By lowering costs and barriers to access, AI and ML makes financial services previously only available to the ultra-high net worth available to millions of people. It synthesizes market information, recommends investments and products and manages ongoing investments, while providing relevant insights to explain performance.
The digitization and transformation of financial services is in progress across the customer experience with use cases including robo-advising, banking related Chabot’s and personalization of content. Behind the scenes popular use cases include anti-money laundering (AML), know your customer (KYC), fraud detection, and automation of middle and back-end office processing with robotic process automation (RPA).
AI and ML will increasingly be used to complement humans by gathering intelligence to augment their abilities and provide actionable insights. The digitization of the workplace provides organizations with new opportunities to free-up employees from doing tasks that require huge amounts of time, and routine mental work through automation.
Technology will replace some types of work. According to a report from Dell some 85% of jobs that will exist in 2030 haven’t been created yet. Data scientists, software engineers and technical product managers are being hired by technology companies.
But, industries including, human resources, the media, consultancies, marketing, legal, healthcare, manufacturing, retail, pharmaceutical, mobile and others are offering training and development programs for non-technical employees to obtain better understand technology advancements and obtain new skills.
Our greatest challenge is for leaders to adopt a new mindset as they look towards the future of organizations, governments, academia, and industry sectors to re-envision, and remodel ways AI can make our lives and work more meaningful and impactful as we seek to address society’s most pressing problems.
Nicolas-Louis Boël, CEO at Altissia
Artificial intelligence is an opportunity that we should assess from both an intellectual and human point of view. We have the humanist duty to start our reflection on new technologies in terms of a positive challenge for our humanity. As for myself, I see an opportunity to provide access, over time, to high-quality education for everyone, whatever our origin or sociocultural backgrounds. Yet, as with every scientific revolution, we will have to use ethical safeguards to insure that nobody is left behind.
In the long run, all industries will be affected by learning algorithms, with no exception. Indeed, we are not in the presence of an evolution, but of a revolution. It is the fourth industrial revolution that will impact all spheres of society.
The place of humans, and of our political and democratic bodies, is central. But human beings themselves have to be the champion of liberty. Our governments do have a duty to regulate the marketplace, but they cannot act as the sole leaders. Our policies have already shown their limits with regard to economic turmoils. Human beings, among societies and organizations, should be well informed and be able to take all the necessary means to protect us from the possible technological drifts of AI.
Artificial intelligence can certainly replace humans in many fields. But knowledge will be key. The danger is that humans become disconnected from knowledge. In many cases, the machine will, and already do, surpass humans’ skills. As such, I don’t see any problem with this. My worries lie with the possible loss of human knowledge. Our humanity is rooted in knowledge, its evolution, its comprehension, its experience. Already today, humans base its aptitudes on skills, at the risk of losing its link to knowledge and its past. The transition to artificial intelligence could put our humanity in jeopardy. Grounding ethical principles should act as watchdogs in order to protect key aspects of our humanity.
Wisdom asks us to find a middle ground, and reject extreme measures. The key idea is to respect everyone’s liberty of choices, with regard to the good of the community.
Stas Tushinskiy, CEO and founder of Instreamatic
Just like with any innovation, machine learning creates significant value and boosts productivity in a lot of sectors of economy. It reduces the number of vacancies, since machines start to perform simple and repeated tasks much better than humans.
AI and machine learning is a fundamental breakthrough. It will affect all industries. Machines already can see things like we do, they can hear, understand us and respond back. And this is the foundation for the services and products to come. People from different industries will create AI-powered solutions to boost economical growth. A good example are AI-powered retail shops without any cashiers, which were introduced by Amazon. And improvements like this are going to happen everywhere: AI can do better farming, home and business security, driving, generating very engaging ads, managing public projects, fight corruption, etc.
Stock prices will spread even more. Most AI-powered traders will have the same technical and fundamental principles built in. That means that all of them are going to react in the same manner to market signals. So we’ll see even faster price surges and even deeper dumps.
Driver-less vehicles is a great example of AI implementation and affect. We put together computer vision and machine learning to start producing driver-less cars, and this is going to replace humans from the driver seat. Just to think about it, kids born last year won’t ever need to get a driver license.
Government should facilitate AI-development by local companies. These companies will create so much wealth for the national economy, that it makes it so important for every country to have their own tech providers. But as of today, it looks like most of the revenue will go to a small number of global tech hubs like Silicon Valley, Tel Aviv, etc.
The important thing about AI, which common people don’t hear a lot about, is that AI doesn’t have a mind, meaning it can’t set its own goals, it can’t feel emotions, it doesn’t have a sense of universal purpose, etc. AI can learn how to do certain things at a fantastic pace providing great quality, but it won’t wake up one morning feeling tired of being exploited by humans and then deciding to kill us all.