According to artificial intelligence statistics, the global AI market is expected to grow to $60 billion by 2025. Global GDP will grow by $15.7 trillion by 2030 due to artificial intelligence, as it will increase business productivity by 40%. Investment in artificial intelligence has grown by 6 times since 2000. In fact, 84% of businesses think that artificial intelligence can give them a competitive advantage. If you are a fan of science fiction movies, you might have seen AI in action in its full glory. With artificial intelligence leaving impressionable marks on every facet of our personal and professional lives, it is important to understand how it works and how it will evolve in the future.

Super rich investors in mainland China are skittish towards robo investment advisers taking control of their investments, reflecting a major shift from the US where the asset management tool has enjoyed growing popularity, according to global consultancy McKinsey. Only about 11 per cent of mainland securities investors with investible asset of more than 3 million yuan (US$477,000) endorse the technology to make investments, according the survey released on Tuesday. About 32 per cent of all respondents said they would endorse robo-advisers for full investment dealings. The findings show that the majority of mainland securities investors look to robo advisers as an additional source of investment information and financial product recommendations. However, few are ready to trust artificial intelligence for making calls on investments, in contrast to the faith investors place in robo-advisers in the US and other developed markets, McKinsey said.

As organizations look for ways to better serve their customers, many are seeking new and innovative ways to better understand their customers' wants and behaviors. Increasingly, this means the use of digital tools and digital transformation initiatives, as well as the use of customer and predictive analytics, artificial intelligence (AI), and machine learning, to better know and understand their prospects' and customers' needs to provide an outstanding customer experience. For some, the initial exposure to AI has been with such consumer products as Apple's Siri and Amazon's personal assistant, Alexa. For others, this journey began with exposure to progressive retailers that have been leaders in defining and executing on key elements of omnichannel retailing and omnicommerce. These firms, which include such names as Apple, Best Buy and Nordstrom, and others, are relentless in their efforts to better understand their customers, and have been among the leaders in developing customer-centric systems. Analytics and digital transformation efforts are often at the center of discussions about increasing customer interaction and engagement.

It's another step in the march toward advice that erodes investors' needs for human help: A robo adviser focused on serving the high-net-worth client, powered by artificial intelligence and designed to automate their specific tax management concerns. Meeting the complicated needs of the wealthy requires a deep knowledge of tax rules and regulations says Hedgeable CEO Mike Kane. "Technology and AI systems can interpret and learn from these rules better than humans can, without our emotional biases." Doubling down on its embrace of Asian themes, Hedgeable's newest offering in its robo platform is a feature called'Tax Samurai,' run by an AI bot called'Katana.' For 30 basis points, it will work for client accounts with a minimum of 1 million to analyze their securities, aggregate all of their financial data, create tax efficient transfers, apply automated downside protection on any current holdings, and perform tax efficient trading and tax-loss harvesting.