It's clear: Artificial intelligence has transformed the way we live. According to PwC, 55 percent of consumers would prefer to receive new media recommendations from AI -- a development that illuminates how much we've integrated the technology into our lives. Google, Amazon, and Microsoft are just a few of the obvious innovators embracing bot-powered business functions, but others are also taking notice. Artificial intelligence's ability to synthesize and analyze data can easily improve business operations for many industries, including hospitality, restaurants, and travel. Such markets experience success when they revise their customer experience or marketing strategies with machine learning and chatbots.
When you are renting an apartment via Airbnb, hailing an Uber or paying for a cup of coffee in your favorite shop, you are sharing your personal data with a business. For you, as a customer, the process is simple, secure and trustworthy. What you may not think about it how these exchanges are handled by the business. Peer-to-peer marketplace platforms, financial institutions, insurance companies and healthcare providers constantly engaged in the'balancing act' of great customer experience vs. security. All of them want to satisfy the consumer demand for fast and seamless payment experience.
We are living in an age where exceptionally high volumes of data -- both structured and unstructured -- are captured by technology. While large amounts of data by itself may not be valuable, data refined through proper algorithms can produce efficient results. Companies that are unable to keep pace with rapid changes in technology are at a huge risk of being taken over by those who have mastered leveraging data and algorithms to improve business outcomes. This means breaking away from the'traditional' approach and moving towards machine learning. To illustrate this point, here are two examples to help differentiate between the'traditional' approach and'sophisticated' approach to big data analytics.
What if you had a colleague who would take care of all the dull, routine tasks without complaining? A colleague who lets you do interesting and challenging tasks, helps you solve them, then happily lets you take all the credit. A colleague who stays after office hours doing prep work for you so that you will have a good start next morning? Meet Machine Learning, your new favorite colleague, who will dramatically change customer service both for customers and for customer service personnel. It's estimated that 70-80% of insurance claims are pretty straightforward, so this is an area where machine learning algorithms can find the right solution.
Myndshft is a project hat leverages artificial intelligence and blockchain technologies. Its flagship platform, known as CognitiveBus, is the world's pioneering cognitive blockchain platform. CognitiveBus intends to simplify the concept of AI and unlock the potential of big data, particularly to clients in the health sector. M:IA is an advanced process automation mechanism that was developed for contemporary businesses. Currently, it is the only automation solution that has an inbuilt enterprise-grade artificial intelligence infrastructure.
In its simplest terms, a blockchain is a new means of structuring and distributing data. The technology enables financial companies and other institutions to create a digital ledger guarded by cryptography, which can be shared among participants during transactions. This allows authorised participants to alter the ledger without awaiting approval from a central authority, often resulting in faster and more secure transaction that saves financial institutions time and money. Since the mysterious origins of Bitcoin in 2009, numerous cryptocurrencies have been thrust upon the marketplace, allowing transactions to take place directly between users and can be exchanged – as regular currency can be – for goods and services. This year has commenced with a lot of turmoil in the cryptocurrency world.
The crypto market is still relatively new and lacks many of the traditional institutions of a civilized market. There is a lack of regulation and the volatility factor is detracting a vast majority of classical investors from investing in the new market. Traders are also approaching the market cautiously as the there is a lack of classical application of trading instruments. However, there are blockchain projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty.
Artificial intelligence is projected to replace thousands of banking jobs in the future. Anthony Jenkins, former CEO of Barclays Bank, predicts that during the next 10 years, advances in financial technology -- especially in artificial intelligence -- could cause the number of people employed by the financial services sector to decline by as much as 50 percent, according to a Condusiv Technologies news release. This would provide the industry large cost savings and enable a much more competitive atmosphere. James D'Arezzo, chief operating officer of Condusiv Technologies – based in Glendale, Calif. "The industry already spends more on information technology than any other industry – spends more than health care," he said.
The Center for Financial Studies in the Lally School of Management at Rensselaer Polytechnic Institute will host a one-day workshop titled Artificial Intelligence and Machine Learning in Financial Services. The workshop will take place on April 27 from 8 a.m. to 5 p.m. in the Center for Biotechnology and Interdisciplinary Studies Auditorium on campus. During the workshop, academic and industry experts will present a variety of perspectives and insights on using artificial intelligence and machine learning (AI/ML) tools to address several important challenges facing the financial services industry. Rensselaer President Shirley Ann Jackson will deliver the opening remarks at 8:45 a.m. Speakers include Kathryn Guarini, vice president for research strategy at IBM, who will deliver the Reinert Lecture, "Trends and Developments in AI for Financial Applications," and Akhtar Siddique, deputy director for enterprise risk and analysis in the office of the Comptroller of the Currency, who will speak on "Risk Measurement with Machine Learning Techniques."
Advance in artificial intelligence and automation could replace as many as half the financial services workers over the next decade, industry experts say, but it's going to take a big investment to make that happen. James D'Arezzo, CEO of GlenMOBILE VOICE TELEPHONY usage in Africa has remained stable and the situation is likely to persist at least until the end of this year – despite increasing adoption of Over the Top (OTT) applications such as instant messaging and social media platforms, dale-based Condusiv Technologies, says that's where things are headed. And the process will be complicated. "Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive," he said. Intensive hardware upgrades are often cited as an answer to the problem, but D'Arezzo said that's prohibitively expensive.