The Artificial Intelligence event organized by Union Bancarie Privée and finewsticino.ch in Lugano this week gave digital pioneer Inma Martinez, co-chair of Global Partnership on Artificial Intelligence, the opportunity to explain the current role of AI and its potential evolution.
By Ugo Lagrotta, Orbit36 Risk Finance Solutions
Artificial Intelligence (AI) is computer-generated intelligence that simulates human behavior or thinking and can be programmed to solve specific problems. AI is changing the way we do things especially in the biomedical field and in industries that have to process and handle large amounts of data, such as the financial world.
But what are the various AI models and what do they do?
- The so-called foundation models («Foundation Models») are generally more advanced than traditional neuro-linguistic programming models and can be used before the generation of written text, or computer code, or to combine a series of photographic images and answer open-ended questions that do not have an unambiguous answer. The problem is that these AI models generate answers without knowing what they are talking about, the veracity of the content is not guaranteed, and they lend themselves to manipulation to generate fake news («fake news»).
- More advanced models («Generative AI Models») can generate new data from learning and knowledge of existing data but can only generate from sources internal to the data training system and are unable to accurately calibrate the secondary effects of the predictions or data they generate.
In the financial industry, AI is being used for customer profiling, preventing fraud and collecting data that change with high frequency (fluctuating market prices of securities, real-time credit card purchases). These range from the automotive and transportation industry, where AI will lead to increased driver and passenger safety, to the biomedical field of diagnostics (radiology) where AI can anticipate the potential development of a disease (early diagnosis) or the onset of complications, Inma Martinez, Digital Pioneer and AI Scientist (pictured above), said.
Many Questions
Thus the development of these AI models tends to have as their primary goal the safety of the individual, the human being and the fulfillment of his or her needs. While Artificial Intelligence has clear benefits, its application in the field of facial recognition of individuals is seen by many as a violation of the right to privacy of individuals.
The topic originated many questions from participants during the discussion moderated by Claude Baumann, Founder and CEO of finews.com.
Proactive Approach
Currently, there is no consensus between the governments of Western Countries (US and Europe mainly) and China on the application of AI for security and facial recognition purposes. However, in recent months, Regulatory Authorities have taken a «proactive» approach aimed at establishing a code of conduct as well as guiding principles according to which AI should be applied.
In conclusion, AI models still fail to replicate all the cognitive capabilities of human beings, especially creativity, intuition, feelings and the trust established through successful relationships with others. Originality, creativity, and intuition remain the distinctive qualities (soft skills) of the human being necessary to continue to be «competitive» in a world where data and technology will have an ever-increasing importance.
