Artificial intelligence is a major topic in the fintech industry. With all of the financial content that is create by corporations, traders, equity firms, exchanges, et al., artificial intelligence experts are working on solutions to leverage this data for strategic advantages.
But what exactly is Artificial Intelligence? How is it developed? Where may it be going? In this YouTube video produced by Bloomberg, journalist Ashlee Vance takes a tour of the Canadian artificial intelligence industry.
Ashlee first interviews Jeff Hinton who is a professor at the University of Toronto. Jeff has worked in artificial intelligence for decades and is one of the first researchers of “Neural Network” artificial intelligence. In the 1980's Jeff developed a “deep” multi-layered neural network. This type of technology enabled Dean Pomerleau to develop a street worthy, self-driving car in the late 1980's! Technological advancements caught up to artificial intelligence theory in 2006 due to faster computer processors and internet connections. Since then artificial intelligence adoption has become omnipresent. Neural network AI is now powering speech recognition, image recognition, self-driving cars and more!
Ashlee later interviews Rich Sutton and discuss the concept of reinforcement learning and how it can develop artificial intelligence. Reinforcement learning rewards the system for positive outcomes and punishes the system for negative outcomes. (This is one method humans use to learn.) As the system replicates reinforcement learning over hundreds / thousands / millions of iterations, the artificial intelligence can "learn" an optimal strategy to gain positive outcomes. AI powered by reinforcement learning is the technology that Netflix uses to personalize movie recommendations for it's users. It's the AI system used to beat a world-champion GO player. Ashlee mentions that this type of AI may soon be able to read our brain waves! Ultimately, reinforcement learning AI may lead to the Singularity....
Singularity = Artificial Intelligence > Human Level Intelligence
It is clear that artificial intelligence develop and utilization is progressing at a rapid pace. It is up to finance professionals to learn how to leverage this technology to add more value within their organizations.
What are your thoughts about AI and Fintech? How does your organization leverage AI today? How do you think AI will transform finance? Comment below to start a discussion.
Dan Carmody, Executive Director of TreaSolution, provides a one-minute update pertaining to the new developments observed at the AFP 2018 conference. Dan discusses the importance of new fintech technologies that are affecting the enterprise finance industry. Some of the main fintech technologies on display and discussed in sessions were robotic process automation, APIs, real-time payments, real-time reporting, machine learning, AI and more.
What enterprise fintech technologies are you most interested in? Are you aware of any new technologies / companies that are providing unique enterprise fintech solutions?
There's a lot of hype in the fintech industry....
It tough to hear the fintech signal from the noise. The Fintech Intellect aims to elevate our collective fintech conversation by publishing informative blog posts, linking to interesting articles, listing thought provoking videos, providing information about fintech events and more!
Fintech is a general term. So, what topics will the Fintech Intellect focus on? Topics that are practical (no hype) and have (will have) a material affect on the finance industry. Blockchain? Yes. Automation? Yes. Machine Learning and AI? Yes. APIs and Open Banking? Yes. The Fintech Intellect is open to discussing a wide-range of fintech topics as long as they are fact-based and provide practical, meaningful information.
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