AI is Powering Breakthroughs in Many Markets and Sectors

Debates on the benefits of and threats from artificial intelligence are moving on. Projections of mass unemployment due to the loss of routine work are becoming more balanced by realisations that maybe 65% of children in primary school today are going to have jobs that don’t exist yet!?

The roles of Governments are being seen less as subsidising declining business sectors and mass unemployment and more as preparing and retraining people with new skills to implement breakthroughs in all sectors of industry and services. The reduction of drudgery in the workplace allows the integration of AI with HI – combining it with human intelligence to develop a hybrid augmented intelligence and release a tidal wave of human creativity and innovation.

The more predictable areas where AI is going to make a swift difference is anything that involves scrutiny of a mass of information. In some aspects of this, the ability to identify patterns, trends or links among the mass of so much data that is available these days is becoming beyond the scope of individual humans. We’ll look at some examples of this, and also take a look at a more humanitarian example where AI is beginning to make a positive difference in areas that were once thought to rely on the “human touch.”

The future of work

Perhaps the first thing to do, though, is to educate tomorrow’s workforce about AI. Career opportunities are being created everywhere in new tech and multi-disciplinary hybrid AI. As an example, Canada’s need for qualified AI workers is growing exponentially, and most of the country’s educational institutions are struggling to keep up with the rapidly evolving market.

The Canadian government has part-funded the?AI Pathways talent development programme?to inform and educate Canada’s youth about the learning pathways and career strategies that are available to them. Much of this is done by encouraging them to provide AI-based solutions to?open innovation challenges posted by the Agorize platform?relating to three core sectors of Sustainability, Work and Education, and Social Equality.

Fintech/Proptech

The use of AI by?Fintech startups?is disrupting the financial services sector almost beyond recognition. Major consumer brands that have taken hundreds of years to establish their reputation are being eclipsed by a whole number of new kids on the block.

One vulnerable finance sector is mortgage loans for people to buy homes. The UK’s ￡270bn mortgage market is still heavily dominated by?the “big six”?consumer banks. In 2018 they accounted for nearly 70% of all mortgage lending, though mortgage decisions can still take weeks to process and cause some fallout due to deals and buying-chains that collapse in that time.

Startup?M:QUBE?plans to use AI to shake up the UK home loans market from early 2020 by?using artificial intelligence to extract data?about borrowers more quickly, and from more sources, than conventional lenders and the credit agencies they use. Co-founders Stuart Cheetham and Richard Fitch have already raised a ￡5m seed round of investment from institutional backers.

For more here is the link https://crowdsourcingweek.com/blog/ai-powers-breakthroughs-in-many-markets-and-sectors/