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) …
Morgan Stanley is one firm experimenting with how these new technologies can be applied to better manage clients' money. Artificial intelligence refers to the ability for computer science to be applied in ways that replace human intelligence. Financial firms -- ranging from big Wall Street names like Morgan Stanley to robo-advisors and start-ups -- are all taking a look at how tools such as algorithms, data mining and natural-language processing can help you become wealthier. Morgan Stanley formally launched its initiative -- called Next Best Action -- to its more than 15,000 financial advisors earlier this year. Including the firm's service employees, more than 20,000 have access to the tools.
Google is eager to invest in other insurance technology companies well beyond its newly announced minority stake in Applied Systems, a principal investor with the global search engine giant said on Oct. 17. "We really like the market," said Jesse Wedler, a principal with CapitalG, the growth equity investment fund of Google's parent Alphabet. "We will definitely be looking for additional investments in the insurance technology space." Wedler, speaking during a second conference call held to discuss CapitalG's new investment in Applied, said he didn't want to define the scope of CapitalG's insurance technology investment search "too narrowly." However, he said the search would be for other businesses like Applied, ones "that add insurance technology to the market."
The European Union needs to brace itself for the prospect of a new wave of technology and productivity resurgence in ten to fifteen years' time, spearheaded by the implementation of AI and robotics innovations. This was the message introduced by Stefan Crets, Executive Director of CSR Europe, who, opening the high-level event, said that digitisation required a new agility in the workplace and a new way of collaborating. "The future of work is determined by the actions we take today and the choices we make. What we want to do is exchange experience, pull the expertise together and find the best practices." Economist Mirko Draca, co-author of a London School of Economics (LSE) report commissioned by Huawei, entitled'The evolving role of ICT in the economy,' said that a new wave of automation had started.
The increased productivity gains from automation and the resulting increased leisure time could potentially be a tremendous social good that benefits everyone with greater wealth and more free time to enjoy it -- but only in an economic system structured for equitable distribution of those gains. For this to occur, public administration is required, either in the form of significant public oversight of private capital markets or some degree of socialization.
Dawn Song, a computer science professor at the University of California, and Ben Goertzel, the chief scientist at Hanson Robotics, have been among the big names arguing that the blockchain could be a crucial way to push back against some of the most worrying trends facing the field of artificial intelligence. Many A.I. experts are concerned that Facebook, Google and a few other big companies are hoarding talent in the field. The internet giants also control the massive troves of online data that are necessary to train and refine the best machine learning programs. Professor Song, Mr. Goertzel and other entrepreneurs say they believe the blockchain could encourage a broader distribution of the data and algorithms that will determine the future development of artificial intelligence. "It's important to have machine learning capabilities that are more under the user's control, rather than relying on these big companies to get access to these capabilities," Professor Song said in an interview.
The one risk-on strategy was the norm of the decade since the financial crisis bottom-fishing equity indexes. Machine learning can implement varied versions of this strategy. A hedge fund that was started in the late 1980s started absorbed a few years later went to be known as Renaissance Technologies, specializing in systematic trading with quantitative models derived from mathematical and statistical analyses. The fundamental process that machine learning deploys is a combination of computationally intensive statistical analytics subsequently with a neural-network-type branch which is basically classifiers. Over the years' hedge funds have lost billions of dollars owing to wrong analysis.
Machine Learning (ML) is currently the verge that has the biggest impact on the banking industry. Take a look at how 5 largest banks of the US are using ML in their workflows. The Federal Reserve of the US has recently published an official report on the largest banks in the US. It lists quite a ton of banks, yet we are not surprised by the fact 5 largest and most influential banks of the US are investing heavily into imbuing their services with Artificial Intelligence (AI) and ML. Just to illustrate the efficiency of this approach -- these banks have closed more than 400 of local branches in 2016 and still met their margin thresholds, as mobile banking combined with the ML helped them meet and exceed their customer's expectations.
Artificial intelligence (AI) is advancing by leaps and bounds, with exciting new applications launching every day. But a blockchain-based startup believes the transition from an "information economy" to an "intelligence economy" will prove a bumpy ride for many people. Large corporations have built most of the common AI systems that many people use today. CEN says this centralization has the danger of monopolizing AI – leaving most of us out of the loop. According to CEN, this is not the only problem.
The major trend observed across industry and the public sector is artificial intelligence (AI)/machine learning (ML) for automation. This, in turn, plays a major part in any digital transformation journey. The trend grew out of the Bay Area, providing a customer-centric view of data and often involved using data as part of the product or service. This consumer- or customer-centric model assumes data enrichment with data from multiple sources. However, fundamentally, it divides the data into two main areas.