Artificial Intelligence is the future of growth. There is sure to be at least one article in the newspaper/internet/blogs daily on the revolutionary advancements made in the field of Artificial Intelligence or its subfield disrupting standard industries like Fintech, Banking, Law, or any other. In banking domain digital banking teams of all modern banks planning to transform the customer experience with their AI based chat-driven intelligent virtual assistant i.e. bots.
AI promises benefits, but also poses urgent challenges (not threats, please make a note) that cut across almost all industries and business be it of any nature, i.e software development, technical support, customer care, medicines, law domain or factory / manufacturing work. The need of the hour is to upgrade our skill sets to exploit AI rather than compete with it. Accenture recently published research showing that AI has the potential to boost corporate profitability by an average of 38 per cent, and lead to an economic boost of $US14 trillion across 16 industries in 12 countries by 2035.
Amalgamating the latest technology of artificial intelligence, predictive analytics and cognitive messaging to serve millions of customers is now a new winning strategy? AI and regulation are paving the way for Fintech. Artificial intelligence is a new factor of production and has the conceivable potential to introduce new sources of growth, reinventing the business in place, changing how work is done and reinforcing the role of people to drive growth in business.
Artificial Intelligence has become a very popular term today. Banks behind-the-scenes glimpse into the technology that’s designed to grow and develop with customers over time. The lexicographical work of banking & artificial intelligence related buzzwords are on rise every now and then. But it amazed me to think that if how many people still thinks that all their queries and questions especially in 24X7 online chat support are answered by human but fact is human did not respond to these people, its a bot working which does not need of any break or food or rest. It’s astonishing what we don’t know and what we learn by interacting.
Is Artificial Intelligence permanently Impenetrable? 60 years ago when the term ‘AI’ was coined. The whole idea and the ambition was to build smart and emotional machines that can learn, interact, work and put forward reasoning like humans. After several decades of trying, today the original vision is almost getting faint or got abandoned. Today’s machines largely work on model to predict the future, as long as the future doesn’t look too different from the past. But goal is to move towards artificial consciousness & machine consciousness where no computer program will be needed. What is the real risk here?
In today’s time i.e. talking era of artificial intelligence; its impossible to predict what is going to come next. AI and its sub fields like machine learning, neural networks and deep learning are getting advanced every day. But its 100% up to us how these technologies will behave in future.
As said by some one; how technology or robot (end product) will behave depends upon who create or design them with what mind set; thus Risk is for real if not artificial intelligence. A new study in the journal Intelligence reports that highly intelligent people have a significantly increased risk of suffering from a variety of psychological and physiological disorders.
In the industry usually data mean “numbers and stats”. However, text is also data. AI offers huge space to innovate, re-innovate, and create creative mess for improving customer experiences. Applications of AI and its related techniques like machine learning and deep learning are improving day by day though. Right vision and determined mindset will create best intelligent customer interface that can thrust businesses on an accelerated maturity path to help digital transformation of the organisation with purpose and customer centricity. As on date AI has got some break through at base level and able to perform below activities.
- FinTech: Predicting customer rating, defaulting in repayment etc. Credit scoring or direct lenders are using AI for credit scoring and lending applications.
- Insurance: Predicting rate of death or likely a date of death for funeral insurance business.
- Finance: This category rely on AI chatbots, mobile app assistant applications in order to monitor personal finances and predicting fraudulent activity on a credit card
- E-commerce: Predicting customer churn
- Healthcare: Predicting patient diagnostics
- Social Network: Predicting certain match preferences on a dating website
- Biology: Finding patterns in gene mutations that could represent cancer
Major reasons of this paradigm shift and increasing adoption of artificial intelligence chatbots (AI driven bots as best example) for use as virtual agents or assistants are changing customer expectations, falling customer satisfaction, and the promise of lower operating costs. Banking, financial services, FinTech services and insurance services are major gainers of AI and clearly taking the lead here. All these players are using AI to monitor regulatory framework adherence, compliance, & Fraud Detection.
