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 B2B model focuses on selling services and products to other companies. More than one person is often involved in buying decisions, which pushes companies to create a meaningful product and customer service that can drive the business. There are potential benefits of using AI in the B2B space to make better decisions and produce faster results. That is why AI is gradually taking on various job functions. AI has impacted every industry, be it business intelligence, productivity, customer management, recruiting, sales and marketing, healthcare, etc.
Today, a war over the value of video game retailer GameStop's stock has caused what market guru Jim Cramer called "the squeeze of a lifetime." Howling with glee along the way, traders on the chaotic and obscene subreddit Wall Street Bets helped push GameStop's stock price up from $20 on January 11 to $73 after traditional analysts deemed the stock a clunker. While this isn't the first time Wall Street Bets has contributed to a surprising market shake-up, GameStop's unlikely trip to the moon is unique in both its velocity and allegations of harassment and hacking that accompanied it. Like other physical retailers, GameStop's business has suffered throughout the last year. Few gamers would rather hit the mall than Amazon's significantly safer "Buy Now" button.
Interpol has warned of a new investment scam targeting users of mobile dating apps. As COVID-19 continues to severely restrict our daily lives and in many places, makes social interaction and meeting new people in person impossible, dating apps have experienced a surge in users. As the only possible method of anything akin to dating at the current time, scam artists have decided to capitalize on this trend in order to push an investment-based scam that deprives victims of their cash. According to Arkose Labs research, four million online dating fraud & abuse-related attacks were recorded in 2020, with many taking place through fake account registrations. On Tuesday, the International Criminal Police Organization (Interpol) said the agency had issued a "purple notice" -- the provision of data on criminal groups' methods, objects, devices, and concealment methods -- to 194 member countries.
People tend to make snap judgments on each other in a single look and now an algorithm claims to have the same ability to determine trustworthiness for obtaining a loan in just two minutes. Tokyo-based DeepScore unveiled its facial and voice recognition app last week at the Consumer Electronics Show that is touted as a'next-generation scoring engine' for loan lenders, insurance companies and other financial institutions. While a customer answers 10 question, the AI analyzes their face and voice to calculate a'True Score' that can be help companies with the decision to deny or approve. DeepScore says its AI can determine lies with 70 percent accuracy and a 30 percent false negative rate, and will alert companies that fees need to be increased if dishonesty is detected. However, scientists raise concerns about bias saying the app is likely to discriminate against people with tics or anxiety, resulting in these individuals not receiving necessary funds or coverage, Motherboard reports.
In the movie All The President's Men, Woodward and Bernstein meet their informant in a parking garage who tells them: "Follow the money." If you want to know which technologies are hot in banking, you should do the same. The truly "hot" technologies in banking are the ones that financial institutions invest in--not necessarily the ones the pundits talk about. At the end of the past seven years, Cornerstone Advisors has surveyed financial institutions to find out where their technology dollars will go in the coming year. In Cornerstone's What's Going On in Banking 2021 study, the top five technologies for 2021 are: 1) Digital account opening; 2) Application programming interfaces (APIs); 3) Video collaboration; 4) P2P payments; and 5) Cloud computing.
Promaxo, an AI-powered medical imaging enhancement platform, announced the closing of an investment round of $4.17 million led by Huami. The medical technology company plans to use the new funds to accelerate its data strategy as it continues to incorporate artificial intelligence in imaging and image-based interventions. Using a combination of linear and genetic optimization algorithms, the company's medical imaging system forms the magnetic field within the field of view to maintain linearity and uniformity constraints while being thermally stable, the company said. "As an industry, we are just scratching the surface of how powerful MRI is poised to become in guided interventions, and we are proud to have Huami as a strategic investor as we introduce our truly open MRI system to the masses," said Dr. Amit Vohra, founder, and CEO of Promaxo. "Huami's mission is to connect health with technology, and we see tremendous opportunity in imaging to expand our growth opportunities. Companies such as Promaxo are disrupting the locations, applications, and costs of medical imaging. Huami has resources, such as miniaturization engineering expertise, that can help accelerate Promaxo's scaling, growth, and success, and we look forward to what our partnership can develop," said Huami Chief Operating Officer Mike Yeung.
If you're looking to expanding your work beyond basic programming, it might be a great tome to dip into machine learning. Machine learning is the use of existing data to explain unknown data and predict future scenarios. It is also an integral part of technology and tech-related fields. If you're looking to pick up a useful skill or expand your tech prowess, learning about machine learning may broaden your career possibilities. With that in mind, we've crafted a list of the best machine learning books for beginners to get you started.
The priorities of every financial institution have been impacted by the pandemic, with some firms believing that a greater investment needs to be made in technology, others focusing on new products and services, and still others wanting to improve components of trust and security. The foundation of each of these priorities is a combination of a need to improve customer experiences while managing operating costs in an uncertain economic environment. The reassessment of corporate priorities is being done with the backdrop of consumer standards for engagement that have moved away from one-size-fits-all transactional experiences to contextualized experiences that are personalized across multiple touchpoints and channels. At the same time, as consumers widen their scope of understanding of what can be achieved with digital engagement, more of them will be willing to pay more for services that enhance their financial lifestyle through real-time insights, proactive recommendations and simplified engagement. According to Salesforce's Trends in Financial Services report, there is an urgent need for the industry to transform data and insights into actionable outcomes that are consumer-centric.
Every financial institution is looking to digital transformation to meet rising customer expectations for speed and convenience, lower its operating cost, and fend off competition, including from tech companies moving into financial services. Some are spending over 10% of yearly revenue on technology investments, according to Bloomberg. "This is a huge investment and most financial institutions cannot support this for the long term," says Michael Fei, SME banking CEO at OneConnect Financial Technology, an associate of Ping An Insurance. The covid-19 pandemic has revealed how even financial institutions that considered themselves digitally advanced are, in reality, still wedded to analog processes along the chain of processing. "For many financial institutions, this has been a wake-up call," says Fei. "In the past, many had thought that if they have an online portal and a mobile application then that's enough. But now they've realized it's not. Some banks have online portals and mobile apps where you can apply for loans, but they still need to send items to the customer and carry out on-site inspection before they can process the loans, which hasn't been possible during covid. Banks have had to reshape and redesign the whole process of their lending products."
The first wave of artificial intelligence (AI) has already replaced humans for repetitive physical tasks like inspecting equipment, manufacturing goods, repairing things, and crunching numbers. That shift started way back with the Industrial Revolution. This gave rise to our current Thinking Economy, where employment and wages are more tied to workers' abilities to process, analyze and interpret information to make decisions and solve problems … Just like the industrial revolution automated physical tasks by decreasing the value of human strength and increasing the value of human cognition, AI is now reshaping the landscape and ushering in a Feeling Economy. What characterizes this emerging economy? Consider, for example, the role of a financial analyst, which seems pretty quantitative and thinking-oriented.