Just summarizing a little background of Artificial intelligence (AI). AI simulates human intelligence in the programmed machines that think like humans and copy their actions. These machines using AI exhibit traits associated with a human mind such as learning and problem solving. When you think of Artificial Intelligence that can perform the task that normally human intelligence does. The best characteristic of artificial intelligence is its ability to rationalize and take actions that have the best chance of achieving a specific goal.
In our previous blogs, we have discussed in detail about Artificial Intelligence, its role in Finance, Agriculture, in cashless society, and developing secured & safer artificial superintelligence techniques. This blog explains how Artificial Intelligence accelerates Digital Marketing and Social Media Marketing.
There is no doubt today that the implementation of Artificial Intelligence techniques and tools have become more significant after this pandemic Covid-19.
Digital Marketing Background:
Marketing is the best tool to reach the target audience and it is the most important gadget for any business [brand / company] to grow. Better marketing drives leads that convert into greater sales and give greater profit. Digital Marketing replaces Traditional Marketing and now Digital Marketing is used at larger scale than it was before especially Covid-19 event boosted its activities, when the human beings are not in contact with others in person. Digital Marketing basis on digital technologies such as computers, smart phones and other digital media platforms to promote products and services. Its development started during the 1990s and revolutionized in 2000s. Digital Marketing changed the shopping processes, way of brands and businesses use technology for marketing. After Covid-19 incident who brought dramatic changes in human lifestyle and business activities, during this time Digital Marketing hits at the top. Digital platforms becomes increasingly into marketing plans and every day’s life and as people increasingly use digital devices [smart phones, laptops, computers, tablets/IPads etc.] for their shopping rather than visiting physical shops. This significant change effected digital marketing enormously. Digital Marketing campaigns became widespread, employing combinations of Search Engine Optimization (SEO), Search Engine Marketing (SEM), and Affiliate Marketing (AM), Network Marketing (NM), Content Marketing (CM), Social Media Marketing (SMM), Email Marketing (EM) and display advertising.
What is Social Media Marketing?
Social Media is that platform where the people socialize with one and other over internet without physical presence. Within passage of your time, and specifically after Covid-19, use of social media platforms is enormously increased. This Social Media Platform provides opportunity to the businesses to interact directly with customers and build awareness of their brands.
AI and Digital Marketing
In the world of digital marketing, AI streamlines and optimizes marketing campaigns and activities. AI technology also eliminates the chance of human error. While much of the digital marketing world is much hooked in to human ingenuity, an AI program could ready to generate a report using nothing but data.
Artificial Intelligence changes the face of Digital Marketing:
From Google’s searches to Voice search, personalized recommendations by Amazon, AI changed the face of the Digital landscape. AI includes a deeper understanding and analysis of information and input AI is seizing the human role in identifying marketing trends. Marketers and brands are incorporating Machine Learning and Artificial Intelligence to save lots of time and resources.
It helps you to understand your business audience better, as AI analyzes the information by the buying behaviors and decisions of the target market that gives an improved opportunity to the purchasers what they really need. With AI’s data-driven analysis, you will now create simpler marketing strategies for your business
AI Increases Productivity:
AI can automate variety of repetitive tasks. This could facilitate your increase productivity. Joe McKendrick of Forbes says, “more than half decision makers (51%) admit that cost reduction is that the area where AI is delivering first.” AI is simultaneously helping businesses to drive revenue by reducing cost and saving money.
Increase Return on Investment:
AI empowers decision-making and helps to make better-performing content. Implementing AI in digital marketing strategies will facilitate your reach resolute the correct audience that may result high return on investment.
Applications of AI in Digital Marketing:
Artificial Intelligence can now personalize content supported customer behavior and first choice.
AI Boosts up Content Marketing:
Machines can now create contents from scratch supported data fed to them. This is often very helpful in saving time and resources. AI helps content marketers to write down the simplest contents for their marketing campaigns supported their target audience’s buying behavior and search trends. By use of AI, content marketing campaigns are fed tailor made contents consistent with the need of their customers. Smart content marketers have become high user of AI tools. As AI boosts the sales conversion rate and engagement of consumers at bigger scale.
Google’s algorithm, RankBrain pays close attention to what people actually want after they search. Over the years, the algorithm got smarter in analyzing and expecting what users are attempting to find. Not just creating content but helping recommending products and services supported the user’s search, interest and behavior. Artificial Intelligence rightfully understands the behavior of the targeted audience and what is better than finding the proper products or services that you simply are already viewing.
