Protecting humanity as AI grows

Artificial Intelligence (AI) is going through the process of evolution. To date we have seen the emergence of artificial narrow intelligence (ANI), and artificial general intelligence (AGI) to artificial super intelligence (ASI). Those working in the field predict that it won’t be long until AI is able to “combine the intricacy and pattern recognition strength of human intelligence with the speed, memory and knowledge sharing of machine intelligence,” as Jayshree Pandya writes in his recent Forbes article.

One of the upshots of this progress is that people feel less insecure and fear what this may mean for their future, particularly with regard to employment. After all if AI can replace most manual and mundane work that will affect a significant number of people in manufacturing industries. As Pandya points out, “with all these new digital assistants and decision-making algorithms assisting and directing humans, more complex day-to-day work for humans is being greatly lessened.” It would be nice to think that this will mean humans can put their feet up and relax, but who will fund that? The robots won’t pay for sure.

Of course, there is hope for humans, because no mater how much AI technology is hyped, it simply can’t replicate the human brain, because elements like memory and conscience are as yet a long way off and are only a part of some computer scientist’s dream of a human-like artificial intelligence.

Super scary Super ASI

Pandya believes that the “potential development of artificial super intelligence points to a frankly scary scenario in the coming years.” He thinks that the processing power of the human brain may not be able to match that of ASI in the long-term, which is indeed a frightening thought. It may well be inevitable that AI will reach a point where it will be able to improve its own software design and capabilities far beyond what its designers envisioned: like the monster that Dr Frankenstein could not control.

Will AI overtake human intelligence?

Another concern is that human intelligence may dumb down as AI takes over tasks. If the human brain is not allowed the opportunities to learn new skills, how will its development suffer? That is a tough question to answer. And the answer to it may define the future of humanity, which has for all of recorded history relied on the sophistication of human natural intelligence for survival. Pandya says, “the question everyone across nations needs to evaluate today is whether our efforts should be towards enhancing human intelligence or artificial intelligence.”

We need to start planning now for the future when our intelligence may be seen as inferior to that of AI. It sounds like science fiction, but we can no longer dismiss it as a scenario created by a novelist or Hollywood.

Don’t be afraid of robots, says World Bank

The World Bank has published a report annually since 1978. Each report focuses on a detailed analysis of one aspect of economic development and for 2019 the topic is robots and automation and how it is impacting on the world of work.

Bloomberg interviewed Pinelopi Koujianou Goldberg, the World Bank’s Chief Economist, about the report and one of her first statements was: “This fear that robots have eliminated jobs — this fear is not supported by the evidence so far.”

The fear arises from the fact that in the first world a substantial number of jobs have been lost in the industrial sector, while in East Asia the there has been a rise in employment in industry. The World Bank report notes the anxiety about job losses, but claims “the number of jobs lost to automation is about equal to the number of jobs created, even if technology is changing the nature of those jobs in several ways.”

In the World Development Report 2019: The Changing Nature of Work, World Bank Group President Jim Yong Kim said:

“The nature of work is not only changing — it’s changing rapidly. We don’t know what jobs children in primary school today will compete for, because many of those jobs don’t exist yet. The great challenge is to equip them with the skills they’ll need no matter what future jobs look like — skills such as problem-solving and critical thinking, as well as interpersonal skills like empathy and collaboration. By measuring countries according to how well they’re investing in their people, we hope to help governments take active steps to better prepare their people to compete in the economy of the future.”

Koujianou Goldberg also commented on the changing nature of work, telling Bloomberg: “This is the fourth industrial revolution, there have been three before, and in each case we managed to survive so it’s not the case that machines completely eliminated humans.”

However, not everyone agrees with the World Bank’s assessment of the situation with regard to a radical change in the types of jobs available. Gizmodo argues that the World Bank has not considered the quality of the jobs available, or the social and cultural impact of the loss of certain jobs and responds to the idea of robotics bringing a fourth industrial revolution as an idea to be treated with caution. Gizmodo also says, “There is a reason that many of the regions hit hardest by automation voted in the largest numbers for Trump.”

It also points out that reports like the one from the World Bank are useful as a window into how elites — i.e., those doing a lot of the automating — view mechanization.

