AI IN FINANCE

27 January 2023

AI IN FINANCE

Reading Time: 3 minutes

The introduction of Artificial Intelligence (AI) into the field of finance has been a game-changer for many businesses. Over the years AI has significantly impacted the financial industry. From automating mundane tasks to providing insights that were previously impossible, AI has the potential to revolutionize the way financial services are delivered.

One of the key benefits of AI in finance is its ability to automate repetitive tasks, such as data entry and analysis. This not only saves time and money for financial institutions, but it also reduces the risk of errors and fraud. For example, AI can be used in investment banking to create automated trading systems that monitor markets 24/7 and make trades based on market conditions without any human intervention. This allows banks to maximize their returns while reducing risk exposure at the same time. Additionally, AI can also be used to identify patterns and trends in financial data that would be impossible for humans to detect, providing insights that can help institutions make better decisions.

One good example of a financial company incorporating AI is VECTRA. Vectra offers an AI-powered cyber-threat detection platform, which automates threat detection, reveals hidden attackers specifically targeting financial institution. It accelerates investigations after incidents and even identifies compromised information.

There are several potential benefits of AI in finance, including:

1.Efficiency. AI systems can automate many tasks that were previously done by humans, such as credit risk analysis or fraud detection, leading to faster and more accurate decision making.

2.Cost savings. Automation can help reduce labor costs and improve operational efficiency, leading to cost savings for financial institutions.

3.Improved decision making. AI systems can analyze large amounts of data and identify patterns that humans might miss, leading to better decision making in areas like risk management and investment strategy.

However, on the other hand there are some downsides associated with using AI in finance as well. They include :

1.Bias. AI systems rely on data to learn and make predictions, but if that data contains biases, the AI system will also be biased. For example, if an AI system is trained on data that reflects historical discrimination in lending, it may perpetuate that discrimination by denying loans to certain groups of people.

2.Job Loss. AI-based systems can automate many tasks that were previously done by humans, such as credit risk analysis or fraud detection. This can lead to job loss and economic disruption as workers are replaced by machines.

3.Risk of fraud. AI systems can be vulnerable to hacking and other forms of fraud. For example, an attacker may try to manipulate the data used to train an AI system in order to make it make bad decisions, or they may try to access and steal sensitive financial data.

4.Lack of transparency. AI systems can be difficult for humans to understand or interpret, making it hard to explain or justify decisions. This can be especially problematic in areas of finance, where decisions can have major consequences.

5.Dependence on data. AI systems are only as good as the data they are trained on, so if the data is poor quality, the system’s decisions will also be poor quality. This can lead to errors and inaccuracies in areas like credit risk analysis or fraud detection.

6.Lack of human touch. Some decisions or actions might require some human touch, empathy or understanding which AI systems can’t provide. For example, when dealing with clients who are in dire situations . This can lead to a lack of trust and dissatisfaction among customers.

According to an oracle report, 87% of business leaders believe that organizations that don’t rethink finance processes will face risks, including:

Falling behind competitors – 44%
More stressed workers = 36%
Inaccurate reporting = 36%
Reduced employee productivity – 35%

It also goes further to state that Companies that take their time incorporating AI also run the risk of becoming less attractive to the next generation of finance professionals. 83% of millennials and 79% of Generation Z respondents said they would trust a robot over their organization’s finance team. Millennial employees are nearly four times more likely than Baby Boomers to want to work for a company using AI to manage finance. This is a clear indication that it is necessary to involve AI in our financial structures.

In conclusion, AI has already had a significant impact on the finance industry, and it is likely to play an even bigger role in the future. With the right improvements and safeguards in place, AI has the potential to revolutionize the way financial services are delivered, making them faster, cheaper, and more accurate for everyone. Share your thoughts in the comment section.

SOURCES:

https://www.vectra.ai/

https://www.insiderintelligence.com/insights/ai-in-finance/

https://builtin.com/artificial-intelligence/ai-finance-banking-applications-companies

https://www.v7labs.com/blog/ai-in-financehttps://www.oracle.com/erp/ai-financials/what-is-ai-in-finance/

https://www.forbesindia.com/fbimages/900×600/proportional/jpeg/blog/wp-content/uploads/2021/09/AI-Fintech.jpg

4 January 2023

9 Comments

AI, Software

AI IN CANCER TREATMENT

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Over the years, Cancer has risen to be one of the world’s leading causes of death. Many steps have been taken in trying to end the deadly killer disease AI being one of them. AI is becoming more common in cancer treatment and has the potential to change how we diagnose and treat cancer. It is being utilized in a few ways, including image analysis, personalized treatment, drug development, and clinical decision support. This can assist doctors in detecting cancer sooner and more accurately, leading to more effective treatment.

