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) …
Artificial Intelligence (or AI) is already being widely deployed across industries, sometimes in ways you wouldn't even have imagined. The financial sector, which is heavily regulated, may not seem like an industry that would be poised to harness cutting-edge technology. But with the right planning, regulatory experts, and smart selection of use cases, AI can be put to work for the good of the employees and customers. AI in banking and finance can also lead to huge cost savings, within different business units or channels. There are three main channels where banks can use artificial intelligence.
On Thursday, the CEOs of NVIDIA and Arm addressed the controversy around the $40 billion dollar deal that saw NVIDIA purchase the company from Softbank in September. Arm CEO Simon Segars and NVIDIA CEO Jensen Huang spoke with analyst Pat Moorhead at the Six Five Summit and both argued that the merger would benefit a number of industries. Segars said Arm is overwhelmed with demand and has been unable to deal with the increased need for more computing. "Right now, we're looking at everything we can do in a day. We've just got way more to do than people to do it. That's always been the case but right now it's more so than ever," Segars explained.
For decades, insurers have used such factors as age and credit score to determine the prices paid by individuals. Now many maintain that driving habits are a fairer gauge of a person's accident risk. In a deal announced early Thursday, Cambridge Mobile said it had closed on the purchase of TrueMotion for an undisclosed price. After combining, Cambridge Mobile is to provide telematics services to 21 of the 25 largest auto insurers in the U.S. based on premiums, with clients including some of the largest auto insurers in Australia, Canada, Japan, South Africa and the U.K. A pre-markets primer packed with news, trends and ideas. The deal paves the way for the two Boston-area firms to combine workforces to improve existing offerings sold to car insurers and invent new products.
Earlier this year, we reported that more than 80% of insurance leaders think that AI technologies will drive better customer engagement and create better employee experiences. But of course, realizing those benefits in any sector is often easier said than done. That's why how to take advantage of the latest innovations in AI and implement new technology successfully were key topics at last week's CDAO Insurance Executive Think Tanks. "Technology for technology's sake does not really take us to a happy place, unless we are able to bring the people along," noted Prashant Natarajan, Director of Data Science and Analytics at employee benefits provider Unum. "That means [dealing with] their apprehensions but also getting them excited, because both of those things exist in equal measure whenever you roll out the subject of technology."
It's been a while since cash was king here in the U.S., but in other parts of the world, such as South America, paper money has managed to retain its grip, albeit slightly diminished as a result of the pandemic's many lifestyle changes that exposed cash transactions as cumbersome and risky. It's a reality that Brighterion's Sudhir Jha told PYMNTS has resulted in a pan-regional progression that is moving more Latin American consumers into digital payment solutions, even though credit penetrations remain low. "There's not a lot of historical data about consumers who are new to digital ecosystem -- that's why there is a desire to go directly to an AI-based solution in many cases, because you want a solution that works today, but also scales really well and attracts more and more customers to your system," Jha explained. That growing regional need for artificial intelligence (AI)-based solutions is what motivated Brazilian insurer Porto Seguro to team with Brighterion. Announced recently, the engagement leveraged Porto Seguro's analytical expertise in combination with Brighterion's AI technology to build high-performance models custom-created to identify risks better.
The last 12 months have seen many carefully laid technology plans blown off course, driving IT investments in unforeseen directions. COVID-19 has had a major impact on IT investment decisions. Its distorting effect has seen investment in some areas accelerate massively, while other plans have by necessity fallen by the wayside. So with recovery in sight, where do we go from here? What should enterprise IT plans look like, and how confident should CIOs feel about implementing them?
Have you ever hopped upon a roller coaster and regretted it instantly? It opened with the Australian wildfire and the headlining act – the Covid-pandemic has claimed 1.84 million human lives and counting. But 2020 has given technological evolution a strong push and moved it ahead with speed. The year has also reminded us how easy it is to lose track of the critical changes in the world of technology in the midst of a great humanitarian crisis. We have seen every business move online, and every person has had to work from home at some point this year.
Systems driven by artificial intelligence (AI) and predictive analytics have the power to transform the customer experience (CX). We see this across all industry verticals and business processes, from retail to healthcare and from banking to media. AI-driven predictive models drive customer loyalty and increase revenue for any brand. AI has traditionally been used to predict customer buying patterns. It helps figure out what people will buy next or how much they are willing to pay for a product or service.
AI can free up a lot of the marketers' time, currently spent on mundane tasks, so that they focus on what they do best--be creative, think, ideate and innovate. All of us have heard about driverless cars, automated machines, bots and virtual assistants, even if we don't fully understand what these terms mean. All of these are manifestations of self-learning algorithms, smart technologies such as Artificial Intelligence (AI) and Machine Learning (ML). The application of these technologies is no longer just limited to sci-fi movies and erudite research papers. Directed by data-driven insights from these powerful technologies, traditional decision-making by experienced professionals is slowly being transformed.
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