‘Artificial’ intelligence sounds scary, but it isn’t
The technology is here and ready to be put to work in support of your compliance efforts.
I’ve been working in the financial services space for close to 30 years now. In that time, I’ve seen many trends and technologies emerge. Some take hold, several are just a flash in the pan. Regardless of how long a concept sticks around, one thing remains: Terminology plays a material role in shaping perceptions.
In a world where messaging tends to overcomplicate things, too many acronyms, and too many buzzwords all work against what should be the primary objective of any technology: clearly illustrating value. I’ve certainly found this to be true when it comes to artificial intelligence or “AI.”
Generally speaking, the word artificial doesn’t readily call to mind a positive image, does it? By definition, the word “artificial” has listed meanings of, “insincere” or “affected” and “made by humans” as opposed to “happening naturally.” It is the second part of this definition I’d like to explore a bit further.
Artificial intelligence is, in fact, created by humans. And it isn’t a new fad or concept. Many don’t realize that the term was first coined by John McCarthy, Ph.D., a Stanford computer and cognitive scientist, back in 1955. AI has continued to evolve as a concept with practical applications across many industries ever since.
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