The application of AI in cancer practice includes providing clinical decision support for cancer diagnosis and screening, processing medical data for cancer detection or characterization of patient prognosis, and optimizing care delivery and clinical operations by increasing system capacity and allocating resources.

One area where AI is having a significant impact is in the diagnosis of cancer. This involves the ability of its algorithms to analyze medical images, such as CT scans or MRIs, and detect signs of cancer that may be overlooked by human radiologists, potentially leading to earlier detection of cancer. This can help doctors to make more accurate diagnoses and prognoses, choose the most appropriate treatment plan, and monitor the effectiveness of treatment over time. This can lead to more personalized and effective treatment for individual patients and may help to detect cancer at an earlier stage, when it is most treatable.

Another application of AI in cancer treatment is optimizing chemotherapy and radiotherapy by analyzing patient data to determine the most effective dosage and schedule, reducing side effects and increasing effectiveness. Additionally, AI is being explored for identifying new targeted therapies, analyzing genomics data for personalized treatment options, and developing new drugs. While still in the early stages, the incorporation of AI in cancer treatment has the potential to significantly improve the way cancer is diagnosed, treated, and managed, with the possibility for even more innovative uses in the future as AI technology continues to advance.

https://images.app.goo.gl/rJw8BroVqEYdak1a6

In my view, AI has revolutionized the healthcare industry especially in oncology in ways we could not have thought of say 50 years ago. Many people’s lives have been saved, and many continue to survive as a result f this. I believe if we continue to invest in artificial intelligence to help us change our health industry, we might be able to find a way to curb all killer diseases. Those are my thoughts though , feel free to comment on yours.

SOURCES:

https://www.cancer.gov/news-events/cancer-currents-blog/2022/artificial-intelligence-cancer-imaging

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8965797/

https://images.app.goo.gl/hAFaK1VsnNNngA8T7

https://www.sciencedirect.com/science/article/pii/S0753332220304479

23 December 2022

4 Comments

AI IN CUSTOMER SERVICE

Reading Time: 2 minutes

Just like in many different industries, artificial intelligence (AI) is radically altering how we operate. Customer service has long been a component of these industries, whether they be in retail, finance, manufacturing, or law. According to experts, in the upcoming years, it may become impossible to distinguish between a human and an AI bot.

This article will explore the ways in which AI is advancing and supporting customer service, as well as the reasons why business leaders should consider investing in the technology.

AI has transformed the customer service industry in several ways, including:

Automating routine tasks, such as answering frequently asked questions, booking appointments, and processing orders, which has allowed customer service representatives to focus on more complex and personalized tasks and improve the overall efficiency of the customer service process.
Providing personalized recommendations and assistance through the use of AI-powered chatbots and virtual assistants, which can analyze customer data and provide personalized marketing campaigns that improve customer loyalty and satisfaction.
Improving the efficiency and productivity of customer service operations by automating routine tasks and providing personalized assistance, which has allowed businesses to handle a larger volume of customer inquiries and requests, resulting in a better customer experience.
Enhancing the accuracy and speed of resolving customer issues through the use of AI-powered customer service tools that can analyze data and make decisions faster than humans.
Increasing the accessibility of customer service by providing assistance through AI-powered tools that operate 24/7, making it easier for customers to get the help they need

Generally, AI has brought numerous improvements to the customer service industry, including increased efficiency, productivity, and personalized interactions. While there are concerns that AI may negatively impact employment in the industry, it has largely had a positive impact on both businesses and customers.

Sources:

https://www.bbc.com/news/business-45272835

https://miro.medium.com/max/1100/1*ofjqKOuf20ND76gWIudh_w.webp

https://www.tadigital.com/insights/perspectives/10-ways-artificial-intelligence-can-improve-customer-service

5 December 2022

1 Comment

AI IN THE FILM INDUSRTY

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It is wonderful artificial intelligence has already been incorporated into a number of sectors of the film industry, including scriptwriting, graphic design, casting, and even project promotion. Films are being created using AI created algorithms and deep learning.

What role does AI play in movies?

Writing scripts

It is becoming more typical in Hollywood to create scripts on computers. Algorithms based on machine learning and artificial intelligence can be used to write fresh scripts as well as character names and synopses for previously released films. In this case, a machine learning algorithm would get a ton of data in the form of numerous movie scripts or a book that needed to be adapted into a movie to produce a new script.

