Back in June, we reported research by PYMNTS.com, that found only 5.5 percent of the 200 financial institutions they surveyed were using artificial intelligence (AI), and only half of those used it to prevent fraud. We also know that payments and banking fraud is becoming more sophisticated and professional every day. A recent online scan reveals that technology and financial journalists are very interested in the role of AI and machine learning in fraud detection. Chatbots improve customer service, AI profiling understands customers' risk profiles, and AI tools provide information that enables fraud detection. Payments Journal gives the example of Mastercard's use of Brighterion as a strategic anti-fraud initiative.
Editor's note: To make Gartner's top technology trends more digestible, CIO Dive broke them into two parts. This is the second of two parts. You can read the first, which focuses on technology interacting with people, here. When "Minority Report" was released in 2002, it felt futuristic. Psychic technology would predict a crime before it was committed and Tom Cruise would go make the arrest.
Microsoft is pitching blockchain technology as a way to make artificial intelligence less scary for its corporate customers. Much like consumers who are wary of AI, enterprises are queasy about putting their full trust in a "black box" where machine learning algorithms are indiscriminately applied to vast data sets. But Microsoft, which helps thousands of firms manage their data, claims a blockchain can add trust and a degree of transparency, assuaging such concerns. Underpinning this is a new tool called Azure Blockchain Data Manager, which the software giant released at its annual Ignite conference in Orlando, Florida, but was overshadowed by the announcement of a platform for creating enterprise tokens. Blockchain Data Manager takes on-chain data and connects it to other applications.
Beyond AGI is where things get really exciting and may perhaps present a slightly existential challenge for humanity--artificial superintelligence (ASI). Goertzel said, "Artificial superintelligence is the next step beyond general intelligence. Humans currently have more general intelligence than the software products that are commercially available right now. But humans are by no means the most generally intelligent possible system. I think as AI advances further and further, you're going to see AI as tremendously smarter than people much as we're much smarter than monkeys, rats or bugs. But I mean, to get from where we are now with narrow AI, to AGI, and then to artificial superintelligence, we need to go through quite a series of practical steps."
Global payments unicorn Adyen is looking into how artificial intelligence can boost its payments offering, highlighting how the tech can boost the industry as a whole. The Dutch FinTech company went public last year after having raised a massive $250m Series B round in 2014, the biggest deal raised by a FinTech company in the Netherlands between 2014 and the third quarter of 2019. But more is to come and it seems as if AI will play a big role in Adyen's future. "The benefits of AI are real," Pieter van der Does, CEP of Adyen, told VentureBeat at the Slush technology conference in Helsinki. However, initially the tech leader was cautious about using AI.
The first Model Artificial Intelligence Governance Framework in Asia was released by Singapore in January this year, in collaboration with the World Economic Forum's Centre for the Fourth Industrial Revolution. AI, an emerging frontier in technology that allows technical systems to simulate human intelligence and behaviors, has vast applications in many fields. As part of its «Smart Nation» pursuits, Singapore launched its National Artificial Intelligence (AI) Strategy at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) conference. Within the next three years, AI-powered chatbots will become the first point of contact for residents to report issues with city services while marking systems in schools will soon be automated. Across the financial landscape, AI has also weaved itself into the workings of the industry.
Adrienne Gormley, head of EMEA and VP of global customer experience at Dropbox "There is a lot of attention, rightfully so, on AI having the ability to predict user needs and analyse data patterns in a more effective manner. For instance, Machine intelligence can surface the content you will need for a meeting or recognise images, so you don't have to remember file names. Machines can do the more structured tasks, which will enable humans to focus on the work that matters. "In the future, we will see AI take on more complicated tasks. As AI continues to develop, humans will have more natural and seamless interactions.
The rapid evolution of technology is both exciting and daunting, as businesses strive to identify and back the right technologies that will drive positive change within their organisation. Understanding which to explore and test and which to press on and implement can be challenging, particularly when new technologies are frequently announced with much fanfare far before benefits are truly realised. To help get an expert perspective on the matter, Savannah Group recently hosted an event for a selection of CIOs, CTOs and CDOs and invited Dr Jai Menon, Chief Scientist at Cloudistics to lead a discussion on the major technological changes driving change in organisations at the moment. Jai's distinguished career has seen him serve as CTO of some of the largest systems businesses in the world including IBM and Dell. He is recognised as an IBM Fellow and was a pioneer behind the creation of RAID technology – now a $20 billion industry.
Fusion Informatics builds a team of eCommerce virtual assistants to our clients that are exclusive to their company. We also hired and trained 1 x customer support representatives to help answer hundreds of emails that our clients receive per day in his ecommerce business. We provided with all support and training documents for their company, we then trained their staff members and within a few weeks, the staff had answered the message without the support of the client or Fusion Informatics. Finally, we successfully plant a Virtual Assistant and provided solutions for our customers who benefit from an increase in sales of 30% in the first month itself.
Data Science is being applied significantly in e-commerce. As data technologies gain more traction, we will see more innovative applications of AI, Machine Learning, etc., in e-commerce retail. Coupons and promotional codes have become a key strategy for e-commerce as they help increase sales, draw traffic and customers' attention to your products, obtain customer data, enhance brand reputation, provide maximum publicity, etc., thereby maximizing the business profits. Our use case accurately predicts the buyers who are most likely to use coupons in their purchase journey by leveraging Machine Learning and other Data Science technologies.