The advancement of artificial intelligence technology continues apace. Every day, we see the evolution of new technologies, applications, and massive funding in AI, machine learning, and a slew of other intelligent technologies. While we may notice how these technologies will be implemented quickly, what does the future hold for broader acceptance of AI and ML?
The evolution of compact phones clarified that they would allow us to carry our phone calls wherever we went in the 1980s, but who could have predicted the adoption of mobile phones as compact computing devices with apps, access to global data, cameras, GPS, and the broad spectrum of actions we now fancy as mobile, ubiquitous computing?
Similarly, the next universe of AI and Ml will almost certainly have a much greater influence in many other ways than we can currently imagine. In this article, we will discuss how AI and ML will change the lifestyle of people in the future.
How Will AI Change the Future?
1. Finance
AI and machine learning algorithms have enormous potential in the finance industry. These algorithms are self-learning and can be extremely valuable to the customer and the financial organization if fed the correct data.
Let’s explore a few applications:
Trading
AI and ML can also be used to make data-driven investment decisions, such as when to buy and sell stocks. Machines excel at predicting stock market behavior because they can process massive amounts of data in a short period. As a result, they are extremely valuable to traders and investors. Machines can also detect patterns in previous data streams and predict how they will repeat in the future. Furthermore, machines can track and understand market drivers using a supercomputer and advanced mathematics, allowing humans to make more intelligent investment and trade decisions.
Trading applications like Finixio AI have integrated the use of machine learning to assist with making the applications user-friendly and practical. Finixio AI is an algorithmic trading tool (also known as a ‘bot’) that aims to assist users in their investment success. The relative strength index, average true range indicators, and moving average convergence divergence are just a few of the trading indicators Finixio AI uses to analyze a variety of trading indicators on your behalf. The platform uses AI to incorporate these indicators into a user-friendly interface.
Finixio AI searches for effective market indicators to give you the ability to control your trading machine and make smart fund allocations. Using a fully automated algorithm, you can profit from every market move 24 hours a day. You can create your custom GRID and DCA strategies in minutes based on back-tested GRID and DCA strategies.
Financial advisory services
In the future, the financial sector can expect to see more AI-powered robo-advisors. For example, according to new Wealthramp data, “Millennials’ outlook on the future of financial advice is more digitally focused and purpose-driven.” According to Wealthramp, “a third of high-net-worth investors use robo-advisors and digital apps to execute investments.”
The bionic advisory is another emerging field that combines machine calculations and human insight to improve client relationships beyond what either machine or human can provide alone.
2. Defense
Even though the advancement of autonomous weapons has been heavily regulated, this sector is certain to develop, given the amount of capital invested. Although the ethical implications of developing autonomous weapons have been considered, AI-powered weapons are said to be indicative of the next arms race.
Aside from autonomous weapons, image recognition and video recognition could be used to monitor the general public. A citizen can be identified using facial recognition algorithms in surveillance networks by augmenting existing databases with biometric and facial scans. This improves overall national security while reducing human intervention.
3. Marketing
AI will benefit the marketing industry in two ways. The first is better targeting, and the second is more personalized messaging. Other minor advantages, such as intelligent automation and AI-based tools, have already emerged and are being adopted.
Based on customer preferences, AI marketing solutions can also determine the most effective messaging for a company. For example, if a customer orders a pair of shoes, the algorithm sends a notification for similar products, increasing the likelihood that the customer will buy another.
As targeted advertising using neural networks becomes more common, AI will make it easier for marketing departments to reach customers. Google and Facebook ads have already begun to use AI technology for better targeting. Recommendation engines can also be used to deliver personalized advertisements to individual users.
4. Customer Service and Experience
AI has already disrupted customer service. In chatbots, natural language processing (NLP) algorithms have found their way into customer-facing helplines. These chatbots can collect information about a customer’s problems, and helpful customer service representatives work more efficiently. Sometimes, they can resolve customer issues independently, only escalating to human executives when necessary.
Because of their ability to accurately understand what the customer is saying, sufficiently advanced NLP algorithms may one day completely replace customer support executives. Instead of being a static algorithm with predefined responses, the chatbot can dynamically adapt to any issue the customer is experiencing. Furthermore, because the customer does not have to wait to speak with a support representative, the waiting time is reduced, thereby improving the customer experience.
Bottomline
While artificial intelligence and machine learning is one of the most revolutionary technologies of the twenty-first century, its impact on existing markets is still unknown. We are at the beginning of the AI and accompanying technology adoption curve, and the long-term benefits will be evident soon.
With that said, AI’s current capabilities demonstrate that we are far from realizing its full potential or impact on society. AI and MI are changing how every industry conducts mission-critical operations, from lifestyle changes to behind-the-scenes improvements in normal societal institutions.
