A new initiative is under way to help financial institutions promote the responsible adoption of artificial intelligence (AI) and data analytics. Veritas, as the initiative is called, will allow institutions to evaluate their AI-and data analytics-driven solutions against the principles of fairness, ethics, accountability and transparency. These principles were devised by the Monetary Authority of Singapore (MAS) and the financial industry last year. Veritas aims to provide financial institutions with a verifiable way to incorporate the principles into their AI and data analytics solutions. It will comprise open source tools that can be applied to different business lines, such as retail banking and corporate finance, and in different markets.
Across the world, investing in AI innovations is on a steep rise. Artificial intelligence (AI) is indeed opening up the newer phases of technological advancements. Last year, riding the AI wave, Indian Institute of Technology (IIT), across the country, came up with several AI initiatives -- from rolling out courses to launching R&Ds centres and Center of Excellences in various parts of the country. Although we have just stepped in the year 2020, IITians have already started to make headlines with their newer innovations for the year. In fact, Google has recently decided to start six artificial intelligence-based research projects in India by providing funds and computational resources, where two of the prominent IITs have agreed to participate -- IIT Delhi and IIT Madras.
Antoine Bruel, head of growth at Braincities and Céline Pluijm, key account manager at Wiidii share their thoughts on why France is fast-becoming a leader in establishing'AI for humanity', fresh from Hello Tomorrow… Artificial Intelligence (AI) is everywhere. Across industry verticals, it's being used to enable businesses and organisations to work smarter and faster than ever before. From automating repetitive transactions and manual tasks to powering customer support platforms, AI is transforming the way we work, live and interact with the world. According to PwC research, AI is estimated to provide $15.7 trillion in economic growth by 2030, creating opportunities for innovation on a global scale. AI, however, is as much a source of fascination as it is a cause for concern.
The numbers were mind-boggling to contemplate at this year's CogX AI Festival. By 2025 there will be 1036 (yes, that is 10 to the power of 36) IoT devices in the world that will be connected and sharing data. IoT will converge through AI, which will not be limited by time, only by computing power. Making decisions is where AI will have the biggest impact. 'This is the year AI moves from classifying the past to making decisions for the future' proclaimed Vishal Chatrath, CEO of Prowler, at the keynote.