It was once the preserve of sci-fi movies, something so fantastical it was hard to imagine it becoming reality.
Gradually, however, we have accepted that Artificial Intelligence (AI) is happening and will change our world forever.
The futurist and Google engineer Ray Kurzweil famously predicted that technological singularity — the crucial moment when machines become smarter than humans — will occur in our lifetime. He has pinpointed the year 2045 as the moment when this will happen.
Without doubt, AI will have a fundamentally life-changing impact on the world and how we live, akin to the advent of the internet and the invention of electricity. In particular, it will improve consumer experience and help businesses run more efficiently.
The future has arrived
In fact, it is already changing our world – often in ways you will not even have noticed. My fintech company capital.com has for some years now used AI to enhance consumer experience, for instance. We developed an innovative function called ‘Smart Feed’ to detect cognitive bias. This means that if a trader is prone to making mistakes based on behavioural biases such as overconfidence, AI will spot this, alert him or her, and offer helpful content to boost trading skills. Our research shows that this dramatically increases trading performer.
But should we fear AI?
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People voice fears that this means robots taking human jobs, but in fact what will happen is that we will be freed from the more mundane tasks that drag us down, so we can focus on more creative, interesting roles – just as the arrival of the washing machine and dishwasher freed us from drudgery. So we should not let fer hold us back – fear is the enemy of invention.
Next stage human evolution
In my view, AI is an exciting frontier that will have an extraordinary positive impact on societies and businesses across the world. It will have a transformative effect from fintech to entertainment, to education, and beyond. We cannot even imagine where it will take us yet, but it is something we must embrace as the next level of human evolution. For my part, I am looking forward to what it can deliver.
By Viktor Prokopenya
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