Future of Artificial Intelligence

8 min readDec 20, 2020

Artificial intelligence is evolving the future of every industry and human being. AI is the main force behind the emerging technologies like big data, robotics, IOT, etc. It has evolved into a powerful tool that enables the machines to think and perform in the same manner as human beings do.

Today’s world is seeing rapid progress in technology such as Siri, Google Assistant, Alexa to automated vehicles, robots such as Sophia, Alpha zero.

Recently the alpha zero robot has recently beat all the humans at Chess and other games.

Key trends that can shape the future of AI

AI systems that are so far developed need improvement in three areas :

a)Increased computing power.

b) Availability of reliable data.

c) Better algorithms and better tools.

In all these areas, there is a great potential for improvements. Given below are few of the areas, where rapidly advancements are taking place

Advancement in Computational Power

Artificial Intelligence mainly relies on computing power to solve complex problems. With the existing technologies, learning may take too long to be beneficial. Therefore, there is a need for advancement in computing power. Companies are developing AI models that can learn to adapt to and solve the more complex problems.

AI-enabled chips

Even the most advanced CPU may not improve the efficiency of the AI model by itself. Companies require high-performance CPUs in order to use AI in computer vision, natural language processing or speech recognition. AI-enabled chips can be a solution to the challenge. These chips can make the CPUs “intelligent” to optimize their task. The Big tech Companies like Google, Facebook, Amazon are increasing their investments in AI-enabled chips.

Advances in GPUs

GPUs are one of the most commercially used AI enabled chips. Modern GPUs have become powerful enough to be used for tasks such as cryptocurrency mining, Bitcoin or machine learning. So we can say that GPUs are one of the most widely used tools in AI models.

Quantum computing

We know that our traditional systems work with the binary states i.e. 0 and 1. However, quantum computing takes this to another level and works with the concept of Quantum Mechanics. Such systems enable us to work with ‘qubits’, instead of bits. Qubits consist of 0, 1 and an additional state, that includes both at the same time.

Recently , IBM stated it will be possible to build a quantum computer with 50–100 qubits in the next decade. If this is possible the 50-qubit quantum computer will work at a much faster rate than today’s best 500 supercomputers.

Future of AI in Various Domains

Healthcare

a)Robot Doctors :

It’ is an AI gadget which consequently catches and dissects the patient’s data. Such devices would give the detailed analysis of the disease which would be helpful for future treatment.

b) Melanoma Detection:

The human eye can barely detect melanoma. Early detection is very important. Here, Artificial intelligence comes into picture. AI has the potential to distinguish a benign from malignant moles. The program examines examples of different skin conditions.

c) Image Analysis is more Effective:

AI has been vastly used in Medical imaging which is the foundation of proper diagnostics. For Specialists the analysis of 3D pictures such as X-Rays, it may be tedious and effort taking for the Picture examination. It may take hours for them to look at 3D clinical outputs and dissect the changes.

Financial Services:

Artificial Intelligence has a tremendous scope in almost every field, similarly it has a great potential to boost/improve the economic health of a individual as well as of a nation. An AI system could take a lot of parameters while finding out the best way to manage funds but also it would perform better and give more precision than a human manager. AI-driven strategies and algorithms , in the field of finance will drastically change the classical way of trading and investing.

a) Automation for AI in Banking

The technology of AI makes it possible to automate processes of managing the tasks like understanding rules and regulations of finances. AI also makes it possible for creating a personalized financial report for an individual.

For instance, IBM’s Watson can comprehend complex guidelines, for example, extra revealing necessities of the Markets in Financial Instruments Directive and the Home Mortgage Disclosure Act. Instead of requesting that monetary experts research answers to questions, which can take hours and days, Watson can discover the appropriate response in simple minutes Similarly, abundance administrators can utilize AI to create more inside and out status reports for their customers faster, which permits them to give individualized exhortation to more customers. Not just that, they can do it quicker and present the data such that it is more obvious. At last, AI permits brokers to settle on credit choices in a flash, not months, surveying dangers and spending designs, and in any event, seeing elective wellsprings of information, for example, installment history of lease and utilities. Via robotizing the dynamic cycle, investors can diminish their danger of default credits, just as they improve client experience by lessening the quantity of deserted applications from baffled borrowers who are worn out on the long cycle.

