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) …
There is no doubt that the technology landscape is changing at a frenetic pace and staying ahead of the major trends reshaping today's world will ultimately separate the winners from the losers. We have all heard the mantra of these days,?you either disrupt yourself or you will get disrupted". The risk of becoming irrelevant has never been greater. It's the role of CIOs to look beyond today's solutions and be ready for what lies ahead. However, the list of innovations can be endless and keeping up with the latest emerging technologies and new tools is no easy task.
Leaders should always be asking themselves What's new?, What's next? and What's better?; that's where the future is. What technologies will drive the biggest changes in industries over the next 10 to 20 years and create the next economy? There are many that in combination will drive massive change across enterprises and all size of business. Specifically, I think 10 are essential, and shaping the industries of the future: drones, blockchain, big data, augmented reality, virtual reality, 3D printing, artificial intelligence, robots, internet of things, genetics. We will see them both in the consumer and enterprise domain; specifically in how we get stuff done, how we hire and how we collaborate.
According to a survey on the potential of blockchain and artificial intelligence (AI) within financial services conducted by Synechron, when it comes to blockchain, the biggest impediment for financial services companies is regulation. Still, more than 55% of respondents think that over the next 10 years, blockchain will become an important technology in financial services. When asked about the main impediments to blockchain adoption, the number one answer was "unclear legal and regulatory aspects", followed by "unproven scalability and performance capabilities." When answering about artificial intelligence, 40% of the respondents said that the cost to develop and deploy of AI technology is the biggest barrier to adoption.
The new center will house 5,000 scientists in its Marina Bay location, and will also be home to Singapore's IBM Garage, a group that is intended to specialize in using the company's own Open Standards Tools to build new blockchain applications that push boundaries. The IBM Garage is part of the wider Global Entrepreneur Program that IBM runs, which since its 2010 launch has focused on helping industry startups build blockchain applications by use of the IBM Cloud systems. Using the combination of blockchain and AI, IBM hopes to deliver new levels of performance of rapid prototyping for businesses throughout the Asian Pacific region, and works in tandem with IBM's growing interest in blockchain technology, including the 2015 move to join the Hyperledger open source blockchain project itself. For the future of the technology itself it is also an interesting move, putting blockchain technology on par with A.I.
The technology industry loves buzzwords, and fintech is no exception. Words and phrases like "virtual reality," "artificial intelligence," "big data," "frictionless" and "integration" get thrown around without much clarification for how it actually impacts the day-to-day life of financial services professionals. So to help put these ideas into context, Pershing hosted an Advanced Technology Lab at this week's INSITE conference in Orlando where it showcased just how the engineers are thinking about using cutting-edge technology to benefit advisors. Focusing on five key themes -- the Internet of things, simplified security, digital experience, blockchain and machine learning -- Pershing demonstrated technology that isn't available today, but could become the standard for financial advisors in the next five to 10 years. When people talk about the Internet of things, they talk about using connectivity to improve the functionality of everyday objects like home temperature control to refrigerators.
Synechron, Inc., a global consulting and technology innovator in the financial services industry had hosted its semi-annual InSync Forum at the Metropolitan Club in Manhattan wherein top bankers and technologists gathered to discuss the potential of blockchain and artificial intelligence/machine learning in financial services. Synechron, with the help of TABB Group, also conducted a survey on blockchain and artificial intelligence in financial services with niche set of industry experts. The survey, that was conducted as a result of findings from Synechron's InSync Forum, covered 90 institutions in banking and capital markets, and spoke to people that are directly involved with technology decisions at their firm.
Those firms that have dipped their toes into artificial intelligence and blockchain technologies remain a significant minority of financial institutions, according to the results of a recent survey commissioned by industry consultancy Synechron. Although a vast majority of the 92 executives polled and who are directly involved in technology decisions at their firms, agreed that both technologies will be "hugely important" for the industry in the next 10 years, only a small portion have examples of technologies in production. Only 12% of the respondents claim to have an instance of a distributed ledger implemented within their organization while 3.5% of them have "actively deployed" artificial intelligence-based technology. However, 25% of those polled stated that they have actively use AI-based systems within their organizations. "I am unsurprised that a low percentage of institutions may have these technologies in active development, but the sheer potential of artificial intelligence and blockchain in the enterprise is tremendously real," said Faisal Husain, CEO of Synechron.
One of the persistent concerns about Indian innovation is whether, with our relatively poor position in R & D, we are falling behind the curve. It has definitely been true in the information technology sector: Indian companies that have done well have done so, not based on technological breakthroughs but on offering low-cost engineering services. There's nothing wrong with cost arbitrage, of course, and several globally competitive Indian companies have made fortunes for thousands of employees. But if you look at the landscape of Indian'unicorns', there is little that is not a replication of already-proven business models. That is, business innovation, rather than technological innovation.
Where should you be looking to profit from the world of technology this year? That's the question I asked Frontier Tech Investor investment director Eoin Treacy at the start of this year. Eoin is a unique analyst – he's both a tech expert and a highly experienced trader. And it means he can marry two very different perspectives on the financial world – the "out there" world of tech breakthroughs and a more sober, chart driven financial analysis. The tech industry is driven by two things: the product cycle and the financial cycle.
The financial industry exploded in 2015, with fintech companies raking in an impressive 7.6 billion in investments – a considerable increase from 4.7 billion in 2014 and 1.5 billion in 2013. All eyes are on fintech as we advance through 2016. We're already seeing some exciting patterns emerging for the future – closer links between banks and alternative lenders and the push for open APIs, to name a few. Last year was widely considered as the year of the blockchain app. "The blockchain infrastructure was reinforced in 2015, with strengthening involving mining, exchanges, wallets and processors.