Use of AI Chatbots:
We are responsive to automated responses employed by most of the companies to resolve customer queries and employed in data collection, keeping the audience updated about products and services. They serve clients 24/7 and retain their data for future use.
Artificial Intelligence uses data to create probable future projections. Predictive analysis is simply the utilization of information, statistical algorithms, and machine learning.
Digital Advertising is widely using Artificial Intelligence to confirm maximum success; it's being employed across all platforms like Facebook, Google, and Instagram to produce the simplest possible experience. Analyzing user information like gender, age, interest, and other aspects to point out them relevant ads. Let us take an example of google AdSense: once you write a blog in keeping with a particular keyword AI Analyses the keyword research and show the relevant ads in step with the keyword research to seek out targeted audience and save your money and time.
The way of searching content has changed and marketers will have to create and alter content accordingly to the searches. Innovations include Voice Search and Google’s algorithm and other AI advances. Other innovations include Amazon Echo, Apple’s Siri, Microsoft’s Cortana, and Google Home where they will perform searches just by voice command or pressing a button.
Businesses are modifying emails to succeed in their audience with the ability of AI.
What else may change?
While the event of technology suggests AI could have a bigger role to play in marketing over the course of the subsequent decade, it is hard to always take care what exactly it will be for all manner of reasons:
• Recent economic and political history has shown that sudden and unexpected events can bring major changes, from the 2008-09 depression to the present COVID-19 pandemic.
• COVID-19 has made more people reliant on the web, which could accelerate moves towards more automated and IT-based social and economic interaction.
• Disruptive technology may emerge that acts as an example shift in how people act, much within the way that radio, television and also the internet did.
For all of these reasons, guesses should be treated with caution. However, what does seem clear is that AI already is involved marketing; there is a minimum of the potential for it to require on a massively expanded role between now and 2030.
The events surrounding COVID-19 made the world challenging to deal in person. During the Covid-19 pandemic conditions traditional brick & mortar business, face-to-face dealing either in the offices or in stores is finished. The society moved to cashless transactions rapidly. We can see cashless society as an economic perception or situation where all the financial transactions take place through transfer of digital information instead of using physical currency notes or coins. It is worth to mention that Sweden is well known as a pioneer of cashless society.
People can make payments without cash by many different ways. Let us list some of them.
1. Banking cards
2. USSD (Unstructured Supplementary Service Data)
3. UPI (Unified Payment Transfer)
4. Mobile wallet apps
5. QR Code
6. ECS (Electronic Clearance Service)
7. POS Terminals
8. Some Others
We discuss here how Artificial Intelligence helps to make our cashless payments safer and secured.
Nowadays, digital transactions and concerns about following them and who have access to these data trails are easily tracked and recorded. There are also some worries that the rich may be able to buy themselves privacy, while the average person with a traditional bank account receives no privacy. People often depends on systems and most of the systems are faulty. Technology is vulnerable to glitches and mistakes that leaving people without the ability to make transactions at potentially important moments.
Furthermore, as payments move online, there would be an increased risk of crimes such as identity theft, account takeover, fraudulent transactions. Due to the higher volume of cashless transactions, online fraud growth is increased. Hackers focus online higher-valued fraud as compared to lower-valued fraud.
Transaction banking characterizes a large number of methods, supports a large number of customer interactions for day-to-day banking, generates large volumes of data and that potentially makes transaction banking an excellent use case for AI. Artificial Intelligence presents significant opportunities in areas such as fraud detection and prevention. AI techniques identify automated fraud, anti-money laundering methods and cyber-security quickly than any other technology. Conversational AI chatbots that deals directly with customers for rapid and real-time banking transactions and resolutions. AI tools bring an early warning systems, that will not only deduct digital fraud, but also stimulate rare fraudulent
Artificial Intelligence helps to prevent and detect fraud by flagging up unusual transactions, for example, whenever there is transaction of the big amount, or the transaction was opened by someone unexpected, or where the organisation has never previously transacted with the destination company or country who receives the payment. Additionally, AI tools can detect and monitor unusual behaviors in staff, such as logging on to banking systems out of hours or another place. Transaction may happen from another system etc.
In banking system, AI also provides customer services platforms that are designed to conduct conversations with humans using voice or text and they are already able to respond to simple queries from clients and carry out basic tasks, such as creating or cancelling a standing order or Direct Debit, or giving more information on a payment that the client doesn’t recognize.
Cashless payments can become the main source to reduce corruption and help to minimize the crime, money laundering throughout the world. In cashless culture, people are connected by end-to-end payment infrastructure that provides complete transparency in cash flow. AI provides efficient tools to find corruption.
Why AI needs to build into online banking?
