If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
The pace at which technology is continuously evolving is unprecedented. Each and every day seemingly brings with it some new and exciting thing to be excited about in the world of tech. Fresh off a year that saw the world retreat indoors in an effort to curb the spread of the COVID-19 virus, much of society grew more reliant and more accepting of technology as a whole. Technology played a big role in various aspects of everyday life such as communication, data transfer, analysis, and even entertainment. More than that, in the age of digital information, a smart device is being placed in the hands of someone new every single day.
Traditionally, African lenders use credit bureau scores, assessing, for instance, if a customer has a history of missed credit card payments. When no history exists, they evaluate social demographics: is the customer female – in which case they are likelier to repay – do they work in a stable job market and can they prove a regular income? But this can put those who are unbanked or informally employed at a disadvantage. Michele Tucci, chief product officer at fintech company Credolab said: "African lenders lack data to make good credit decisions and social demographic data can bring you only so far." He estimates that African lenders cannot obtain credit bureau scores for 70% of customers and simply reject them.
In some industries, achieving scale has always been incredibly difficult, either because they require too much human capital, or logistical challenges stand in the way. The real estate, car dealership, and legal industries are great examples of this. The internet has opened up new opportunities to climb those hurdles, but artificial intelligence (AI) is proving to be the most valuable piece of the puzzle -- completing tasks that used to require many employees, doing so in repeatable ways, and evolving along the way. DocuSign (NASDAQ: DOCU), Carvana (NYSE: CVNA), and Zillow Group (NASDAQ: ZG)(NASDAQ: Z) have adopted artificial intelligence both organically and through acquisitions, and they are using it to dominate their industries, areas that are still largely stuck doing things the way they've always been done. All three companies have achieved exponential growth and blazed new trails that have changed consumer habits forever.
The avalanche of new data generated by these gadgets will enable carriers to understand their customers better, leading to new product categories, more tailored pricing, and increasingly real-time service delivery. FREMONT, CA: The disruption caused by COVID-19 shifted the timetables for AI adoption by considerably speeding up insurers' digitalization. The underlying AI technologies are already in use in the workplaces, homes, vehicles, and bodies. Organizations must react almost immediately to accommodate remote workers, extend their digital capabilities to facilitate distribution, and modernize their web channels. While most firms did not engage extensively in AI during the epidemic, the increased emphasis on digital technology and a more substantial openness to embracing change will enable them to integrate AI into their operations.
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The global pandemic has resulted in the rapid acceleration of the digital transformation of many aspects of our lives--how we work, where we buy, and what new services and products are offered to us. But it and also exposed the inadequacy, inefficiency, and the sheer primitive aspects of the many processes, practices and policies governing the way we live now. Which technologies promise at least some progress in the near future? In an online broadcast to a global audience, leading VC firm OurCrowd released today a list of what it considers the top tech trends in mid-2021, when global venture capital funding reached an all-time high with more than $288 billion invested worldwide in the first half of this year. "There is no better time to analyze what the tech trends are for the smart investor, and where the technology market is moving," said Jon Medved, OurCrowd's founder and CEO, opening the broadcast.
Contentsquare, which has developed a digital experience analytics platform that enables businesses to track online customer behavior, has acquired Upstride, a French startup specializing in improving machine-learning performance. Terms of the deal were not released. With the acquisition, Contentsquare gains Upstride's deep-learning experts to help it further drive innovation in ML and artificial intelligence. Fourteen Upstride engineers will join Contentsquare, bringing their experience of working for leading tech companies such as Facebook, Samsung, GoPro, and Nvidia. Meanwhile, Upstride CEO Gary Roth will fill a strategic role on Contentsquare's operations team.
My wife and I were recently driving in Virginia, amazed yet again that the GPS technology on our phones could guide us through a thicket of highways, around road accidents, and toward our precise destination. The artificial intelligence (AI) behind the soothing voice telling us where to turn has replaced passenger-seat navigators, maps, even traffic updates on the radio. How on earth did we survive before this technology arrived in our lives? We survived, of course, but were quite literally lost some of the time. My reverie was interrupted by a toll booth. It was empty, as were all the other booths at this particular toll plaza.