b) AI-Based Reporting and Analysis

Few Years back, if any customer wanted to check their bank balance in which they were holding your heir accounts, then you had to log onto the computer then you had to visit the particular bank website and look for your account by filling in the details. Also, If you wanted to know the status of your household’s budget, you had to search for the spreadsheet that you had created for yourself. AI technology can also be used to examine bank accounts, the debit accounts, the credit accounts and investments to look at an individual’s overall financial strength. By collecting the real time data of the customer the AI system creates the recommendations based on the new data. To easily get the answers in real-time for the key business questions across desktop, Mobile, Alexa-enabled devices Investment Intelligence, it enables the financial institutions to get that. AI provides Interactive, user friendly, predictive and conversational capabilities. To answer the critical questions at any time, anywhere, on any device -Envestnet Intelligence Extracts information from financial institutions and answers them.

c) Transaction Data Enrichment

It is one of the important parts of financial management, for financial institutions and consumers. TDE utilizes AI and man-made consciousness to decode confused series of characters that speak to exchanges and shippers and converts them to intelligible content that shows every trader’s name and records their location and city. It shows the neighborhood trader’s area, instead of the focal corporate office. This strategy for going hard-to-comprehend information into simple to-understand data, helps the two banks and clients to comprehend where they went through their cash and with whom. It diminishes both client assistance calls and extortion research costs, in light of the fact that the clients can determine what they purchased and where they got it. Extortion location diminishes the quantity of individuals calling about secret charges on their Visa bill, since they comprehend what those charges mean. Less calls implies less misrepresentation research, which decreases costs. Above all, these unmistakable depictions help designers put monetary information into setting so they can all the more effectively classify and investigate buys. This assists with things like planning, dissecting ways of managing money, credit scoring and having the option to foresee future procuring and spending issues.

d) Predictive Analytics

When we talk about financial advice, many people require a personal financial consultant or an agent who can guide them about the financial services. According to a survey by the Aite group, nearly 79%of people aged between 22–34, 77% of 35–49 aged group and 62% of 50+ aged group people seem to be moderately — to — extremely interested to use a digital financial wellness coach. 77 But, they don’t just want the abstract/crux lessons regarding finance . Customers also wanted a warning or a reminder of their personal financial data. The customers or the consumers also wanted to be advised when they should make a purchase when they shouldn’t.

For example, we design a tool which tells the user when they can actually spend the money based on their income/wages, bank balance, upcoming obligation etc. Such a tool would use AI and ML, and even predictive analytics, depending upon the user feedback and predict the future outcome. Such a tool would make ‘intelligent’ decisions taking into the financial situation at that moment.

e) Chatbots

Use of Chatbots in banking can automate tasks such as opening a new account ,transferring money between accounts etc. Companies who wish to use a chatbot , only need to install them on their existing system rather than creating a separate chatbot app. The main advantage is that they’re always on, so even a customer who visits your website at 2:00AM ,can get answers to their questions.

AI in Education

a) Simplifying the Administrative Tasks

AI can prove to be a powerful tool to reduce the expedition of administrative tasks for teachers and academic institutions. Teachers spend a lot of time on grading exams, assessing homework, submissions and providing valuable study materials to their students. But, using the AI technology we can automate the grading tasks where multiple tests are involved. Such techniques ensure that teachers spend a quality time with the students , rather than spending hours grading them.

b) Smart Content

Smart content is a topic of great interest for the researchers . We know that Artificial Intelligence and the educational system go hand in hand. Smart content ensures that the students attain their level best in academics. To provide a simple example, the robots can produce a digital content of similar quality as what different essay writing services can create. This technology has already reached a classroom setting. Smart content also includes virtual contents like video conferencing, video lectures ,e learning etc. which will definitely give the textbooks a new turn.

Summary

To sum up, AI would be an important part of the experience of an organization. To strengthen their everyday interactions with each other, organizations can increasingly use and even rely on AI systems. AI will propel the forces of language translation and increased imagination over the next 10 years, which will add a new dimension to digital transformation.

We hope you find this blog interesting and feel free to drop your questions in the comments below. Keep tuned for more on that!