Photo Caption: IBM predicts that in five years artificial intelligence will'listen' to speech patterns and then analyze them with a text analysis algorithm that can identify mental health issues. This will help doctors and individuals better prepare for the disorders.

Over the last two decades, banks and financial institutions have achieved significant efficiencies through outsourcing, offshoring and labor arbitrage. Those levers can only go so far, however, when it comes to further cutting costs and simultaneously growing revenues -- particularly at a time when disintermediation is increasing and budgets are diminishing. To address this, enter the "bots": Financial services institutions including retail banks, investment banks, custodians, commercial banks and insurers are turning to digital labor, which represents a new wave of technologies such as robotics process automation (RPA) and cognitive automation. "Bots" are not the electromechanical robots with arms and legs one may have seen in sci-fi movies. Instead, this refers to software configured to interact with computers and applications just like a human would, performing high-volume, repetitive processes and tasks.

When you imagine the ideal chatbot, what do you picture? The bot in your mind's eye may resemble something along the lines of blockbuster movie favorites like Baymax from "Big Hero 6," "Wall-E's" EVE, or my personal hero, C-3PO. You probably didn't imagine a small tower that lives on your shelf, like Alexa; a virtual being that resides in the cloud and is accessed through your smartphone, like Siri; or even a pop-up chat window on your computer screen that can answer questions about your favorite products. Besides their looks, there's another major difference between today's artificial intelligence (AI) and our movie favorites: Our most beloved fictional chatbots all possess emotional intelligence (EI). As we move into the future, AI needs humanizing qualities to improve the way it interacts with us, meets our needs for information, and even controls the other technology around us.

I have the opportunity to review a lot of different technology products and I tend to put them into one of three categories. First, there are those products that really impress me and make me thankful for living in the Digital Age. The second category is made up of some useful and fun tech products that aren't very original, but enjoyable. The third category includes tech products that are poorly made, unoriginal or serve no purpose. Recently, I determined I should create a fourth category after a friend asked an intriguing question. He knows I'm a techie and always testing the latest, greatest tech products and gadgets.

Artificial intelligence can identify skin cancer in photographs with the same accuracy as trained doctors, say scientists. The Stanford University team said the findings were "incredibly exciting" and would now be tested in clinics. Eventually, they believe using AI could revolutionise healthcare by turning anyone's smartphone into a cancer scanner. Cancer Research UK said it could become a useful tool for doctors. The AI was repurposed from software developed by Google that had learned to spot the difference between images of cats and dogs.

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Shivaram Kalyanakrishnan is an assistant professor in the department of computer science and engineering at the Indian Institute of Technology-Bombay. He specialises in artificial intelligence (AI) and is the only author from India who is part of an 18-member study panel of the Stanford University-hosted report titled Artificial Intelligence and Life. Kalyanakrishnan's expertise broadly fits in the area of machine learning. Called reinforcement learning, it defines what actions software agents should take to maximize a certain type of reward after learning from reward and punishment. In an interview, he urges people to be more optimistic about the things AI can do rather than be obsessed with the fear around AI machines.

Technology in the so-called Smart Machine Age, which includes AI, virtual reality and robotics, will bring huge changes not just in headcount, but also in how people innovate and collaborate. That will require new approaches to how people think, listen and relate, says Edward D. Hess, a professor of business administration at the University of Virginia. In the "Smart Age" now evolving, ego has no place. Instead, the focus will need to be on the quality of ideas, accuracy, emotional intelligence and mindfulness. Hess writes about these issues in the just-released book he co-authored with Katherine Ludwig, titled Humility is the New Smart: Rethinking Human Excellence in the Smart Machine Age. Hess discussed his ideas on the Knowledge@Wharton show on Wharton Business Radio, SiriusXM channel 111.

Entire medical labs built on a computer chip, humans with superhero vision and smart sensors that can detect pollution at the speed of light are just a few predictions IBM has made about life in 2022. The New York firm has released its '5 in 5 list', revealing new innovations that could change the way we work live and interact with each other over the next five years. Humans should expect to see advancements in artificial intelligence, smart sensors, telescopes, sensors and medical devices. IBM predicts that technology that will'listen' to speech patterns and then analyze them with a text analysis algorithm that can identify any issues. Technology will analyze patterns in speech and text that could hold clues to mental illness.

Artificial intelligence that reads and responds to our emotions is the killer app of the digital economy. It will make customers and employees happier--as long as it learns to respect our boundaries. When psychologist Dr. Paul Ekman visited the Fore tribe in the highlands of Papua New Guinea in 1967, he probably didn't imagine that his work would become the foundation for some of the latest developments in artificial intelligence (AI). After studying the tribe, which was still living in the preliterate state it had been in since the Stone Age, Ekman believed he had found the blueprint for a set of universal human emotions and related expressions that crossed cultures and were present in all humans. A decade later he created the Facial Action Coding System, a comprehensive tool for objectively measuring facial movement.