Film editing

The movie business draws audiences to theaters through movie trailers. Studios must therefore create unique and entertaining trailers. The creation of these movie trailers can benefit from the use of AI by editors. For instance, a trailer for the movie Morgan was made using IBM Watson. A human editor can use the AI system to identify scenes with a lot of action or emotion and highlight them for the final trailer.

AI can also help editors when it comes to editing feature films. The AI computer can identify major characters thanks to its facial recognition technology, which helps human editors sort out such sequences.

Movie promotions

Nowadays, promoting a movie is just as important as making it. Whether a movie is a success, or a failure will depend on the marketing and promotion tactics employed. AI can be employed to market films and make sure they are a financial success. An AI system can be used to analyze the viewership, the buzz surrounding the movie, and the actor’s success globally. This enables AI to schedule unique screenings and meet-ups with fans at particular venues to spark the audience’s interest in the movie even more.

Casting

Since the technology may be used to digitally connect performers to movies, the usage of AI for casting actors is not just confined to the pre-production phase. The system may be fed thousands of data points representing the facial features of performers expressing various moods. To preserve the actor’s natural expressions, the data can then be utilized to digitally overlay the actor’s face onto a body double.

The usage of this technology allows for the recording of scenes starring deceased performers. Using the technology, actors who have been in front of the camera for a long period can be made younger or digital characters can be created. This eliminates the need for multiple performers to portray the same role at various stages of life, and it preserves the character’s identity.

Sources:

https://www.foxnews.com/tech/how-ai-generated-videos-could-be-the-next-big-thing-in-fake-news

https://www.cnn.com/2022/09/25/tech/ai-film-salt/index.html

21 November 2022

USING AI TO LOCATE MISSING CHILDREN

Reading Time: 2 minutes

Faces are as distinctive as fingerprints and can disclose a lot about our personalities, age, health, and emotions. Numerous face features change as a person grows, as a result of, among other things, various settings, activities, and nutrition. The scientific community has made numerous successful attempts to imitate and comprehend how various people’s face features change with age. The definition of facial progression technology, also known as age progression technology, is the artistic re-rendering of a face with effects of natural aging or rejuvenation at any future age for a specific face. This technology is applicable in a variety of situations, including cross-age face recognition, age estimates, and entertainment. The Face App application, which allowed users to imitate their faces throughout different ages, with the most popular one being the advanced age filter, is one very well-known example that the majority of social media users in the world could be familiar with.

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Aside from amusement, face progression software can be utilized in essential applications such as detecting missing children. Finding a missing child after an extended length of time, such as eight or ten years, might be difficult due to considerable changes in face features. Face progression technologies, for example, can assist parents or officials in estimating the change in facial features of a missing child, making it easier for them to be identified.

One institution in Africa, Kenya to be specific, has used AI to its full potential. Lost Child Kenya is enhancing their technique of identifying missing children by utilizing age-progression technologies, specifically face regression. Missing Child Kenya, established in July 2016, is a non-profit community-led effort that uses technology and crowdsourcing to search for, trace, and reunite missing, displaced, lost, and found children. According to Maryana Munyendo, the organization’s founder and executive director, Missing Child Kenya has found and reunited 496 children with their families, committed 73 children to Government homes for safe care and custody, documented 21 children as deceased, and is still looking for another 190, totaling 780 children in the case files.

Missing Child Kenya struck a historic agreement with the Italian Missing Children Institute to give support for forensic imaging, photographic manipulation techniques, facial reconstruction techniques, adult age progression, and photo repair of their missing Kenyan children database. The organization inked a historic cooperation with the Italian Missing Children Institute to give help for forensic imaging, photographic manipulation techniques, facial reconstruction techniques, adult age progression, and photo repair of their database of missing Kenyan children. Applying this method involves updating the mug photographs of the missing youngsters every two years and, for those above the age of 18, every five years. In this approach, it is feasible to disseminate pictures that are age-appropriate for the missing child and so improve the effectiveness of the search. To start the project, the group has so far collaborated with four families. Anita Njeri Nyambura went missing in 2016, and it was the first case that Kenya’s Missing Child Unit dealt with. They collaborated with the family to create photographs of the missing child by imagining how she might have changed over time.

Sources :

https://www.youtube.com/watch?v=gsr15ug-7UE https://missingchild.co.ke/