Development of IT infrastructure and the penetration of smartphones and smart wearables main contributor to growth of Artificial Intelligence. This presentation provides an overview of Artificial Intelligence and the state it is currently in.
23. Pros
• Greater accuracy - somewhat elimination of “human” error
• Utilised to carry out repetitive tasks – increased automation that
will increase productivity.
• Continuously function without needing to rest - With AI, data
can be processed no matter how big the dataset might be.
• Cost efficient
• Fraud detection – financial institution are already utilizing
machine learning to recognize the behaviour of users and
detecting discrepancies.
24. Cons
• Cost incurred in the maintenance and repair – increased
dependency will lead to higher investment in technology.
• Lack of “human touch”
• Lack of creativity
• Automation of jobs – low skilled jobs will be eliminated, thus
increase in unemployment.
• Unexpected error – in recent past, there was a pound fall caused by
algorithmic trading.
• Lack of judgement call – In 2014, during the shooting in Sydney,
Uber algorithm rather than helping people get out of area, surged
the pricing.
26. • AI tools for risk management and compliance
purposes.
• Machine learning to enhance their investment
research.
• Algorithmic trading.
• Reducing fraud and crime.
• Automated financial advisors.
• By 2025 half of investment assets will be traded via
AI according to Tractica market research report.
AI in Financial Services
director of the cybersecurity lab at the University of Louisville
As of June 2016, artificial intelligence received $974m of funding. This year’s funding is set to surpass 2015’s total and CB Insights suggests that 200 AI-focused companies have raised nearly $1.5 billion in equity funding.
Fujitsu holds the most Artificial Intelligence patents, its human-centric AI Zinrai incorporates sensory-media technologies that can process people’s feelings, knowledge processing that can provide medical decision-making support and mathematic technology that is able to assist in mitigating air traffic.
Google DeepMind - created an AI project that uses reasoning to conquer the London Underground.
collaborating with the UK’s NHS in a handful of projects, including ones in which their software is being taught to diagnose cancer and eye disease from patient scans. Others are using machine learning to catch early signs of conditions such as heart disease and Alzheimers
Facebook is helping blind people 'see' photos by using artificial intelligence to narrate them via its iOS app.
Spun out of the Massachusetts Institute of Technology (MIT) Media Lab, Luminoso’s software is unique for its ability to process the intended meanings behind social content, blog posts, articles, news and other information sources that less sophisticated technology often cannot interpret. Luminoso’s products understand not just the words consumers are using, but also their underlying sentiment and intent. By rapidly analyzing large amounts of written feedback and providing real-time reporting, it can enable organizations to more quickly respond to the demands of their users.
This conversational commerce platform leveraged multiple technologies including tools from Facebook, Nuance and Luminoso. It demonstrated something fundamentally new in the world of virtual assistants: being able to listen to answers to open ended questions and extract insights about the consumers from their answers. Based on a person’s answers to questions such as “Where would you go on your ideal vacation? Please explain why”, the platform was able to recommend specific products curated based on the personality of the individual.
For example, a leading financial institution is proactively assessing risk by using AI to review all of the activities undertaken by traders that have made suspicious trades.
. For example, firms can analyse foot traffic at an individual set of retail stores or compare the current number of hours worked at a manufacturing company to the last week or quarter in real time to identify what a company’s performance might look like before it’s announced.
Later this year, automated taxi pods will start running on the streets of England's Milton Keynes, offering rides around the town.
Factory owner aims to reduce the current workforce of 1,800 by 90%
Since September last year, a total of 505 factories across Dongguan have invested 4.2bn yuan (£430m) in robots, aiming to replace more than 30,000 workers according to the Dongguan Economy and Information Technology Bureau.