Frequent IT failures become a real issue in online banking after the move to the cloud - but Artificial Intelligence helps banks to understand the events in real-time what is happening. While it is understandable that many banks are struggling to overcome these challenges and improve the performance of their modern IT systems, the problems that can result have a severe impact for customers caught up in the confusion.
To protect themselves at a time when UK customers can switch their provider within a week, banks must be able to cut through the complexity of their modern cloud environments to clearly identify the root cause of any emerging IT issue and instantly understand its potential impact on customers and business outcomes. In all these situations, AI techniques and technology is the best solution.
They also need the ability to get the underlying issue quickly, before it turns into an IT failure.
This can’t be achieved by just improving traditional, manual approaches to performance management – banks need a different way that is just as transformational as the change that’s taken place in their IT ecosystems. AI and automation have to be built into the core of this new approach to make fully cashless society, allowing banks to understand the development and impact of any fault in real time throughout their entire stack, and then resolve the causes instantly before it develops into a real, business-impacting problem.
The role of Artificial Intelligence’ techniques and tools in business and in the global economy is a hot topic. Artificial Intelligence / machine intelligence enhances the productivity of the businesses and the quality of life in their communities. A single day does not go by without a news and article reporting some remarkable development in artificial intelligence.
Artificial Intelligence will be better than human intelligence in many intellectual tasks, like scientific creativity, general wisdom, social skills and many more.
If machine brains one day come to surpass human brains in general intelligence, what will be next? With the amazing progress made in the field of AI over the last decade, it is the most important than ever to make sure that the technology that we are developing has a beneficial impact on humanity. In this regard, Artificial Superintelligence [ASI] marks the beginning of a new era. “ASI’s aim is to capture enough of the computationally functional properties of the human brain to enable the resultant emulation to perform intellectual work” (Nick Bostrom).
Bostrom claims that there is possibility that Superintelligent machines might be so much more intelligent than humans that they may not be tools any more. They will have their own goals. This might be possible that SuperIntelligent machines’ goals will not be compatible with humans’ goals and with the continued existence of humans.
Artificial Superintelligence [ASI] is an aspect of intelligence, which is more powerful and sophisticated than a human’s intelligence. Superintelligence can surpass human intelligence; ASI can bring abstractions, which are IMPOSSIBLE for humans to think.
ASI does not exist now, but AI research community predicts in this human race of technology, ASI could be created sometime in the future, and it might be possible that ASI could cause a severe global disaster, possibly even resulting in human loss. We must keep in mind that ASI might be accompanied by some existential risk. To take seriously, it is important to analyze ASI’s risk factors in AI and ASI research and development.
Many people forecast ASI as a faraway future goal, but with rising development in AI, it seems very closer now. Optimistic predict that by 2030 AGI will prevail. When we will reach AGI, ASI could take just hours or years. AI Experts also foresee that AGI will happen by 2040, and superintelligence by 2060.
We should consider and discuss positive role of Artificial Superintelligence in economic sectors as well, that is one of humanity’s greatest challenges in future. Will super-human machines be good or bad for humanity?, while no one can predict what superintelligence will look like, we can take measures today to increase likelihood that intelligent systems we build are effective, ethical and elevate human goals and values positively. This might be the most important event in human history. AI safety must be considered seriously, as AI has the potential to become more intelligent than human intelligent. We have to work on the smartest thoughts to control AI and ASI in positive way.
Cubent Ltd organises first ever conference on Artificial SuperIntelligence “AI & ASI Expo London 2020: Plan Artificial Intelligence & Artificial Superintelligence Roadmaps for Economic Sectors’ Success” on 23 September 2020 at London Marriott Hotel Regents Park. This conference covers 60% AI latest and upcoming techniques, technology, and 40% Artificial Superintelligence functionalities and consequences. There will be good networking opportunity at which the public can interact with leading AI and ASI experts.
How AI is driving Revolution in Agriculture
Agriculture and farming is one of the oldest and the most important key professions in the world. Humanity has covered a long way over the time to know how we farm and grow crops with the introduction of various technologies. The use of artificial Intelligence in agriculture helps the farmers to understand the data insights such as temperature, precipitation, wind speed, and solar radiation. The best part of implementing AI in agriculture is that it will not eliminate the jobs of human farmers rather it will improve their processes. AI provides the most efficient ways to produce harvest and sell essential crops.
Forecasted Weather Data
AI in an advance way is helping the farmers to remain updated with the information related to weather forecasting. The forecasted data helps farmers to increase yield and profit without putting the crops to risk. The analysis of the data generated by AI technology helps the farmers to take the precautionary measures and make smart decisions on time.
