The secret ingredient of Big Data? AI
Financial Institutions and Fintech startups are major contributors to the use of AI in their industries. The digital financial market uses of AI range from fraud detection to regulatory compliance. An interesting use case presented here is a fully automated KYC (Know your customer) system that helps with anti-money laundering. The question is how quickly can other financial institutions ride this wave of innovation?
There have been numerous news stories about facial recognition software not detecting dark skinned people. The stakes are even higher when it is being used by law enforcement agencies like NYPD to determine who is wanted for a crime, which can lead to a case of mistaken identity.Hence, it is not surprising that facial recognition has been banned by San Francisco and Oakland in California , Somerville, MA followed by Portland, Oregon. I think until we find a solution to deal with biased data sets, this trend would continue in other states as well.
Artificial Intelligence is a very broad term and includes many disciplines like machine learning, natural language processing, deep learning etc. If you are confused like me, here is a take on what these terms mean. Should we use linear regression or natural language processing? What exactly does neural networks mean and how can we use deep learning are some of the things to think about when implementing AI solutions.