HDFC Bank also has an AI chatbot called “Eva”, built for it by India based AI research company, which has “successfully addressed over 2.7 million customer queries in the six months since its inception”. AI can detect fraudulent and abnormal financial behavior, and/or to improve general regulatory compliance matters and workflows. AI uses large volume of data stored and can be utilized for automation, intelligent actions, cloud robotics and machine learning. While this technology may sound revolutionary, it’s actually been around for years in industries like trading.
Robots can fail; as reason is very simple and known which is machine learning models are not sufficiently accurate or can’t be accurate without lots of data and lots of training. Artificial Intelligence with cloud computing add advancements using new use cases to improvise the systems developed so far. Robots or AI enabled AI taking our job is still far not in next 50 years or so. It has to pass basic 4 tests. Turning test i.e needs to acquire college degree, needs to work as an employee for atleast 20 years and perform well to get promotions and attain ASI status.
Artificial intelligence is the only technology, which is going directly from disappointment to deadly with being beneficial in between. Most cognitive architectures developed in the past are highly modular, utilizing, for example, distinct modules for short-term memory (STM), long-term memory (LTM), parsing, inference, planning, etc. Nowadays almost all AI work relates to narrow, domain-specific, human-designed capabilities. Lemmatization of artificial intelligence has many names i.e. narrow, strong/general or super also its subsets i.e. machine learning, machine intelligence, machine consciousness, deep learning etc.
Robots are well suited for work where human are at significant risk, the economics or menial nature of the application result in inefficient use of human workers, and for humanitarian uses where there is great risk. The current AI cloud landscape is categorized into two groups-AI cloud services and cloud machine learning platforms, which provide future Market Insights, and almost accurate research services provide valuable intelligence necessary to gain edge over competition.
Can we really stop this storm of artificial intelligence answer is definitely no as innovations has no stop button. Can we regulate it; answer is yes for sure it can be regulated. Regulation can define boundaries and limits the usage level of AI in each domain of todays work. Word of caution regulatory framework should not be taken as benefit or money producing machine for some or few people or to kill it.
Staying acquainted with the latest and emerging market trends renders companies the competitive advantage they need. HDFC Bank India has claimed that in Sept-2017 its chatbot OnChat able to register a 160% month-on-month growth in transactions. This encouraged us to build a complete ecosystem around Natural Language Understanding (NLU), so that our solutions can talk to clients in their native natural languages.
Please note: I am the big fan; follower and lover of everything about AI, which can bring only best things as just good enough. AI will help and do betterment for humanity. This kind of revolution tells us where we are heading. Analytics reveals in collected data; how AI-driven apps are influencing consumer behavior on smartphones. An expanding universe of bots – impacting our daily digital behaviors, like shopping, browsing the Internet, and consuming content?
If you’re waiting for A.I, look around you — you will find some form of artificial intelligence at work almost every where/ Though its pinnacle will take around 50 or more years; machine consciousness is indomitable will happen sooner of later. The other side of it for people involved here specifically, those with a high intellectual capacity (hyper brain) possess over excitabilities in various domains that may predispose them to certain psychological disorders as well as physiological conditions involving elevated sensory, and altered immune and inflammatory responses (hyper body).
History don’t lie any ways robots were used in the military and industry invested in robotics in order to build nuclear weapons and power plants, this is were things would go tribally wrong. High intelligence is touted as being predictive of positive outcomes including educational success and income level. However, little is known about the difficulties experienced among this population.
Conclusion – We should see in next couple of years a vast improvement in current state-of-the-art machine learning in cyber-security, payment intelligence and info-security intelligence. Instead, business silently gravitates toward the subtasks that have implicitly performed. Classic example for this in AI is a critical tool to improve customer experience i.e. facial recognition technology, which is 10 to 15 times more accurate than human beings at identifying people. Innovation, which is fueled by advances in computing power and connectivity, the fields of the robotics and artificial intelligence have grown rapidly. With technology advancing at breakneck speeds and demystifying robotics and artificial intelligence with new applications, machinery, and ultra fast process in business, factories and homes in short from teleportation to autonomy.
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