Artificial intelligence often causes anxiety. Why?

There are many trends and technologies. Some are becoming more and more popular, others come and go like a flash. Regardless of how long a concept has existed, one thing remains the same: Terminology plays an essential role in shaping perception.

Artificial Intelligence

Generally speaking, the word “artificial” does not always create a positive image, does it? By definition, the term “artificial” has the listed meanings “insincere or imposed” and “created by people, not occurring naturally”.

In fact, artificial intelligence is created by humans. And this is not a new fashion or concept. Many do not understand that this term was first introduced by PhD John McCarthy and Stanford, a computer scientist and cognitive scientist, back in 1955. Since then, AI has continued to evolve as a material concept with practical applications in many industries.

For financial services professionals, especially those of us involved in combating financial crime and preventing money laundering, AI can be of great importance and practical application.

What is not artificial intelligence?

AI is not meant to be just a digital worker. Yes, AI can automate various functions. We are all familiar with the concept of “bots” and virtual assistants. Real AI is managed by people and is a continuous, instant learning process that brings tangible benefits. Instead, AI increases net profit by keeping the costs of compliance personnel constant in the near future and allows experts to manage their time more adequately, focusing on the most important research.

AI and support

AI should not simply be an extension of outdated technologies. Obsolete technologies reduce the real value of AI, thereby increasing costs and reducing profits.The cost of maintaining outdated technologies continues to rise at an astonishing pace, especially for financial institutions and insurance companies.

Artificial intelligence is not scary… it is not a black box… and it is not the futuristic world of tomorrow – it is here and now, and it has been tried and tested.