Monitoring Crop and Soil
AI efficiently conducts and identifies possible defects and nutrient deficiencies in the soil. Due to image recognition approach, AI identifies possible defects through images captured by the camera. AI and Deep Learning applications analyze flora patterns (*flora is the group of indigenous plants on an ecosystem of a geographical region) in agriculture. Such AI enabled applications are supportive in understanding soil defects, plant pests and diseases.
Decrease Pesticide Usage
Farmers can use AI to manage weeds by implementing computer vision, AI robotics and machine learning system. AI gathers the data and finds the weeds. This reduces the usage of the chemicals spraying an entire field and saves the healthy crop. AI reduces herbicide usage in the field compared to the volume of chemical that is normally sprayed, as AI drone or AI spray system finds out weeds and automatically sprays only on weeds.
AI Agriculture Bots
Due to limited number of people adopting the farming profession, most farms are facing the challenge of a workforce shortage. Traditionally farms need many workers, mostly seasonal, to harvest crops and keep farms productive. Now AI agriculture bots help farmers to find more reliable ways to help them in farming. This also helps to overcome the labor challenge. AI bots in the agriculture field can harvest the crops at a higher volume and faster pace than human laborers. Thus, Artificial Intelligence helps the farmers to grow their crops and improve the farming systems.
There is no doubt that these technologies are costly, despite the promise of AI in agriculture; the high cost of these techniques are not a true solution for many local and small-scale farmers. In future research and development is going on AI sector in high scale and we will see in near future, AI is being used in agriculture to improve the results and to get the most from every acre with a minimum cost.
Role of Artificial Intelligence in Future Finance
Nowadays, AI is the largest growing technology in every sector of life. AI has a transformative impact on the modern economy and revolutionized the financial services industry. In finance sector, AI is used rapidly that automates repetitive tasks, improves the work efficiency and augment the human decision making. Artificial Intelligence in finance is transforming the way of interacting with the money. AI is helping the financial industry to optimize the processes from credit decisions to quantitative trading and financial risk management. Almost every company in the financial technology sector has already started using AI to save time, reduce costs and add value in their products.
Finance Industry adopting AI
89% of European banks have started working with Artificial Intelligence. Finance professionals strongly believe that AI can be used to manage and control the finance in better way. We already see that finance professionals believe in AI’s capabilities in their domain.
Risk Assessment and Fraud Detection
An important domain of finance industry is “Risk Management”, almost 40% of AI deployment in finance is managing the risk. In risk management, the processing of large amount of data is handled in short time through AI. A task in financial sector that would take too much time for human to do, but AI and their algorithms analyze the history of risk cases and identify early signs of potential future issues much faster than human mind.
Artificial Intelligence has been very successful to detect financial fraud and the future is looking brighter every year, as machine learning* is catching up with criminals. *Machine learning is the technique of data science that provides big data to machines.
AI is especially effective to preventing credit card fraud, which has been growing in recent years due to high volume of e-commerce and online transactions. Fraud detection system will analyze the client behavior location and buying habits and triggers a security mechanism, when something seems out of order and contradicts the established spending pattern.
Artificial Intelligence has minimized fraud and malicious activities in finance sector through biometrics, as AI provides recognition solutions, such as face, voice and fingerprints recognition. AI has very quick access to this data than any other technology and ensures good security. Banks are rapidly adopting AI biometric techniques to prevent fraud.
Financial Advisory Services
In financial advisory services, in order to reduce the rates of commission on individual investments, machine learning can do calculations quickly and charge no commission; AI calculates dozen of payments in microsecond that humans cannot work for a single down payment. AI is advancing at its rapid pace in financial advisory sector, but there is still wide gap, where machines can truly understand human sentiments to provide financial advice at the level of current human advisors, we might get solution of this in future through Artificial Super Intelligence (ASI) that we discussed in our previous blog.
AI has also improved the customer services in finance industry, especially in Banking and Insurance sector through AI Chatbots.
Investment companies have been relying on computer and data scientists to determine the future pattern in trading. Data-driven investments have been rising steadily over the last 5 years. It is also called high frequency trading. This kind of trading has been expanded rapidly across the world’s stock market. AI offers multiple significant benefits in trading, as it finds out the pattern very quickly than human mind. For example, Intelligent trading systems monitor both structured (database, spreadsheets etc.) and unstructured (social media, news, etc.) data in a limit of the time, it would take much time for the people to process it. As we know ‘’time is money’’ truer in trading. Faster processing means faster decisions, which means faster transactions that is possible through adopting AI.
