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Cognitive Technology: Vulnerabilities and Opportunities
Artificial Intelligence (AI) and machine learning (ML), the buzzwords in the technology-centric world have proven their calibers to extensively transform businesses with automated technologies and improved efficiencies in all their processes. Today, organizations indeed prefer to have cognitive technology applications like AI, ML, and deep learning systems with aiming to effectively save time and money, improving their business efficiency.
Banks and other financial organizations are important beneficiaries of cognitive technologies, as they are enabled to take advantage of proficient functions, secured and fast transactions, and positive customer experience. In case of any technology, intellectual advancements have created key issues that are to be focused on. Initially, those technologies might be exceptionally rigid. AI in the banking sector has become distressing in regards to the unstructured data. If this becomes uncontrolled, it could lead to making the wrong decisions from the wrong datasets.
Among various cognitive technologies, AI has influenced the development of several others such as speech recognition, property administration, and share market trading. According to Nick Bostrom, an Oxford University philosopher, there are many cutting-edge AI applications which are are categorized as general applications; a case like Apple’s Siri, an Application for its iOS framework, helps customers by checking movie times, booking appointments, discovering eateries, and offering several other capabilities using voice recognition technology.
However, recently the innovators of Apple’s Siri have announced that they are introducing another application called Viv very soon. This will be a radical AI which enables an individual to get anything he enquires. With the advancements of the modern algorithms, Viv assures more effective functions than Siri and will know more than it is educated.
While AI has become more imperative, many critics share different opinions about AI and other technological innovations. One of the popular businessmen from Silicon Valley believes that AI applications are a hazard to the job market reducing the need for human resource in the business field. This creates a jobless society and adversely affect the financial framework of a person by evaporating the human touch in organizations. However, the other part of the society believes AI will bring in unbelievably advantageous capabilities. It’s now in the hands of the organizations to make a choice about leveraging the technology.