Friday, February 17, 2017

AI in Finance on the rise

The use of AI in the financial services industry was not something I had previously considered to be on the rise, however, Fidelity's eMoney has paired with technology like Alexa.  This new use of AI allows for real time computation of one's financials, simply by asking Alexa a question.  In addition, virtual reality is making an impact outside the world of gaming, in an interactive opportunity to explore one's financial possibilities and future.  This ground breaking new use of technology will shake up the next few generations of financial analyst and those working within the financial services industry.
The new AI uses financials compiled and allows the user to ask real time questions and get "smart" answers.  This new push with AI also gives consumers the opportunity to make financial decisions from the comfort of his or her own home, with interactive videos and colorful graphs that will change from decision to decision.  The article makes reference to the changes that this new development in AI will have in the financial services industry, particularly not the way in which it is viewed.  The article, however, does not discuss the possible ramifications that AI will have on the job opportunities.   Will the development of AIs giving financial information to consumers limit the amount of jobs available for real people in posterity?  The development also seems to offer some sort of "exponential" growth of consumers during the times that analysts may be sleeping, etc.  The Artificial Intelligence, while helpful to the industry as a whole, could eventually start replacing the analysts who require things like sleep.  Hopefully the use of analysts is integrated well with AIs to come.

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