congressman who is often mentioned as the next possible head of the House Financial Services Committee said today. To meet the fintech challenge, Rep. Patrick McHenry (R-NC) also called for regulators to begin employing Big Data to develop strategies. "The basic way consumers are interacting with the banking system is fundamentally changing," said the Congressman. McHenry revealed he will be introducing a bill soon to bring financial regulation into the fintech era.

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Fingerprint scanners, voice recognition, targeted ads, home voice assistants. These technologies are all part of everyday modern life and are revolutionising the way retailers sell their products to consumers across the world. But have we actually taken the time to stop and consider what customers think of our ever increasing arsenal of tech tricks to entice and persuade? Every year we survey consumers in the UK, France and Germany to gain an understanding into what technologies they think are'creepy' or'cool'. The results from this year's survey are just in – giving us a top 5 'creepy' and top 5 'cool' list of tech that shoppers love or loathe.

According to this year's GII report, China was the main driver for a record increase in intellectual property filings in 2016. The country also has been a leading investor in autonomous vehicles, education technology, virtual reality, robotics, advanced manufacturing, artificial intelligence, and machine learning, according to another global innovation report by the Atlantic Council, a Washington D.C.-based think tank focusing on international affairs. The country accounts for 42 percent of the global e-commerce market and boasts about being home to one-third of the world's startup companies valued at $1 billion or more.

Today, many companies are entrusting their top business-critical operations and decisions to artificial intelligence. Rather than traditional, rule-based programming, users now have the ability to provide machine data, define outcomes, and let it create its own algorithms and provide recommendations to the business. For instance, an auto insurance company can feed a machine a library of photos of previous totaled cars with data on their make, model and payout. The system can then be "trained" to review future incidents, determine if a car is totaled, and give a recommended payout amount. This streamlines the review process, which is both a positive for the company and customer.

The majority of robots are white. Do a Google image search for "robot" and see for yourself: The whiteness is overwhelming. There are some understandable reasons for this; for example, when we asked several different companies why their social home robots were white, the answer was simply because white most conveniently fits in with other home decor. But a new study suggests that the color white can also be a social cue that results in a perception of race, especially if it's presented in an anthropomorphic context, such as being the color of the outer shell of a humanoid robot. In addition, the same issue applies to robots that are black in color, according to the study.

Erin is a senior analyst with ALM Legal Intelligence covering legal technology and trends. Her experience is in researching IT, technology and related services. Prior to joining the Legal Intelligence team, Erin was a senior analyst with ALM Consulting Intelligence, where she led IT Consulting research, covering topics such as cybersecurity, cloud and analytics. In addition, Erin has experience as an analyst with Technology Business Research, covering IT and consulting firms; and with Deloitte as a consultant focusing on IT process improvement and business analysis projects to increase efficiency.

As a practicing lawyer, there are specific jobs I undertake on a daily basis that I have difficulty delegating to anyone, never mind a computer. Complexities inevitably arise with almost all legal matters and are often compounded by the clients and their expectations, assumptions and presumptions. How could one trust a computer to address the complex and evolving needs of a client and interact with said client on a subject that could range from as trivial as a parking ticket to as consequential as a murder charge? The short answer is one could not -- and therein lies, at least for the time being, one of the significant limitations of artificial intelligence as it relates to the law.

Luxury handbags may exude the confidence of wealth, but take them with a grain of fancy salt -- the counterfeit business is booming. Around 2.5 percent of global imports to the US are counterfeit or pirated goods. This amounts to about half a trillion dollars' worth of merchandise, and these ill-gotten gains fund organized crime. According to Maysa Razavi, an attorney with the International Trademark Association, shoppers often don't know that "the same people who are counterfeiting are involved in human trafficking and terrorism." The next time you don a head-to-toe Gucci ensemble, keep in mind that the clutch you bought for a bargain could be lining the pockets of an underworld kingpin.

One cannot open up their computer or turn on their television for any significant amount of time without seeing or hearing about artificial intelligence. The term evokes an almost immediate emotional reaction, often with ideas of a dystopian future where the human race is no longer master of the planet. Without delving too deep into that rabbit hole, I would instead leave The Terminator and other equally bleak futures out of this particular conversation and instead focus on artificial intelligence and the law. The current application of artificial intelligence to the practice of law was a discussion topic at our most recent board of directors meeting for Loyola Law School. The discussion centered around the ability of a computer to perform a task or series of functions that had traditionally been the responsibility of a legal professional or team of professionals.