credit-cards

University Herald

 

The significant advancements in technology and the connectedness of the world have made the financial environment more complicated than it already is. There are billions of transactions everyday from payments, investments and other enterprises all over the world and these convoluted schemes are the core of the fractal economy. With more money being invested in developing efficient Artificial Intelligence, it seems as if the world of finance is shifting to Skynet type bots to assist in the ever increasing data volumes required in the fractal ecosystem.

A Shift To AI

According to reports, there are currently 2.5 exabytes worth of data produced daily. That number will increase to 44 zettabytes daily come 2020, Tech Crunch reported. These ever rising umbers makes the foundation for an AI-powered future.

Since 2010, $2.1 billion has already been invested in startup companies focused on AI infrastructure. $1.2 billion of that investment were recorded in 2015 alone. Meanwhile, $6.9 billion has been invested in startup companies focused on AI applications since 2010.

These investments show that there is a movement towards AI development to help address the problem in data volumes and the dynamic technical landscape in the Fractal economy.

This shift into the AI has some doomsday sayers that it could lead to a Skynet-like system that might wipe out all of humanity. Skynet is the tech company in the Terminator franchsie that uses AI. Of course, these are all just doomsday sayers paranoid beliefs.

Bots and Digital Assistance

There are about 500 million people leveraging bots and other digital assistants to help them in their everyday activities. This number is expected to increase to 2.2 billion come 2020. This will minimize human-tohuman transactions, especially in the banking industry.

Master Card recently revealed their Decision Intelligence, which is an app that uses AI to avoid embarrassing false declines when swiping credit cards in stores, Investopedia reported. Apparently Master Card has been using an old method in denying credit cards. According to Ernst & Young’s Todd Marlin, these rules-based systems on credit cards increase the probability of false positives.

This is why a lot of institutions are shifting to AI to help them solve this issue. With Artificial Intelligence taking over the Fractal Economics, its seems a gold rush is happening into the AI, according to Marlin.

 

[University Herald]