Artificial Intelligence has been a hot topic of discussion lately, some say that even hotter than the bitcoin price itself! For those who didn't know then Facebook was forced to shut down one of their A.I. research projects a few weeks ago due to not having protocols that were restricting bots from creating their own language which as you might have guessed by now did come to reality... Don't worry, there were no world takeover threats in the context and bots stayed on the topic of trading balls, however, how else is artificial intelligence changing current business models for better? Let's take a closer look at some of the ways how A.I. is changing the finance industry.
Assistance Banking Bots (CHATBOTS)
We have seen rapid technological advancement over the course of past couple of years but one of the most incredible advancement has happened in the artificial intelligence field. The banking sector has been developing "chatbots" that you could look at as your personal banking assistant and accountant in one. The task of saving is extremely difficult for an average individual, while low income plays a big part in it then a lot of the times it is the unnecessary expenses that slam the nail into the coffin, Plum is a chatbot accessible through Facebook messenger who is a handy little fellow that helps you to save money in small increments! After you have given Plum access to your banking records it will go ahead and perform a detailed analysis of your income and spending habits to predict how much you can afford to save and will deposit small amounts into your Plum savings account whenever an opportunity presents itself. How convenient is that? Since there is no money spent but moved into the savings account then the winner will always be you!
A.I. Helps With More Accurate Fraud Detection
While the war on an online fraud is an everlasting task then you might be surprised to learn that the strict one-to-all sort of rules is actually limiting the annual turnover by over 118 billion U.S. dollars of legitimate orders. Without the interference of artificial intelligence, it is rather hard to write a coding line that would scan out the fraudulent orders effectively, or what we mean without any casualties in the process. One of the latest A.I.-based fraud detection explorers is Mastercard, their Decision Intelligence technology will scan cardholders previous shopping patterns to determine whether the order is fraudulent or not rather than sticking to the pre-determined rules. There are alternative fraud detection systems, such as Sift Science, that focus on more detailed approaches and scan over 6000 websites in their fraud detection patterns.
The Blockchain Technology and A.I.
Artificial intelligence has been a piece of the blockchain technology thanks to the Ethereum networks smart-contracts that many developers are now using as the laying foundation for their artificial intelligence designs. At the very least, smart-contracts will allow writing specific protocols to govern various tasks that artificial intelligence could be handling in the future.