Artificial Intelligence Is Becoming A Major Disruptive Force In Banks’ Finance Departments

Artificial Intelligence is becoming a major disruptive force in banks' finance departments

  • Artificial intelligence is not one technology but rather a group of related technologies – including natural language processing (improving  interactions between computers and human or “natural” languages); machine learning (computer programs that can “learn” when exposed to new data) and expert systems (software programmed to provide advice) – that help machines sense, comprehend and act in ways similar to the human brain.
  • Artificial intelligence can help banks’ finance teams reimagine and restructure operating models and processes.
  • Artificial intelligence provides banks, capital markets firms and insurers with an enormously powerful set of tools to transform and streamline some of their most fundamental financial processes.
  • The challenge for many, however, is not only to identify and adopt the best AI technologies but to reshape and rethink their operating model and talent development to take advantage of AI’s transformative capabilities.
  • Artificial intelligence can help banks dramatically improve operational efficiency and gain a much clearer understanding of where they are going, but it is still up to humans to make the big strategic decisions and set the course for AI and related technologies to help deliver profitable growth.

AI has the potential to fundamentally transform banks’ finance function within the next decade – if not sooner.
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Top 10 Hot Artificial Intelligence (AI) Technologies

Artificial intelligence is a $47B market by 2020: 10 hottest technologies in #AI #CIO

  • The market for artificial intelligence (AI) technologies is flourishing.
  • A Narrative Science survey found last year that 38% of enterprises are already using AI, growing to 62% by 2018.
  • Forrester Research predicted a greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016.
  • To help make sense of what’s hot and what’s not, Forrester just published a TechRadar report on Artificial Intelligence (for application development professionals), a detailed analysis of 13 technologies enterprises should consider adopting to support human decision-making.
  • Based on Forrester’s analysis, here’s my list of the 10 hottest AI technologies:

    There are certainly many business benefits gained from AI technologies today, but according to a survey Forrester conducted last year, there are also obstacles to AI adoption as expressed by companies with no plans of investing in AI:

    There is no defined business 42%

    Not clear what AI can be used 39%

    Need first to invest in modernizing data mgt platform                   29%

Based on Forrester’s analysis in its latest TechRadar report, here’s my list of the 10 hottest AI technologies.
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When The Computer Is YOU: The Rise Of Proxy AI

When The Computer Is YOU:  The Rise Of Proxy #AI

  • I propose one, the proxy AI, as in a proxy for a specific person or people.
  • A proxy AI would simulate the intellectual and emotional responses of a specific human being.
  • A proxy AI remains a simulacra, not the ‘real’ thing (see Baudrillard regarding simulation and reality).
  • Our emerging online world provides ever-growing realms of data that could be used (and misused) to characterize specific individuals.
  • AI proxies would add dimensions to our experiences of literature, non-fiction, even to the generation and elaboration of concepts.

Later this century, a form of Artificial Intelligence known as “proxy AIs” will imitate specific people or groups of people, generating entirely new experiences, tools for problem solving– and fraud. What opportunities and threats might we face?
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This Startup Has Developed A New Artificial Intelligence That Can (Sometimes) Beat Google

This startup has developed a new AI that can sometimes even beat Google

  • Also known as deep neural networks, the AI involves throwing massive amounts of data at a neural network to train the system to understand things like speech and images.
  • Gamalon, a new startup coming out of stealth on Tuesday, claims it’s developed an AI technique that requires training the system on only a few pieces data while achieving the same levels of accuracy as the exhaustively-trained neural networks.
  • By reducing the amount of training data, this also reduces the ridiculous amounts of computing power required by deep learning systems.
  • “It’s going to get worse training deep learning models,” Gamalon founder and CEO Ben Vigoda said.
  • Gamalon has pitted its techniques in image recognition against Google’s TensorFlow using the tech giant’s deep learning-powered “Quick, Draw” program.

Deep learning, a branch of AI, has blown up in the tech industry, but new AI systems are coming online that promise big bumps in efficiency.
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This Startup Has Developed A New Artificial Intelligence That Can (Sometimes) Beat Google

This startup claims its artificial intelligence is 100x more efficient than Google's

  • Also known as deep neural networks, the AI involves throwing massive amounts of data at a neural network to train the system to understand things like speech and images.
  • Gamalon, a new startup coming out of stealth on Tuesday, claims it’s developed an AI technique that requires training the system on only a few pieces data while achieving the same levels of accuracy as the exhaustively-trained neural networks.
  • By reducing the amount of training data, this also reduces the ridiculous amounts of computing power required by deep learning systems.
  • “It’s going to get worse training deep learning models,” Gamalon founder and CEO Ben Vigoda said.
  • Gamalon has pitted its techniques in image recognition against Google’s TensorFlow using the tech giant’s deep learning-powered “Quick, Draw” program.

Deep learning, a branch of AI, has blown up in the tech industry, but new AI systems are coming online that promise big bumps in efficiency.
Continue reading “This Startup Has Developed A New Artificial Intelligence That Can (Sometimes) Beat Google”

Nvidia Beats Earnings Estimates As Its Artificial Intelligence Business Keeps On Booming

Nvidia beats earnings estimates as its artificial intelligence business keeps on booming

  • Traditionally, the company’s processors have been mostly used to power the latest gaming graphics, but the chips have become popular to run AI software in the data center and autonomous vehicles.
  • “Deep learning on Nvidia GPUs [graphics processing units], a breakthrough approach to AI, is helping to tackle challenges such as self-driving cars, early cancer detection and weather prediction,” said Nvidia cofounder and CEO Jen-Hsun Huang in a statement.
  • And its increasing faster over time: Last quarter, reported in November, Nvidia’s data center business showed 193% growth in year-over-year revenue.
  • Tech giants like Google buy lots of Nvidia chips, but the company is starting to use more of its own custom chip, called the Tensor Processing Unit, in its data center infrastructure.
  • Huang pointed out that the company’s data center business relies on other areas outside of deep learning applications, including high-performance computing and running graphics-heavy software from the cloud.

Nvidia continued to see demand for its graphics processors in the emerging world of artificial intelligence in its fourth quarter earnings reported Thursday.
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