You studied the Industrial Revolution in your school history classes. If you think back, you'll realize that the technology available during this span of time completely re-framed the way products were created and, in turn, the way people worked and lived. It's hard to imagine a world before industrialization. But the truth is that there was little change in the mechanics of the economy, movement of classes, or technological advancements prior to this time. After the industrial revolution began, though, technology boomed at a rapid pace.
Between 2018 and 2019, organizations that have deployed artificial intelligence (AI) grew from 4% to 14%, according to Gartner's 2019 CIO Agenda survey. AI is reaching organizations in many different ways compared with a few years ago, when there was no alternative to building your own solutions with machine learning (ML). AutoML and intelligent applications have the greatest momentum, while other approaches are also popular -- namely, AI platform as a service or AI cloud services. Conversational AI remains at the top of corporate agendas spurred by the worldwide success of Amazon Alexa, Google Assistant and others. Meanwhile, new technologies continue to emerge such as augmented intelligence, edge AI, data labelling and explainable AI.
As PSD2 is set to open data sharing between banks and third parties, banking and fintech professionals should heed this warning: Don't confuse digitization with digital strategy. You need to build mobile apps and digital experiences for your customers. They expect it, so you should deliver. But a series of mobile experience projects doesn't constitute a digital strategy. To appreciate the difference, we'll look at a topic outside of banking and fintech--AI (artificial intelligence) assistants.
Artificial intelligence soon will enable nearly all emerging technologies, according to Gartner Inc. Research Vice President Brian Burke. Gartner expects that 80 percent of emerging technologies will have a foundation in AI by 2020, he said Monday at the firm's Symposium and ITxpo. The democratization of AI was first on his list of the five megatrends shaping emerging technology. AI, he said, is one of many technologies moving through what Gartner refers to as the hype cycle, in which early media-fueled enthusiasm gives way to disillusionment, followed by an understanding of real world applications and a "plateau of productivity." The many forms of AI may be in the earlier stages of the cycle.