Artificial Intelligence – AI | An Overview

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  • Artificial Intelligence or AI plays a big part in the FinTech industry

 

  • AI is also linked to Machine Intelligence (MI) or machine learning

 

  • It is the creation of machines that work and act and think like humans

 

  • AI is not a new concept and has been around since as early as 1955

 

  • AI is helping FinTech companies become even more advanced

 

  • AI can help companies;
    • Produce more data and more insights
    • Increase security
    • Reduce human error
    • Cut processing times

 

  • Examples of AI used today, include;
    • Virtual personal assistants – like Siri (available on mobile phones) and Alexa (designed by Amazon)
    • Shopping predictions – most internet purchases result in ‘recommended’ items showing up on your screen based on previous purchasing habits
    • Viewing predictions – streaming sites such as Netflix, will show you ‘recommended’ things to watch based on your viewing history
    • Transport – mobile apps such as Uber use AI to determine ride prices etc.

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