Artificial intelligence (AI) dominated the conversation at this year’s World Economic Forum (WEF) in Davos, Switzerland. While there were concerns raised about the potential risks of AI, numerous presentations showcased its practical applications and benefits in various industries.
The WEF’s warning about AI-generated misinformation and disinformation as the top short-term risk facing countries set the tone for discussions about AI’s negative implications. With billions of people expected to vote in elections worldwide in the coming years, the risk of AI-powered disinformation was ranked higher than severe weather events, social polarization, and cyber security.
The WEF also highlighted the new risks AI poses to computer systems if malicious actors automate cyberattacks. Additionally, the organization warned about the long-term risks associated with reliance on AI for decision-making.
However, amidst these concerns, the conference featured presentations that demonstrated the positive impact of AI on sectors such as banking, healthcare, workforce management, and digital transformation.
One notable concept introduced at the event was the intersection of AI and quantum computing, known as AQ. SandboxAQ, the driving force behind this concept, explained how quantum computing’s ability to create scenarios can enhance AI’s data pattern recognition capabilities. The practical applications of AQ are not dependent on the commercial availability of true quantum computing and have already been successfully applied in medical fields such as MRI analysis.
Another significant application of AI discussed was its role in portfolio optimization and financial decision-making. Sandbox CEO Jack Hidary and HSBC CEO Colin Bell emphasized the use of quantum-inspired algorithms to optimize diversification and asset allocation, ultimately improving the performance and stability of portfolios.
India’s banking industry also highlighted its use of AI in managing the growing number of high-net worth individuals. AI enables banks to provide tailored investment and algorithmic portfolio management based on individual risk appetites and financial goals. This hyper-personalization is now possible at scale and ensures consistent and effective investment recommendations.
Furthermore, CEOs across industries are increasingly relying on generative AI for strategic decision-making. The use of AI models in decision-making processes reduces bias and enables more inclusive strategic decision-making. For instance, China’s Ant Financial effectively utilizes AI and data from its mobile-payments platform to drive various businesses, including consumer lending, wealth management, and health insurance.
Overall, while the concerns surrounding AI were addressed at the World Economic Forum, the event highlighted the immense potential of AI for driving positive change and innovation across sectors. As AI continues to expand its impact, it is crucial to carefully navigate its risks and leverage its capabilities for strategic decision-making and improved customer experiences.
The source of the article is from the blog be3.sk