The Art(ificial Intelligence) of the Deal
Artificial Intelligence in the world of Business
Artificial Intelligence has many applications in the world of business. Not only will it have many applications in the future, but it also has many applications in every day business now. According to a Technology Assessment of Artificial Intelligence (2018, p.80), Financial Services currently use AI for:
- customer service operations
- client wealth management
- consumer risk profiling
- internal controls
Many business use AI for customer service whether it be to serve a large customer base in a short amount of time, or even just to filter customers to specific departments. Many businesses have AI chatbots on their websites to serve customers. AI has the ability to analyze data exceptionally quickly and make a financial decision based on empirical data. This is vital for wealth management. AI often advises financial professionals or customers directly. AI is also very useful in consumer risk profiling and internal controls in regards to monitoring transactions for potential fraud as well as deciding rates for lending money.
Is Artificial Intelligence the Best for Business?
Artificial Intelligence is a substantial step toward the future of business, but at the speed it’s growing, there are certainly a few growing pains. The U.S Committee on Science, Space, and Technology says (2018, p85–86“For instance, banking regulators and other industry observers said that banks are reluctant to move quickly in implementing AI tools for lending operations due to concerns about meeting requirements under existing laws and regulations (e.g., requirements stemming from fair lending laws that prohibit discriminatory practices on lending, whether intentional or not, based on race, gender, color, religion, national origin, marital status, or age).” In other words, many businesses are wary of using Artificial Intelligence due to preexisting laws that prohibit practices that AI uses in order to yield accurate results.
Works Cited
United States. Congress. House. Committee on Science, Space, and Technology, & United States. Government Accountability Office. (2018). Technology assessment: Artificial intelligence: Emerging opportunities, challenges, and implications : Highlights of a forum. Washington, D.C.: United States Government Accountability Office.
