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[Podcast] AI & Humans for the Economy

Written by Alana Team
on November 03, 2020

Artificial intelligence has great potential to generate value in different economic segments. According to the consultancy Accenture, some countries could double their annual growth rates by 2030 with the help of artificial intelligence.

AI can be applied in all sectors of the economy and also combined with other technologies such as the internet of things, cloud computing, and Blockchain.

In this episode of the Inside Alana Podcast, André Calvente, Marketing Manager at Alana AI, comments on how artificial intelligence is already affecting the global economy and the potential for changes that this technology brings to economic activities.

 

Benefits of Artificial Intelligence for Economics

The adoption of artificial intelligence in this decade could generate an additional global economic activity of about US $13 trillion by 2030, according to the McKinsey consultancy. This impact can overcome the one caused by the industrial revolution.

In addition to the benefit of innovation and evolution, this technology favors the market in the following aspects:

  1. A gain in productivity: technology allows the automation of robotic and cognitive processes, impacting from industries to the service market;
  2. Consumer demand: there is an increasing upward trend in the supply of products and services shipped with high-quality AI;
  3. Research and development (R&D) sector: AI allows optimization and cost reduction in these processes;
  4. Innovation: artificial intelligence will be a stimulus for companies to innovate and create entirely new business models.

In the economic aspect of business, AI is allowing organizations to make more assertive decisions based on predictive models supported by artificial intelligence algorithms.

Machine Learning in the financial market

The financial market already applies machine learning algorithms to the valuation of companies and financial transactions. An example is machines that use historical and qualitative data to assess future stock prices for companies based on:

  • Open information;
  • Valuations;
  • News;
  • Mentions on Twitter;
  • Other sources.

Another common application is recurrent neural networks, which are used to help analysts to predict bankruptcies and fraud, in addition to analyzing the credit and risk management capacity in this sector.

Investment trading is also becoming more scalable and automatic with the use of artificial intelligence. Trading robots are computer programs that, based on investor information and statistical analysis, choose the best investments for those interested.

AI in day-to-day financial transactions

The digital payments market is also a great example of how AI is already applied in consumers' daily lives, as it is a sector that has invested in evolving services that combine artificial intelligence and the use of biometric data to authenticate financial transactions.

There are many voice recognition or facial recognition payment technologies that already use machine learning, for example.

China, which is one of the leaders in AI development, has a very interesting success case in this regard, which is the “Smile to Pay” project by Alipay, from the Alibaba group, which allows contactless payment in stores, only with facial recognition of the consumer's smile.

 

Job creation due to the use of AI

When it comes to the workforce, one of the main points of discussion is the possibility that artificial intelligence will end jobs. This is a risk and there is a high probability that some types of activities can be replaced by AI, but the technology will also create several other types of vacancies.

According to a report by the World Economic Forum, Artificial Intelligence will generate 133 million new jobs by 2022, a higher number than the possible total number of jobs that will be replaced by automation.

Other sectors affected by AI

Artificial intelligence has impacted several other sectors, such as health and education, and the second season of the Inside Alana Podcast is dedicated to clarify how AI and Humans can collaborate to positively impact the experience of consumers and the growth of a business.

Check out the full season and listen to episodes whenever and wherever you want.

 

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