Machine learning is a form of artificial intelligence where computers can learn without being explicitly programmed for handling certain tasks by analyzing vast amounts of data in the cloud. And Intuit – the company whose mission is to power prosperity for consumers, small businesses and the self-employed around the world through products like QuickBooks, TurboTax and Mint – isn't new to machine learning. With roughly 100 patents pending and more than 30 machine learning systems in place, the company's 42 million customers worldwide are already reaping the benefits.
Your bathroom mirror might reveal your finances. NEW YORK--You stare into the bathroom mirror while shaving and ask aloud, "Who owes me money?" A moment later a graph appears on the surface of the mirror revealing the people or companies that owe you, or your small business, the loot. A prototype of just such a smart mirror was among the futuristic scenarios showcased by Intuit during a recent Manhattan event demonstrating how current and emerging tech could be employed to help business owners and individuals manage their finances. Various demos touched on virtual and mixed reality, chatbots, facial recognition, blockchain (the underpinning for Bitcoin), machine learning and artificial intelligence.
It's a grim statistic: about half of small businesses fail within five years. The main reason is the challenge with cash flows. But technologies like AI (Artificial Intelligence) can be a big help. They may even transform the business. Yet there are enormous hurdles as small businesses do not have the resources–in terms of access to Big Data and technical expertise–to leverage AI.
As consumers continue to drive the trajectory of fintech with demands for more convenience and a better experience, more providers are teaming with tech firms to develop algorithms to automatically manage portfolios. Is this a financial fad or the future of investing? How does this type of technology impact business finance and money management? Which is better – a human or a robot? The answer to these questions is the same: it depends on your preference.