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AI vs HUMANS

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AI in a certain definition defines it as an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. such as learning, thinking and solving problems and a host of other functions. Aside these, the AI has been developed to the level of Complex problem solving, Speech recognition, visual interpretation among other things.

These abilities are accomplished with through a collection of computer algorithms that uses mathematics and logic to perform the AI’s assigned task which is in-order words called a software. Unlike the human brain, these programs or software can be run in a variety of different hardware types i.e. Smartphones, web servers, Automated machines etc. thereby not just making the AI hard to comprehend but also making it powerful.

As world around us increasingly becomes active of and with these AI’s, it drastically alters life as we know it, from leisure and business down to our health and other functions.

HOW DOES IT WORK

Just like human intelligence, AI works by processing large amounts of data through algorithms that have been adjusted by past experiences and events, and using the patterns found within the data to improve decision-making. But in their case much lager amount of data is being processed at a remarkable speed, accuracy and endurance without have to eat, sleep or even cater for their personal needs.

HOW IT AFFECTS OUR LIVES

AI’s in the world today has played so much roles in our day to day activities be us aware or not, be it on your phone, computer systems, smart TV or home appliances, industrial equipment and even healthcare research and financial system. It has drastically made life easier and to much extent simpler.

AI RISKS

It is often said that their are two sides of a coin or rather there is always a second side of a story. As much as the AI has positively imparted in people’s lives, it is also possible to become a disaster. With the rate at which AI’s are being developed and improved its is most certain that in the nearest future AI’s would replace jobs and certain functions being done and practiced by people thereby rendering them unemployed.

As they become increasingly improved with the latest data and information, they begin to develop a sense of judgment which could enable them carryout tasks even when such task doesn’t seem rational as long as it doesn’t get in the way of their logical routine.

As much as AI’s are been developed for human benefits, its also used in the development of biological/nuclear and strategical warfare, be it in the wrong hands or usage could be very disastrous and endangering to life.

We can’t really predict the future, nor can we stand against the wave of change driven by AI and other exponential technologies. rather, we can do our best to learn about these technologies, understand their unending opportunities, as we apply them to solving our biggest global challenges. Perhaps the biggest mistake we can make with AI’s is to underestimate its impact and rapid growth.

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Challenges of Data Management in the Financial Sector

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Over the past years, the financial sector has undergone significant
transformation, tools such as Artificial Intelligence (AI), cloud computing and robotics have greatly impacted how banks, insurance companies and technology players are delivering various financial products to customers, and data is at the heart of it all.

For organisations it is not only critical to have a data management system in place, but it is a necessity to survive in a highly competitive market. With a flood of technological advancement, the world is constantly evolving in order to keep up. Data has become an extremely valuable resource and it is important for all organisations in the financial sector to look at ways to manage this data correctly. Most organisations see data as a commodity and the last thing they want to do is lose or misuse it thereby forcing the need for increased and improved data protection policies across all platforms, cloud applications and more. At the same time, there is calls for transparency regarding how data is collected and shared which leads us to the concept of data
management.

BIG DATA

The financial sector has a lot of data at its fingertips, but the challenge of collating this data and making it work in a performant and auditable fashion is experienced. Everyday there is billions of transactions that take place and extracting valuable data from those transactions can be difficult. The biggest challenge lies in turning this vast amount of data into insightful data, although this can be time consuming, even the smallest detail can lead to a competitive advantage over competitors. Sorting through torrents of unstructured data for useful information is a substantial task which cannot be undervalued.

To survive in a highly competitive market high-quality data analytics is required. Advanced analytics paired with good data management technology can help detect threats and uncover untapped opportunities thus leading to that competitive edge organisations thirst for. Big data provides multiple challenges for financial service providers as we have seen but, it also provides timely opportunities such as valuable business insights. It is important to find the right data platform to allow for that.

INCREASED PRESSURE

The financial sector is accumulating data at an alarming rate which inevitably puts strain on the system. This has increased pressure on organisations to have a reliable data management system in place. As time passes, an organisations system will accumulate more data and thus more pressure. Having a functioning data management system is essential to eliminate the potential risk of downtime. Data management is a good way to counter act this problem but there are still other forces putting pressure on the financial sector; such as instantaneous responses, personal customer service and constant regulatory changes.

Many believed that digital technology such as AI and machine learning would help simplify the increased pressure, but we are still far from reaping those benefits. As there is no new technology better placed to replace a well-run data- management platform, the options can be quite limited. One of those leading options is enterprise data management (EDM), it can centralise and organise data while making it accessible and useable. Implementing an intelligent EDM is a necessary component when handling increased pressure for any business.

CYBER SECURITY

Like other sectors, the financial sector is increasingly reliant on data and new technological developments which means there is a necessity to limit the dangers of cyber threats. The financial sector views cyber security as a top priority due to the countless problems it can cause. Time to time we see more and more data breaches involving financial service firms, so it is of paramount importance to incorporate innovative solutions to limit the damages caused by a breach.

The financial sector has leaned heavily on Blockchain technology as it is deemed to be the next top end solution, An incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

It is quite difficult to tamper with data stored on Blockchain, but it is also difficult to ensure the data stored has integrity. Enterprise data management can accurately and safely transfer data, but it is not “one size fits all” as every organisation has different needs. Organisations in the financial sector should prioritize this particularly as they deal with data privacy. Data management is an integral part to any organisation as data is an extremely valuable resource and the importance of data management to the financial sector cannot be underestimated. Any organisation with an accessible and secure data management platform in place is in prime position to take advantage of an increasingly open landscape.

Slowly but surely data analytics solutions are emerging which organisations need to take advantage of and data management is a fundamental part of this process. The digital landscape has changed but expectation with employees, partners and customers has not. The financial sector is in a strong place as is reflective in the continued popularity of business and finance-related third-level courses. One thing is clear, the modern financial sector is and will continue to be powered by data.

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