Tobias Bumm/ August 23, 2020/ Uncategorized

Artificial Intelligence (AI) is the simulation of human intelligence with machines and computer systems. Behind these are intelligent algorithms that, unlike conventional computer applications, “learn” from their experience. Moreover, those algorithms continuously develop and adapt the original parameters.

However, a distinction is made between strong and weak AI. While a strong Artificial Intelligence is supposed to simulate the entire human mind, a weak AI deals with solving specific application problems. The fact that a machine thinks completely like a human being, behaves autonomously and possibly even intuitively, is so far only a vision. Nevertheless, AI now plays a role in many areas of our everyday life. Often without us being aware of it.

Artificial Intelligence in our everyday & business life

Almost all Google products are based on an algorithm that gains new knowledge from every use. Similarly, Amazon uses AI to analyze the search and purchase behavior of its visitors to optimize product suggestions and stimulate purchase decisions. Consequently, logistics and warehousing are aligned according to the forecasts.

In the medical field, intelligent machines are already successfully performing various surgical steps with great precision and converting CT scans into three-dimensional images. In addition, robots perform dangerous or otherwise more expensive tasks in industrial production. Thereby, suitable software analyzes the condition and wear and tear of machines, recognizes fault-prone components, and thus prevents failures.

Speech recognition technology is also AI. It is used, for example, in call centers, where dialog systems ensure shortened process times and structured processing. Thus increase customer and employee satisfaction. Likewise, virtual assistants such as Alexa, Siri & Google Assistant also function via speech systems. Additionally, our mobile phone uses AI to recognize which photos to show us.

Effective fight against financial crime

Thanks to AI, the financial sector has opportunities to counter financial crime more effectively in the digital age. The processes used to uncover money laundering and fraud are often characterized by a high level of manual, repetitive and data-intensive work. The use of AI-based applications in the areas of customer screening (KYC) and transaction monitoring (KYT) leads to a cost-effective and efficient handling of the continuously increasing amounts of data. Thereby, the quality of the original data with which the system is trained is crucial for the successful application of AI. So, the formulation of a clear definition of objectives and indicators of success should precede the design and use of the new technology.   

The framework will determine the next step for AI

AI has already arrived in numerous areas of everyday life and business. Existing applications are constantly being developed. And many things that until recently sounded futuristic, such as autonomous cars, are now within reach thanks to faster data transmission speeds and greater storage capacities.

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Photo: Gerd Altmann / Pixabay