Can AI be a force for good?

There remains no lack of hype surrounding artificial intelligence – and the funding going into A.I. startups reflects that. According to the National Venture Capital Association, in 2019, investors poured record $18.5 billion into 1,356 startups in the U.S. alone – an amount that easily surpasses the $16.8 billion raised the year prior. From education to financial services and healthcare, A.I. is seen as a revolutionary technology that can upend the world as we know it.

Acknowledging this intense interest, YouTube created an 8-part documentary series called “The Age of A.I.,” hosted by Robert Downey Jr., best known for playing the futuristic Tony Stark, the character behind Iron Man in the popular Avengers movies. The series explores the ways emerging technologies are impacting our lives and changing the world around us. The series takes us through inspirational real-life stories of those whose lives are altered – and enhanced – through the application of A.I.

A.I. is a powerful technology with transformative powers. Coupled with the abundance of data that we generate – with each interaction every day – machines can decipher patterns in ways unimaginable even a decade before. Instead of relying on tuition, we can make more informed decisions based on insights generated. It almost seems as though A.I. could become our very own personal magic 8 ball.

Information becomes the next battle ground – every data point that is generated – every decision that is made – can be impactful. This is especially so in areas where predictive outcomes can result in big payoff – for example – in financial services. We now have new capabilities to optimize the role of money in our lives, especially in those most vulnerable. 

For the first time ever, there are now more people on Earth over the age of 65 than there are under the age of five, a result of longevity coupled with declining birth rates. In the U.S. alone, 20 percent of American adults will be 65 and older by 2030. How prepared are we, as a society, to cater to the financial needs of this fast growing demographics? How ready are we, as a business, to transform ourselves ahead of the changing tide?

In tech we trust

Which brings us to the obvious question: What could we do with our newfound powers? How can we leverage its transformative power for good and make the world more inclusive?

We already trust A.I. with navigation, buying a gift, and listening to music. At what point do we start trusting A.I. for more serious matters – such as, managing financial well-being of our future selves? How do we equal the playing fields and create a better society – for all?

“How far is too far, and how much further can we go?”

It’s one thing that the algorithm mistakes your taste of music; it’s another when the algorithm turns down your loan application, or decides that you are too risky for insurance due to your DNA. Perhaps the more appropriate question isn’t about whether we should place our trust in a machine; rather, where we would place our trust – and what to do if things go wrong.

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In this episode of One Voice, available via iTunes and Spotify, Bradley and Theo chat with Liz Loewy, co-founder and COO of EverSafe, a fintech company that monitors the financial health of older adults and families for fraud, identity theft, and age-related issues. While much of the technology innovation tends to focus on the younger generations, Liz made the case that there is a big opportunity to be had in safeguarding the assets and financial well-being of those who are older.

After all, technology should be age-agnostic.

And we can’t agree more.

(Article originally published via Irish Tech News: https://irishtechnews.ie/can-ai-be-a-force-for-good-in-2020/)