Dec 19, 2019
Serenity GibbonsContributor I share insights gathered from purpose-driven entrepreneurs
Artificial intelligence is forcing industries to evolve at an incredible rate. By helping companies save time and money, AI is already revolutionizing productivity and customer service around the world. A Microsoft survey of more than 400 senior executives across eight global markets found that executives expect AI to benefit their businesses to positively impact growth, productivity, innovation, and job creation. A stunning 94% of them see AI as an important tool for solving strategic challenges. Artificial intelligence has already had a profound impact on the ways many industries do business.
But while the future is already here, as American fictionist William Gibson points out, it’s not evenly distributed. These five industries are paving the way forward with AI:
Nowhere has AI made a bigger splash than in the finance sector. Machine learning models distill insights from large volumes of quantitative data, making them an appealing tool for banks and day traders. Automated trading now accounts for about 75% of financial market volume, in no small part thanks to companies like Algoriz. Founded by Goldman Sachs and Millennium Partners alumni, Algoriz makes it possible for nontechnical users to construct trading algorithms.
Finance pros who work behind the scenes have embraced AI as well. Payment gateway FlexPay uses AI to predict and prevent credit card declines. By adapting several characteristics of a merchant’s transactions to better meet the risk standards of financial institutions, it lowers their risk score and significantly increases the ratio of approved payments. As AI matures, expect to see rules-based systems phased out for everything from fraud detection to equity management. Read More at Forbes....