What is clear that there are good arguments from both viewpoints and that what we need is dialogue between the two, so that we plan for an industrial revolution that is less harmful to those communities most affected by automation than in the past.

5 technologies disrupting banking by 2023

Over the next five years banking is going to change dramatically and will be nothing like we know it today. The changes will come due to technology and will provide financial institutions with both opportunities and challenges.

The global recession put a spotlight on banks; these institutions were largely responsible for the near-collapse of economies and although they have weathered the storm, people’s trust in them has not been restored.

Out of the failure of financial institutions came the bitcoin protocol and blockchain technology. This was followed by the arrival of fintech startups and neobanks, both of which threaten the consumer account monopoly enjoyed by retail banks, which is referred to as ‘legacy’ in the financial media. According to various consultancies, new players could capture up to a third of incumbent banks’ revenues in the next 2–3 years. If banks don’t respond to this, they are in danger of disappearing.

However, there is good news for the traditional banks: the new technologies that are threatening the banking industry also present significant opportunities. They can leverage big data and advanced analytics to improve customer experience, as well as build trust, loyalty and revenues. Dan Cohen, SVP at Atos, said: “Banks are at a crossroads. Continuous fintech innovation and new technologies such as blockchain are disrupting the market. While it creates threats, it also opens multiple opportunities for financial services to reinvent themselves and thrive.”

Here are five of the technologies that will advance fintechs and potentially cause more disruption in the banking sector, unless the banks are agile enough to incorporate them.

1. A hybrid cloud

Cloud computing tech has gone mainstream in banks pretty fast. It was found that at least 75% of bankers said their most successful cloud initiatives had already achieved expansion into new industries, creation of new revenue streams, and expansion of their product/services portfolio.

2. APIs

The combination of open platform banking and open APIs will change the entire banking ecosystem in its current state. In this scenario, the bank will serve as a platform, on top of which third-party companies can build their own applications using the bank’s data.

3. Robotic process automation

Robotic process automation (RPA) has helped banks and credit unions accelerate growth by executing pre-programmed rules across a range of structured and unstructured data.

4. Instant payments

Consumer demand for instant payments is on the increase. With instant payments, more transactions will be made digitally instead of in cash, which means that payments will become less expensive and more user friendly.

5. Artificial Intelligence (AI)

The benefits of AI in banks and credit unions are widespread, reaching back office operations, compliance, customer experience, product delivery, risk management and marketing to name a few

5 AI trends in 2019

As the use of Artificial Intelligence (AI) has grown in 2018, we can expect to see even stronger growth in the technology in 2019. One of the reasons it is bound to increase its presence in our lives is that it makes life easier, whether it is chatbots in business or Alexa in the home. According to Analytic Insightsand Forrester Research, in 2019 we will also “see the rise of new digital workers with an increased competition for data professionals with AI skills.” But, what else can we expect from AI next year?

More chatbots and virtual assistants

We will see more advanced use of AI virtual assistants on websites to answer customers’ queries and provide customer service assistance. For example, companies will create virtual agents with a face and personality to match to handle complex tasks to drive business, like, Autodesk’s virtual agent Ava has a female face with a voice that speaks emulating the company’s brand.

Improved speech recognition

Alexa may have started the trend, but in 2019 voice-activated services are going to be even bigger business. Already Sony, Hisense and TiVo have unveiled TVs that can be controlled by voice, and even home appliance makers such as Delta, Whirlpool and LG have added Alexa’s voice recognition skills to assist people control everything in their homes.

Smart recommendations

When we shop online we are already inundated with a series of recommendations about what to buy next based on our previous purchases. This is going to get bigger in 2019, with recommendations based on “sentiment analysis” as well as your search history.

Advanced image recognition

We can expect some is changes here in 2019. Don’t be surprised if there is image recognition to detect licence plates, diagnose diseases, and permit photo analysis for a range of verifications.

Cyber security

In 2019, expect artificial intelligence to be more powerful in fighting off cyber threats and prevent potential hackers. Companies including Darktrace have deployed and machine learning technologies to detect online enemies’ in real-time and identify cyber threats early on, and so prevent them spreading.