AI trends for future
bankingciooutlook

AI trends for future

By Banking CIO Outlook | Monday, December 17, 2018

Artificial Intelligence has the power to change almost everything about the way companies do business. Business is expecting astonishing breakthroughs in the coming year also. AI points towards a future where it not only does the physical work but cognitive- thinking, planning, and making the decision also. Here are a few things that might happen in foreseeable future.

The AI technology could be adopted by authoritarian regimes to restrict freedom-right to privacy or free speech. This turbulence will compromise the cooperation between academic and industrial organizations around the world. This collaboration was the backbone of the advancements in AI applications that people implement. The turmoil created by the regime will slow down the development around AI.

Secondly, AI has to become transparent AI, that people will raise a need to know what is done with their data, and how it is involved in decision making. In short, there are fears regarding the future liability AI data holds. The prominence of this data protection regulation is likely to grow in the coming years. In order to overcome this, in the future there will be measures to increase the transparency of AI.

In near future, AI will branch out into HR or optimizing supply chains, where decision making and logistics will be automated. AI solutions for legal issues are also on the rise.

It also seems that AI will create more job opportunities. For industries which need technology alongside with humans can take the advent of this opportunities. But for sectors like financial industries, the human workforce is likely to be reduced. Because the back office functions can increasingly be replaced by machines.

The rise in the use of AI assistants also is a future application of AI. With which functions which uses AI will increasingly be streamlined and accessible.

With AI increasingly evolving in the coming year, the business world should take a different approach to adapt to that.

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