With global technology constantly evolving over the years, many people are adopting Artificial Intelligence. In fact, AI has become increasingly popular among large companies due to the amount of data that they are dealing with. Due to the increase in demand for systems that can understand data patterns, there has been a growth in demand for AI. After all, AI is much more efficient in identifying data patterns than humans are. For this reason, AI provides companies with an efficient system through which they can understand their target audience and gain insight. It’s not surprising, then, that a plethora of companies all over the world are looking at AI as the next big thing for the financial industry.
When it comes to AI, there are two main types; weak and strong. Weak AI, also known as Narrow AI, is a type of artificial intelligence that is designed to perform only one task. It is constructed in such a way that it can assist in the resolution of specific issues. Weak AI is bound by the rules that have already been established. It does not deviate from the established rules. It only focuses on a few restricted tasks and excels at them. Weak AI, like humans, can perform all cognitive activities and is indistinguishable from the human mind. Though it cannot be classified as intelligence in general, it is meant to act intelligently in order to complete the specific duties that have been assigned to it. The best example of weak AI is Apple’s Siri, which is guided by a large database on the internet. Siri seems extremely intelligent, as seen from the discussions it can have with people. Siri is also notorious for its funny remarks, but it actually follows a set of rules. When the system engages in dialogues that it is not built to reply to correctly, it responds with vague and unhelpful remarks.
Strong AI, as the name would suggest, has much bigger prospects than Weak AI. This type of AI is a powerful tool that has vast capabilities and functionality. It closely resembles the human brain. It is so powerful that the system’s behaviors and decisions are virtually identical to those of a human being. It also has the ability to comprehend and be conscious. Strong AI is can be completely compared to the human intellect. Artificial Intelligence, in every way, is similar to the human intellect. Strong AI is programmed with beliefs, cognitive states, and perceptions that are unique to humans.
The issue, on the other hand, is precisely characterizing intelligence. In the case of strong AI, determining success or defining limitations to intelligence is nearly impossible or extremely complex. As a result, weak AI is desirable, owing to its ability to do the prescribed tasks with maximum efficiency. Weak AI, on the other hand, does not fully incorporate intelligence; instead, it concentrates on performing a certain task efficiently. The tasks it specializes in can be divided into smaller procedures.
While AI has been used in various industries, the finance industry has benefitted the most with the help of AI. Branches of AI that have been used extensively in the finance industry include cognitive computing, chatbots, personal assistant, and machine learning. Since quite a number of financial organizations have successfully invested in AI for a long period of time, many others are now willing to invest in it. As mentioned previously, due to the amount of data, cloud services, and hyper processing systems, AI is the best choice moving forward for the finance industry.
There are quite a few ways that AI has transformed the finance industry, which is why the technology has been so successful for many aspects of the industry. First off, it has changed the game when it comes to risk assessment. At its foundation AI learns from previous data. Therefore, it’s only natural that it should excel in the financial services industry, which runs on bookkeeping and recordkeeping. One good example to consider is credit cards. Credit scores are now used to determine who is qualified for a credit card and who is not. However, categorizing people into “haves” and “have-nots” isn’t always practical in the economic world. Instead, information about each individual’s loan repayment history, the number of active loans, the number of existing credit cards, and other factors can be utilized to tailor the interest rate on a card. This makes more sense for the financial institution issuing the card. Since it is data driven and data dependent, AI is perfect for this situation because it can scan through records quickly and efficiently in order to make recommendations for loan and credit offerings.
AI is also helpful in the finance industry through effective fraud detection and management. Every company strives to lessen the risks that surround it, and this is especially the case for a financial organization. People generally get paid interest on deposits and income on investments because the loan they acquire from a bank is effectively someone else’s money. This is also why financial organizations and banks take fraud very seriously. When it comes to security and fraud detection, AI is unrivalled. It can leverage prior spending patterns on several transaction instruments to flag anomalous activity. For example, if your card is used in Belize shortly after you use it in the States, this would be flagged. Similarly, if more money than usual is withdrawn from your account than usual, an AI system would also flag this as suspicious activity.
Last but not least, AI has been helpful when it comes to trading and crypto trading. Computers and data scientists are employed by investment firms to forecast future market movements. Trading and investing rely on the capacity to effectively forecast the future. Machines excel at this because they can process large amounts of data quickly. Machines can also be taught to recognize patterns in historical data and anticipate how they will reoccur in the future. When it comes to crypto trading, the extreme volatility of cryptocurrencies raises the dangers of crypto trading while also making it more profitable than any other type of investment. Prices fluctuate frequently during the day, allowing traders to earn a consistent revenue if their decisions are properly calculated. To assess the trends of the always changing cryptocurrency market, massive volumes of data must be processed. Artificial intelligence and machine learning systems can assist with this. Currently, artificial intelligence technologies are used to manage billions of dollars in traditional assets such as stocks and bonds. Although the employment of ME and AI systems in the bitcoin market is not as widespread, these technologies are being applied aggressively.
In order to help people achieve financial and economic growth, Jada Finance has created a cryptocurrency ecosystem that boosts financial and economic development through Artificial Intelligence. This AI-driven ecosystem analyses financial and economic behavior, learning from every scenario and creating decisions that lead to growth for participants. Jada AI helps by giving participants access to smart banking that makes their money work for them. This ecosystem also creates new opportunities to earn more value, such as new employment and business opportunities.
While their ecosystem is still in development, the native currency – Jades – is already available for purchase. Crypto enthusiasts can either hold onto the Jades and then use them on the platform upon launch. Alternatively, you can sell them for profit once the price starts appreciating in value upon listing in crypto exchanges.
If you’re interested in reserving tokens on Jada’s financial ecosystem, click here.
You can also learn more about Jada Finance below:
I have been an active investor in cryptocurrency since early 2012, and I have made a significant profit from my investment portfolio. In addition to my writing and investment activities, I’m also a popular speaker on the cryptocurrency niche, and I have given talks at numerous conferences and meetups around the world.