Artificial Intelligence & Data Driving Creative Business Transformation
Recently, ASFA (Association of Superannuation Funds Australia) collaborated with industry leaders and shared insight on the changing environment to Artificial Intelligence (AI) and Data. We summarize some of the interesting facts:
• AI mimics human intelligence. That is, AI is machine learning, natural language processing, computer vision technology, data science and analytics, robotics and sensors. AI can support industry.
• AI Industry projected to be valued at USD$22 trillion by 2030. Australia invested USD$52 million in the Technology Sector.
• Australia has a measured approach to use AI. The USA invests $20 per capita in AI and Australia invests $2 per capita in AI.
• The world in the last year, 2020, has increased investment in AI by 19% where Australia reduced investment by 82%.
• Core advantage of investing in AI, provides efficiency, analytics and automation of functions to industry.
• AI is not a regulated market.
• AI Ethics is a new concept to industry. There are eight ethical core principals for AI and Data (general guideline for businesses): 1. Deliver benefit not cost. 2. Human centered values. 3. Fairness. 4. Privacy and security. 5. Reliability and safety. 6. Contestable. 7. AI provides transparency. 8. Fund and provider accountability.
• Consumer Data Right for superannuation is the biggest change. Superannuation not designated as a sector focus at the moment (work in progress).
• Australia has taken the lead in applying the Consumer Data Right to other sectors. Not just Banking.
• Government providing support to make a change and develop law, legislation and policy.
• AI Key Risk is a human designing the machines. Humans need to be clear on their ethics or we risk hard coding poor behaviors at scale. Poor behaviors will impact Banks, Financial Services and Industry.
• Data has a lot of value and liability and is the new OIL. It has a lot of power, helps us to make better decisions but you want to be careful how you store and manage it.
• The biggest issue in industry, leaders and experts are not working together. Ethics models may assist to improve this issue (eight ethics outlined above).
• All levels of Management (including Boards) should invest in time to understand AI and Data.
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