IMSK - Immersive Skills Network
Artificial Intelligence

What is Artificial Intelligence?

Artificial Intelligence refers to mimicking the perception, decision making, problem solving and learning abilities of human mind. AI enables robots, machines and other devices to exhibit human-like agility. Machines can replace human beings through Artificial Intelligence.

AI can possess the capabilities like, recognizing objects, responding to a particular language, and combining all these to perform human functions. For instance, driving a vehicle, greeting guests etc..,

Concepts of Artificial Intelligence

The two main aspects of Artificial Intelligence are Machine Learning and Deep Learning.

Machine Learning

This is the core of Artificial Intelligence. Machine Learning helps carry out human knowledge to machines. By this the machine can act accordingly to the human needs. ML can drive more efficiency in our work and personal lives. Data scientists can develop and deploy more algorithms on it.

Deep Learning

Deep Learning uses the neural network algorithms. Speech recognition, audio recognition, image recognition, natural language processing, machine translation, board gaming programs, social network filtering and medical image analysis are the fields that Deep Learning has made a considerable progress.

When was Artificial Intelligence Invented?

The work on AI was culminated in the year 1940, where scientists from various fields began to discuss on creating an artificial brain. A landmark paper on AI was published in 1950. In 1956, Artificial Intelligence has termed as an academic discipline. Later on, programs on Artificial Intelligence started to develop, which led people remain astonished.

Contribution of Artificial Intelligence

AI has yielded a lot of benefits to the finance sectors.

  1. Fraud detection – In order to avoid crimes like money laundering, AI detective systems are used in organizations like Trifacta and Nice Actimize.
  2. Credit – Scoring – The accuracy, speed and automation in credit scoring has been increased using Artificial Intelligence.
  3. Asset management – Companies use Artificial intelligence algorithm to manage and improve the financial assest.
  4. Virtual Service Assistants – AI offers intelligent services and personalized products to the customers.

Challenges in Artificial Intelligence

  1. Power of computing
  2. Deficit in trust
  3. Limited amount of knowledge
  4. Breaching data privacy
  5. Scarcity in data