Future Shock was a book from the 1970’s that referenced what happens when people are no longer able to cope with the pace of change. Whether you have noticed it or not, artificial intelligence (AI) is currently impacting every industry and almost every aspect of life. AI-powered tools can now create legal documents, write reports and even teach you about a specific topic from a simple text prompt. AI is even being used to assist with fraud detection, diagnose diseases and help with ensuring that you are only shown programs that you’re interested in when you log in to your streaming service of choice. We looked at AI's new role in medicine, finance and other industries to see how this technology is impacting the world; plus how to invest with and in AI.
What is computer learning all about? Artificial intelligence is essentially about training computers to perform tasks that would typically be reserved for humans. AI programs have been developed to solve problems, make decisions and recognize speech patterns. But what are examples of artificial intelligence that have improved our daily lives? Here are a few:
Voice recognition software: When you get lost, you rely on Siri on your phone to help you tap into the map for the best possible route. Or, when you want to put music on in your home, you might ask Alexa to play your favorite playlist.
Chatbots: While ChatGPT is getting a lot of buzz lately, we cannot ignore the significance of chatbots in customer service. AI fully powers companies like Lemonade for every aspect of the business, so you’re always dealing with a machine.
Streaming services: Platforms like Netflix rely on AI to filter recommendations to users based on their preferences. AI is changing how the world works, and businesses can’t avoid operating without implementing some form of this technology.
The role of AI when it comes to medicine - The medical field has benefitted from AI since this space has required assistance regarding data management, scheduling and other aspects that improve the patient care experience. According to IBM, AI is rapidly becoming an integral part of modern healthcare because the algorithms are being utilized to assist medical professionals in clinical environments and with continued research in the field.
Here are the main ways that AI is impacting medicine right now:
Precision medicine: AI can assist with health outcomes since the algorithm can assess large amounts of data about a person’s medical history to determine the best treatment plan.
Diagnosing conditions and issues: Machine learning improves diagnosing conditions and various health issues to catch severe problems before it’s too late.
Assisting with surgeries: AI can help with preoperative planning and ensure that surgeons follow all of the steps during the procedure.
Administrative tasks: AI-based software can help with administrative tasks like staff scheduling or insurance payments, maintaining records and reducing the workload for medical professionals.
In a field where the labor force has traditionally been overworked, it is crucial to have the assistance of machine learning to help with the patient experience. We also cannot forget how AI can be used to offer chatbots for 24/7 support when the doctor’s office is closed.
The role of AI in finance - The finance industry has benefited from AI since this space has many complex algorithms. There is also plenty of decision-making that involves considering different factors to come to a conclusion. Here are the primary roles of AI when it comes to the finance industry.
Loan application processing - Financial companies are relying on AI to help with loan applications. Since this field is traditionally plagued with documentation and paperwork, it’s a daunting process for a human being. Companies can offer better services to customers through AI since the computer can go through data faster by looking at the credit history to determine the likelihood of a person defaulting on their loan.
Fraud detection - Financial institutions are relying on AI for assistance with fraud detection. Banks like JP Morgan Chase have doubled the fraud detection rate by using proprietary AI algorithms to flag any transactions that could be unauthorized.
Algorithmic trading - In the past, you would have to deal with a stock broker if you wanted to invest your money in the stock market. Now, you can rely on AI to handle your investments for you so that you do not have to worry about market fluctuations. Proponents of AI in this area have noted that the algorithms could make investing decisions quicker than any human being.
If you want to see the power of AI in finance, you don’t have to look further than Q.ai, where AI-powered tools handle your investments for you. You can use an Investment Kit that exposes you to various securities. Plus, you can also turn on Portfolio Protection to cover stock market volatility and protect yourself from losses.
AI also assists with improving banking experiences since chatbots can help customers 24/7. Additionally, algorithms are being used to recommend specific products based on a customer’s spending habits.
The role of AI in various other industries - While the sectors mentioned above are reaping substantial benefits from AI, there is no denying the importance of machine learning in a few additional fields.
Search engines and the online experience - If you’ve ever tried to look something up online, you know how frustrating it can be to find a satisfactory result. When you search for a topic on Google, you have to analyze different results and filter out between multiple websites. On top of all of this, you are shown many ADs.
There are legitimate concerns that chatbots could one day replace search engines as people look for more accurate responses.
Education industry - AI cannot be discussed without including the education industry. It was recently revealed that AI-powered chatbots could pass entrance exams for higher education. In fact, a Wharton professor declared that ChatGPT could pass the MBA program's final exam. Unfortunately, there are worries that plagiarism could increase due to AI. As a result, tools are coming out to determine if ChatGPT has created a piece of work. For example, a college student created GPTZero to combat plagiarism, and the New York City Department of Education was one of the first to ban the tool on its networks.
Another way that computer learning impacts the education industry is through research. The world’s largest academic publisher, Springer Nature, just announced its policy on using AI-powered software regarding research. ChatGPT and other AI tools can't be credited as an author, but scientists can utilize AI to help write or generate research topics. The biggest criticism of using AI-powered software for scientific papers is that the computer can’t be held accountable for what’s published and cannot respond to other scientists looking to question the work.
The bottom line – This article only scratched the surface when it comes to the importance of artificial intelligence in the fields of medicine, finance and various other industries. It is impossible to attempt to predict what kind of revolutionary tools will be released that could simplify complex tasks into a text prompt.
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