AI Remains a Prominent Hub in 2019

By CIOReview | Friday, June 14, 2019

FREMONT, CA: The advance of Artificial intelligence will lead to the enhancement of accuracy, efficiency and productivity over an organization, but the question remains, will it be beneficial?

It is often feared that AI will lead to machines and robots replacing human jobs, which causes the progression of technology to be viewed as a threat rather than a tool for profitable usage. An increase in deep learning and areas of artificial intelligence will coincide with the rise and growth of smarter robots.

AI continues to be a prominent hub in 2019, and many organizations have begun benefiting from the miraculous capabilities of AI and gaining value from data.  Businesses need to overcome the bias and trust issues surrounding AI by achieving an effective and successful implementation, which makes it possible for everyone to benefit.

AI has led to improvements in risk analysis, detecting, and financial fraud, saving time and resources for firms. In financial services organizations, the importance of artificial intelligence in risk management and fraud prevention will not be overstated. It synthesizes large quantities of complex data with speed and accuracy, which will also deliver enormous profits for the financial service sector.

The firms using the traditional method of risk related to data analysis have certain challenges, that can be negated with the implementation of artificial intelligence. Artificial intelligence transforms the operational landscape of financial service industries. However, AI has proven to be more effective than human decision making while dealing with more amount of data and pattern spotting.

The most significant complication, therefore, is to investigate the time and resources which are needed to re-skill the workforce and make it transparent that AI will enhance rather than replace human workers. There is increasing evidence demonstrating the profits of intelligence systems, more decision-makers in the boardroom have a better understanding of what AI can offer.