Artificial intelligence brings countless advantages to institutions and businesses around the globe: the enhanced automation can limit human intervention – and mistakes, improve efficiency, and decrease costs. On the other hand, this means that many jobs are at risk. Goldman Sachs predicted that around 300 million jobs could be lost or downgraded because of artificial intelligence, and over 1000 professionals signed an open letter to pause AI developments. But investors and businesses seem to be very happy to use AI – and they don’t want to stop.
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AI continues to gather investments, despite the crisis that hit also the startup ecosystem. Despite the success of this sector, many concerns arise: according to a study published by the National Bureau of Economic Research, from 50% to 70% of the changes in wages in the US can be attributed to workers being replaced or downgraded by automation. This trend started in 1980, and it seems that things could get worse in the future: Goldman Sachs predicted that around 300 million jobs will be replaced by artificial intelligence.
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Kevin Baragona, the founder of DeepAI, signed the petition to pause the development of AI. he discussed his choice and the impact of artificial intelligence with Caroline Hyde and Ed Ludlow.
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Investments in AI could even increase in the near future: professional investors want to add AI and robotics to their portfolios in 2023. This type of investment seems to be most popular than investments in cryptocurrencies.
Aayush Mittal analyzes the effect of artificial intelligence on banking for FinTech Weekly. Generative AI is actually re-shaping the whole industry, and guarantees competitive advantages to banks that use this technology and cooperate with fintechs.
In the meantime, Bloomberg announced the use of artificial intelligence for financial data. The BloombergGPT would be trained with the impressive amount of data collected by Bloomberg over the years. Also in this case, not all agree on the positive impact of this new system: many users on Twitter commented that this might be the end of financial analysts.
Another report, published by Market.us, confirms the success of artificial intelligence: according to the report, AI in the fintech sector alone should exceed $6 billion by 2032.
Despite the success of artificial intelligence, the popular economist and Nobel laureate Paul Krugman said that the impact of AI won’t be so disruptive in the short run. According to the economist, this revolution will take time to really impact the economy, as it occurred with other major revolutions like computing.
Researchers and CEOs recently published an open letter on the Future of Life Institute website. They ask for a pause in AI development, since artificial intelligence poses serious risks to humans and the whole society.
Despite the open letter, it might be that the market doesn’t want the development of artificial intelligence to stop. The controversy is not only based on the fact that leaders around the world don’t have a clear strategy to stop AI, but also on the fact that artificial intelligence seems to give too many advantages to businesses.
FinTech Weekly analyzes the future of AI in fintech. This comprehensive outlook highlights the advantages of the use of artificial intelligence in financial technologies: from enhanced fraud detection systems, to alternative credit scoring, fintech and artificial intelligence seem to be intrinsically tied.