NEW YORK–With artificial intelligence an increasing presence in everyday life, one analyst is forecasting finance will be among the industries most affected.
Writing on Forbes.com, Bernard Marr predicted the three industries that will experience the most disruption to the status quo as the result of artificial intelligence and big data are healthcare, finance and insurance.
Much of the effect on finance, said Marr, will be felt in the replacement of human advisors when it comes to investment advice.
“Computerized systems can sort through tens of thousands of possible companies to make recommendations,” he said. “It can look at your social media posts, your emails, and through sentiment analysis, determine which companies best align with your values and your risk tolerance. And then it can continue to monitor your personal profile and the market and help adjust your portfolio in real-time.”
But in addition, he noted, “AI systems will benefit banks and lenders by being able to predict which applicants are high and low risk investments for personal and business loans. Our credit scores are already on their way to being much more than the sum of our debts and bills paid. Before long, AIs working for banks will be able to tell by something as innocent as the kinds of things you buy and where you buy them, whether or not you’ll repay your car loan.”