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) …
Artificial intelligence has given the world of banking and the financial industry as a whole a way to meet the demands of customers who want smarter, more convenient, safer ways to access, spend, save and invest their money. We've put together a rundown of how AI is being used in finance and the companies leading the way. A recent study found 77% of consumers preferred paying with a debit or credit card compared to only 12% who favored cash. But easier payment options isn't the only reason the availability of credit is important to consumers. Having good credit aids in receiving favorable financing options, landing jobs and renting an apartment, to name a few examples.
The healthcare sector has long been an early adopter of and benefited greatly from technological advances. These days, machine learning (a subset of artificial intelligence) plays a key role in many health-related realms, including the development of new medical procedures, the handling of patient data and records and the treatment of chronic diseases. As computer scientist Sebastian Thrum told the New Yorker in a recent article titled "A.I. Versus M.D., "Just as machines made human muscles a thousand times stronger, machines will make the human brain a thousand times more powerful." Despite warnings from some doctors that things are moving too fast, the rate of progress keeps increasing. And for many, that's as it should be. "AI is the future of healthcare," Fatima Paruk, CMO of Chicago-based Allscripts Analytics, said in 2017. She went on to explain how critical it would be in the ensuing few years and beyond -- in the care management of prevalent chronic diseases; in the leveraging of "patient-centered health data with external influences such as pollution exposure, weather factors and economic factors to generate precision medicine solutions customized to individual characteristics"; in the use of genetic information "within care management and precision medicine to uncover the best possible medical treatment plans." "AI will affect physicians and hospitals, as it will play a key role in clinical decision support, enabling earlier identification of disease, and tailored treatment plans to ensure optimal outcomes," Paruk explained. "It can also be used to demonstrate and educate patients on potential disease pathways and outcomes given different treatment options.