We can see AI is also helping us to manage our personal finance. Personal financial management is one of the recent developments on the AI-based wallet. Wallet started by a San Francisco based setup uses to build algorithms to help the consumers to make smart decisions about their money, where to spend it. AI accumulates all the data from their web footprint and create their spending graph. That’s why it helps to save time from making lengthy spreadsheets or writing on a piece.
In nutshell, based on these facts, it is time to embrace the AI revolution in finance sector. We need to understand the importance of Artificial Intelligence from the technology to the role of people in balanced and structured way.
Cubent and Artificial Intelligence:
No doubt, Technology plays a vital role, but it is not technology that creates success, it is people who uses the technology & makes it successful. Technology needs data, on the basis of the most accurate data that technology provides the leaders of the businesses take the right decision. In addition, the success of organization is to keep the businesses updated that is only possible to move from the old to new technologies.
New technology leaps happened from time to time throughout history. We are in the era of game changer; this game changer has many names like technical revolution, digitalization, era of machine learning and artificial intelligence.
I planned to write first blog of Cubent about Artificial Intelligence (AI). AI is the key feature of Cubent Ltd, it will not be wrong to say that AI and Machine Learning are the backbones of Cubent. Dedicated team of Cubent is doing research and development on AI and Machine Learning on daily basis.
You have heard a lot about AI, so what is Artificial intelligence:
Artificial intelligence refers to a machine’s ability to imitate human cognitive abilities like problem solving and learning. These skills also require an understanding of language, speech and strategic thinking. We already encounter numerous applications of artificial intelligence on daily basis. For example, asking Siri for directions, when driving past Google’s autonomous vehicles, using self-parking or cruise control features, they all use AI applications. With AI, we can predict the mistakes, before they happen.
When I started to write about Artificial Intelligence, and came across these three types of AI, maybe there will be more categories of AI in future, but I found following three common ones and thought to write about them.
Artificial Narrow Intelligence:
Artificial Narrow Intelligence (ANI) is also known as “weak” Artificial Intelligence. ANI is programmed to perform single task. In simple words it is limited part of mind. [Siri Cortana & Google assistant are all examples of narrow AI]. ANI system can do tasks in real-time but they get information from a specific data set. This is the reason; ANI does not perform beyond its single task that is assigned to it to do. Normally, Narrow AI works within a pre-determined and pre-defined range.
Artificial General Intelligence:
Artificial General Intelligence (AGI) or “strong” Artificial Intelligence refers to machines that exhibit equivalent to human intelligence. In other words, AGI can successfully perform any intellectual task that a human being can do. Many people might be familiar with the concept of Artificial General Intelligence. AGI computer could be equally intelligent to human in every aspect. These machines would be capable of performing the same kind of intellectual tasks that humans perform with the same level of their qualities. Apple’s Co-founder Steve Wozniak suggested doing the coffee test as an indicator for AGI. During the test, a robot has to enter an average home and attempt to brew a cup of coffee. This means finding all tools, figuring out how they operate and then performing the task. A robot, who was able to complete this test, this is considered as an example of AGI.
Artificial Super Intelligence:
Artificial Super Intelligence will surpass human intelligence in many aspects form creativity, to general wisdom, to problem solving, machines will be capable of exhibiting intelligence that we have not seen in the brightest amongst us.
ASI is the field of research that Stephen Hawking has warned us about this. One of AI’s leading figures, Nick Bostrom has defined superintelligence as an intellect that is much smarter than the best human brain in practically every field, including scientific creativity, general wisdom and social skills. This slight or vast superiority to human intellect is disconcerting to scientists and laymen because its outcome is unknown. As a machine is capable of constantly learning and improving, itself and this process could be unstoppable.
In 2013, a computer had the intelligence level of a 4-year old child. In 2014, a computer was able to solve a mathematical problem so complex that the most intelligent human mind could not check for accuracy. Computer scientist and futurist Ray Kurzweil said that computer intelligence would reach human level by 2029, this is all possible due to ASI.
It is clear that AI has made the machines that are, in many ways, more capable than human minds. However, it will take a time before they are able to surpass human intelligence in every regard. When this day comes, the brightest minds on the planet will be aware of the risk of super intelligent computers and should be able to thwart any HAL 9000’s* before it is too late.
*HAL 9000’s is the first appearing in the 1968 film 2001. A space odyssey, HAL (Heuristically Programmed Algorithmic Computer) is an artificial intelligence and sentient computer on the Discovery 1 spacecraft, which controls the systems of the spaceship and interacts with the ship’s astronaut crew.