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) …
EXCLUSIVE – Since its launch in 2010, Citi Ventures has focused on investments that are strategic to its parent, the global financial services provider Citigroup. But when your parent company is a bank that spans the world, you can get involved with a lot of things. The portfolio of Citi Ventures, which comprises 35 companies, extends past financial services & technology into data analytics & machine learning, commerce & payments, security & enterprise IT, to marketing & customer experience. Data analytics & machine learning are areas of particular interest, Managing Director & Global Head of Investing Arvind Purushotham told Bank Innovation. "We have not yet seen the full impact of machine learning" in financial services, Purushotham said, and noted that Citi Ventures was looking closely at this area, which will play a major role in many different areas of financial services.
Technology is moving at an incredible pace. We live in an amazing era where things like autonomous cars, personalized medicine and quantum computing are becoming real as we speak; Artificial Intelligence, crypto-currencies, advanced automation, deep learning and concepts like Universal Basic Income are about to reshape our world -- what an exciting era to live! It is not feasible to summarize the trends of technology and opportunities for innovation in a single article. Instead, I am listing below the areas I find most exciting to watch -- the most promising developments in the wider information technology spectrum. Everybody is talking about Artificial Intelligence these days.
Check out the session "AI in personal finance: More than just chatbots" at the Artificial Intelligence Conference in New York, April 29-May 2, 2018. Hurry--best price ends February 2. Here's what we'll be watching in the coming year. AI is sweeping across all industry sectors, including financial services. AI touches customer interactions (voice services like Siri and dialog systems), fraud detection, trading, and risk management (machine learning), and is being used to automate many back-office tasks (robotic process automation). AI technologies are also giving rise to new fintech startups that use techniques like computer vision to unlock new datasets (e.g., aerial images).
Varo Money, a fintech startup, is using AI (machine learning) along with mobile banking to improve customers' financial health. It recently raised $45 million from a private equity giant, Warburg Pincus and The Rise Fund, a global impact fund. The following are some of the features of Varo Money product which looks to have been created using machine learning algorithms/techniques. Given the fact that customers use mobile for all practical purposes and the information required for Varo Money AI products could easily be accessed from mobile device given the usage of mobile phones/tablets, it may not be difficult to comprehend why Varo Money is combining machine learning with mobile banking for offering their banking products to their customers. Did you find this article useful?
Michael Faraday is feeling good -- he's tinkering about with electromagnetic induction. William Gladstone, the Chancellor of the Exchequer (CFO of the British government) shows up in his lab and asks, "Electricity. What is it good for?" to which Faraday responded, "One day sir, you may tax it." This is a cute story, but not true. The data science community hunting for'machine learning use cases' reminds me of the Chancellor's question.
During the wait and ride my hands are free. Many passengers engage with their electronic devices; I like to carry a paper book with me. Don't get me wrong, I do acknowledge the high-function and convenience of smart phone and e-book; however, I am also very aware of how they impair our senses as a human being.
Can you get pregnant using Artificial Intelligence? One American startup is trying to make it so. Mira Care, which SHACK15 News met up at CES 2018, has designed a gadget that harnesses machine learning to track hormone levels, and suggest how likely a user is to conceive a baby at a given time. Users just need to pee on a test stick and insert it in the device; then, Mira's algorithm will blend data from the sample with information about each user's fitness and life habits in order to calculate a fertility score, which will be shown on a mobile app. Mira's AI-powered device and its linked app showing a user's fertility score (via Mira Care) "One difference with any other menstrual cycle tracker is personalization," company CEO Zheng Yang said."It
Reinvention is the practice of learning, growing and evolving. We do this many times throughout our existence, if we didn't we would be standing still. If there is a domain that knows a thing or two about evolving, it's the AI top level domain. The AI domain isn't a new domain ending, it's been established as the AI domain country code domain for the Caribbean island of Anguilla for some time now. However, it wasn't until startups decided to adopt the .AI TLD for a new meaning, AI Artificial Intelligence, that it has become one of the most sought-after domain endings.
That is what we heard throughout 2017 and will likely continue to hear throughout this year. For established businesses that are not Google or Facebook, a natural question to ask is: What have we got that is going to allow us to survive this transition? In our experience, when business leaders ask this with respect to AI, the answer they are given is "data." This view is confirmed by the business press. There are hundreds of articles claiming that "data is the new oil" -- by which they mean it is a fuel that will drive the AI economy.
This drives me to the 3rd and final point on Blockchain in (re)insurance: What's new this year? According to, Gary Nuttall MD of The Fintech Times, "The insurance sector is embracing both the InsurTech sector in general, and blockchain in particular, with alliances such as B3I (Blockchain Insurance Industry Initiative – with 15 insurance/reinsurance members) and R3 (which includes insurance companies from Asia and the USA). The establishment of consortia, along with industry standards bodies such as ACORD (a Global Insurance Standards organisation), will enable interoperability between blockchains. Customers experience in the insurance sector still lags way behind. Blockchain allows insurers to start developing models that reduce the burden on customers such as less data re-entry, one touch buying.