Artificial intelligence in business & finance in 2019 – Part 2/2

AI is all set to affect our industries

Artificial intelligence will affect us, how we allow the impact of this technology influence our lives aren’t’ really up to us anymore, but we can choose to navigate our way and work in tandem, seamlessly for better output when it comes to our processes, solutions, and workflows.

However, there are industries within society that will be affected a lot more deeply when they come in to contact with artificial intelligence, we’re focusing on these industries in particular today. Why do these industries need AI, or if you want to look at it the other way around i.e. why has AI been allowed to flourish as well in certain industries as opposed to others? Kai-Fu breaks it down for us.

Areas in business & society will be deeply affected by artificial intelligence. Which ones though?

Right of the bat, we’re focused on the immediate, and I’m not talking about artificial intelligence and the cause and effect relationship here, but as a society – we’re a lot more concerned with what’s immediate and right now. Kai-Fu understands this phenomenon that we share as a society and even as an economy.

The venture capitalist explains how artificial intelligence isn’t exactly your blanket solution for everything but will grow in fact in three phases. What you’ve got to understand is, that while some changes because of artificial will happen today and are already taking place (this also has to do with the fact that AI implementation is easier in some fields as opposed to other), but various other effects of AI will take its time.

The three phases of AI integration

The first phases that affect us will are essentially industries that have already built their processes and solutions base don big data, this makes for easier integration of artificial intelligence in business if you’ve got data on hand, to begin with. From the internet to finance, hospitals, education medical, etc.

Kau-Fu talks about the second phase which will look to create new data that didn’t exist before. Concepts such as Amazon Echo, wearable computing, smart cars, running applications, basically anything that’s transmitting your locations that contributes towards the idea of the future where we’ve got smart traffic, smart cities, and smart health. It’s innovation on the daily.

Finally, the third phase is when artificial intelligence starts to move; autonomously and smartly – whether in the form of robotics or autonomous vehicles.

Experts feel that all these three phases are spread out over the course of the next decade, while some of them such as the first phase i.e the big data phase is happening right now and are evolving the fastest.

What’s interesting to point out is that, while these changes are going on right now and AI helps build better and foolproof concepts that are richer in innovation, the financial industry stands to gain the most with the power of artificial intelligence. Making the most impact and the most money.

If you’re in the finance industry, you’ve got solutions and problems coming your way. Solutions if you’re all for AI and you’re looking at the power of AI to help you supersede the competition, predict market changes better and understand your customers better. However, if you’re looking at a lot of job cuts and it’s gotten you worried, then your cause of concern if pretty much warranted. AI will take and perform a lot of jobs performed by humans today.

What’s the most vulnerable?

With the constant change in landscape, over the course of time, we’ve been forced to think outside of the box, devising better solutions and utilizing smarter technology to help our businesses keep up and flourish within their industries. Finance is a prime example of how artificial intelligence is set to make a huge impact and a lot of money for financial institutions.

“Numerical analysis and decision making is never the strength of our brain”
-Kau-Fu Lee

AI dominates

When we’re talking about the use of AI in business; the solutions and decision making that artificial intelligence gives us in the field of finance is unparalleled to any other. Kai-fu puts it across in the best way possible.

He talks of how we were forced to become technical stock analysts, loan officers and even insurance underwriters, however, when you look back on it – no one set out to become an insurance underwriter, why though? Well, to put it across in a simple manner, we as humans never had the capacity to process every negative and positive exemplar, where we succeed (or fail) is our tendency to make decisions based on simplistic, ‘if – then – else’ rules.

Lets look at the same scenario with artificial intelligence now.
According to Kai, “AI algorithms are taking 2000 dimensional spaces and making a complex curve that separates people who are safe to lend money or not, or stocks that are good to buy or not good to buy.”

What this helps us understand is the fact that people that belong to these industries or are connected, in some small way or large, are of no match and will get replaced by machines faster than we could even begin to imagine.

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