Dr Jassim Haji, President, Artificial Intelligence Society Bahrain talks about the growing importance of Artificial Intelligence and the need for ethics in AI.
How is AI helping organisations in their marketing activities?
When it comes to improving the customer experience using AI, four significant developments stand out: chatbots, predictive and targeted content, content creation, and image recognition technology. Each of these can help to improve customer service and support, as well as deliver more targeted and relevant content. Here’s what you need to know about these technologies and how they can benefit your bottom line.
Chatbots can move customers through the sales funnel by asking more specific questions to help customers find the products they’re looking for. AI can be used to gather more data about prospects and customers, then AI can use that data to predict future behaviour as well as develop more targeted messaging. That content might be delivered by a chatbot, via dynamic content on a web page, or by email.
Image recognition software is an AI tool that businesses can use to improve the customer experience. Image recognition software also helps to personalise customer experiences.
Why is ethics important in AI?
There is global agreement among modern Artificial Intelligence professionals that Artificial Intelligence falls short of human capabilities in some critical sense, even though AI algorithms have beaten humans in many specific domains such as chess. It has been suggested by some that as soon as AI researchers figure out how to do something, that capability ceases to be regarded as intelligent, chess was considered the epitome of intelligence until Deep Blue won the world championship from Kasparov, but even these researchers agree that something important is missing from modern AIs.
However, it is important to recognize that AI ethics in Europe and West is not necessarily the same as the Middle East and Arab world. We do have unique culture and ethical values which naturally reflects on AI ethics and related algorithms. Therefore, many international AI ethic organizations or committees have not yet addressed specific requirements of our values, ethics and local cultures. This will require more researchers within GCC to explore AI ethics.
Finally, how AI is impacting the finance sector?
The fintech industry becomes more dependent on AI technology with every passing day. Whether we talk of enterprise-focused banking apps like Chime and Wave or AI-based chatbots that facilitate the users to get personalized notifications on spending and investments, the AI technology gains traction among entrepreneurs.
eCommerce segments alike over the period. Days are not far away when conversational commerce will be broadly adopted by people across the world. Consumers will utilize all means like chat, messaging, and even voice for making online transactions. AI technology will play a crucial role in making this possible.
AI technology is designed to analyse the user’s or customer’s behaviours and making predictions. When it is implemented into the fintech sector, it keeps on analysing the data regarding the customer’s spending pattern and saving habits. In a way, it can help users maintain a subtle balance between the loan and deposit while making them financially healthy. In the coming years, many fintech companies and the BFSI sector as a whole will leverage the benefits of AI technology to provide 360-degree financial solutions. Finally, it is worth to mention that Bahrain and its central bank prioritizing Fintech in the country and establishing it as a regional model.