With technological advancement, artificial intelligence is set to touch and modify the financial sector, specifically retail banking in many different ways. It's still the beginning stages of AI adoption for most banks. A Narrative Science survey highlighted that 32 percent of financial executive participants utilize AI technology, such as voice recognition and predictive analytics. Moreover, an Accenture survey noted that 76 percent those surveyed believe most banks will use AI interfaces primarily for customer interaction by 2020. But AI is changing retail banking in more ways than one. [...]
Artificial Intelligence offers a lot of advantages for organisations by creating better and more efficient organisations, improving customer services with conversational AI and reducing a wide variety of risks in different industries. Although we are only at the beginning of the AI revolution that is upon us, we can already see that artificial intelligence will have a profound effect on our lives. As a result, AI governance and Explainable AI are becoming increasingly important, if we want to reap the benefits of artificial intelligence.
Data governance and ethics have always been [...]
Algorithms are taking over the world. Not yet completely and not yet definitely, but they are well on their way to automate a lot of tasks and jobs. This algorithmization offers many benefits for organizations and consumers; boring tasks can be outsourced to an algorithm that is exceptionally well at a very dull task, much better than humans could ever become. More complicated tasks can benefit from insights derived from analyzing multiple data sources and these insights can help humans in the task at hand. Soon, however, also these tasks could be taken over by algorithms.
We know many [...]
Algorithms have become part of our daily lives and they can be found in almost any aspect of business. Gartner calls this the algorithmic business and it is changing the way we (should) run and manage our organizations. There are all kinds of algorithms and for each aspect of your business, there are different algorithms, which nowadays you can even buy at an algorithm marketplace. Algoritmia provides developers with over 800 algorithms in the fields of audio and visual processing, machine learning and computer vision, saving developers precious time and money.
However, the algorithms [...]
When Google’s algorithm AlphaGo beat South Korean Go Grandmaster Lee Se-dol by 4-1 last week, it was a significant event in the world of algorithms and artificial intelligence. This is because it represented a new form of artificial intelligence: intuitive artificial intelligence, something which is remarkably more challenging than standard artificial intelligence.
The disruption happening thanks to algorithms is happening all around us. The largest taxi company in the world, Uber, owns no taxis, but uses smart algorithms to connect drivers and passengers. The largest telephone [...]
It is the end of the year again and that means it is time for the Big Data trends for next year. I did that for 2014, I did it for 2015 and now it is time for 2016. What is awaiting us in 2016? Which Big Data trends will have an impact on the global Big Data domain? How will Big Data affect organizations in 2016? Let’s have a look at seven of the most important Big Data trends for the year 2016.
1. The Rise of the Algorithms
Big Data is out, Algorithms are in. Data has become a commodity and every organization is capable of collecting and storing vast amounts of data.[...]
The world around us is changing so rapidly, that even the hype big data is already outdated. Big data is nothing new any more and by now we all know that more data is coming our way, rapidly.
But in big data itself is no value at all. We can all generate massive amounts of data after all. By itself, big data is not transformative. Not even big data analytics is driving the change, after all any company can hire analysts to provide insights into your data. Where the real value lies is in algorithms. Algorithms define action and dynamic algorithms are at the core of future businesses. [...]