Ask just about anyone on the street to describe artificial intelligence and odds are, they’ll describe something resembling the futuristic science fiction robot they’ve seen in movies and television shows. However, according to Mathematician, Linguist and Artificial Intelligence Researcher Dr. András Kornai, artificial intelligence is a reality right now, and its impact can be seen every day.
“I’d say 35 percent of the total commerce taking place on Wall Street (right now) is driven by algorithms and it’s no longer driven by humans,” Kornai said. “This is not science fiction. (Artificial intelligence) is with us today.”
What we’ve seen so far in the application of algorithm-based artificial intelligence in the financial sector is just the tip of the iceberg, Kornai said. In fact, you don’t even have to own stock to be affected by it.
“I have designed algorithms that will (determine) your creditworthiness, meaning your creditworthiness is now determined by an algorithm,” he said. “We have substituted human-decision making capabilities in favor of better algorithms to pursue this, and we have given up a huge area of human competence, and money is just one aspect of it.”
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