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Future of AI Part 2

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This part of the series looks at the future of AI with much of the focus in the period after 2025. The leading AI researcher, Geoff Hinton, stated that it is very hard to predict what advances AI will bring beyond five years, noting that exponential progress makes the uncertainty too great. This article will therefore consider both the opportunities as well as the challenges that we will face along the way across different sectors of the economy. It is not intended to be exhaustive. AI deals with the area of developing computing systems which are capable of performing tasks that humans are very good at, for example recognising objects, recognising and making sense of speech, and decision making in a constrained environment. Some of the classical approaches to AI include (non-exhaustive list) Search algorithms such as Breath-First, Depth-First, Iterative Deepening Search, A* algorithm, and the field of Logic including Predicate Calculus and Propositional Calculus. Local Search approaches were also developed for example Simulated Annealing, Hill Climbing (see also Greedy), Beam Search and Genetic Algorithms (see below). Machine Learning is defined as the field of AI that applies statistical methods to enable computer systems to learn from the data towards an end goal. The term was introduced by Arthur Samuel in 1959. A non-exhaustive list of examples of techniques include Linear Regression, Logistic Regression, K-Means, k-Nearest Neighbour (kNN), Naive Bayes, Support Vector Machine (SVM), Decision Trees, Random Forests, XG Boost, Light Gradient Boosting Machine (LightGBM), CatBoost. Deep Learning refers to the field of Neural Networks with several hidden layers. Such a neural network is often referred to as a deep neural network. Neural Networks are biologically inspired networks that extract abstract features from the data in a hierarchical fashion.


Future of AI Part 2

#artificialintelligence

This part of the series looks at the future of AI with much of the focus in the period after 2025. The leading AI researcher, Geoff Hinton, stated that it is very hard to predict what advances AI will bring beyond five years, noting that exponential progress makes the uncertainty too great. This article will therefore consider both the opportunities as well as the challenges that we will face along the way across different sectors of the economy. It is not intended to be exhaustive. Machine Learning is defined as the field of AI that applies statistical methods to enable computer systems to learn from the data towards an end goal. The term was introduced by Arthur Samuel in 1959. Deep Learning refers to the field of Neural Networks with several hidden layers. Such a neural network is often referred to as a deep neural network. Neural Networks are biologically inspired networks that extract abstract features from the data in a hierarchical fashion. Deep Reinforcement Learning will be considered in greater detail in part 3 of this series. For the purpose of this article I will consider AI to cover Machine Learning and Deep Learning. Narrow AI: the field of AI where the machine is designed to perform a single task and the machine gets very good at performing that particular task.


Applications of AI in FinTech, InsurTech & The Future with 5G

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Louis Columbus in 10 Ways AI Is Going To Improve Fintech In 2020 stated that "Bottom Line: AI & machine learning will improve Fintech in 2020 by increasing the accuracy and personalization of payment, lending, and insurance services while also helping to discover new borrower pools." Since that time the Covid-19 crisis and tragedy arose. On the one hand Paul Clarke noted that UK fintech investment slumps by 40% amid Covid-19 crisis, whilst on the other Deloitte in Beyond COVID-19: New opportunities for Fintech companies note that "As the COVID-19 pandemic continues to create uncertainty, many fintechs are under stress on a number of fronts. But, as the broader economy shifts from "respond" to "recover", new opportunities may be created for some fintechs. A key question is how fintechs may leverage their unique assets and skills to seize new opportunities in the future. It could be an opportune time to think big and act boldly." Pavrita R considered the impact of Covid-19 and noted in 5 U.S. FinTech startups reimagining the healthcare industry notes that FinTech is undoubtedly shaping the face of the Health Care industry. "FinTech companies leverage powerful innovations blockchain, Artificial Intelligence, and Machine Learning to eliminate the inefficiencies and knowledge gaps endemic to most healthcare payment plans." The likes of Nigel Wilson (@nigewillson) and Brian Ahier (@ahier) have stressed the importance to apply AI to positive use cases such as preventative medicine and improved Health Care outcomes. McKinsey in an article entitled AI-bank of the future: Can banks meet the AI challenge? " The potential for value creation is one of the largest across industries, as AI can potentially unlock $1 trillion of incremental value for banks, annually (Exhibit 1)." Source for image above: AI-bank of the future: Can banks meet the AI challenge? "While for many financial services firms, the use of AI is episodic and focused on specific use cases, an increasing number of banking leaders are taking a comprehensive approach to deploying advanced AI, and embedding it across the full lifecycle, from the front- to the back-office (Exhibit 2)" Source for image above: AI-bank of the future: Can banks meet the AI challenge? The Covid-19 crisis is a challenge both in terms of human health and also to the Fintech world.


Applications of AI in FinTech, InsurTech & The Future with 5G

#artificialintelligence

Louis Columbus in 10 Ways AI Is Going To Improve Fintech In 2020 stated that "Bottom Line: AI & machine learning will improve Fintech in 2020 by increasing the accuracy and personalization of payment, lending, and insurance services while also helping to discover new borrower pools." Since that time the Covid-19 crisis and tragedy arose. On the one hand Paul Clarke noted that UK fintech investment slumps by 40% amid Covid-19 crisis, whilst on the other Deloitte in Beyond COVID-19: New opportunities for Fintech companies note that "As the COVID-19 pandemic continues to create uncertainty, many fintechs are under stress on a number of fronts. But, as the broader economy shifts from "respond" to "recover", new opportunities may be created for some fintechs. A key question is how fintechs may leverage their unique assets and skills to seize new opportunities in the future. It could be an opportune time to think big and act boldly." Pavrita R considered the impact of Covid-19 and noted in 5 U.S. FinTech startups reimagining the healthcare industry notes that FinTech is undoubtedly shaping the face of the Health Care industry. "FinTech companies leverage powerful innovations blockchain, Artificial Intelligence, and Machine Learning to eliminate the inefficiencies and knowledge gaps endemic to most healthcare payment plans." The likes of Nigel Wilson (@nigewillson) and Brian Ahier (@ahier) have stressed the importance to apply AI to positive use cases such as preventative medicine and improved Health Care outcomes. McKinsey in an article entitled AI-bank of the future: Can banks meet the AI challenge? " The potential for value creation is one of the largest across industries, as AI can potentially unlock $1 trillion of incremental value for banks, annually (Exhibit 1)." Source for image above: AI-bank of the future: Can banks meet the AI challenge? "While for many financial services firms, the use of AI is episodic and focused on specific use cases, an increasing number of banking leaders are taking a comprehensive approach to deploying advanced AI, and embedding it across the full lifecycle, from the front- to the back-office (Exhibit 2)" Source for image above: AI-bank of the future: Can banks meet the AI challenge? The Covid-19 crisis is a challenge both in terms of human health and also to the Fintech world.