15.05.2017

Artificial intelligence to set finance and his complexity

400UBS CEO Sergio Ermotti considers the global banking sector has generated a degree of complexity such that it can only be managed by artificial intelligence (IA). In an interview on TeleTicino on Sunday, he underlined "we arrive at a human physical limit to manage all this complexity."

The phenomenon of digitization of the banking sector, which is imperative to maintain international competitiveness, should be viewed positively, Ermotti said, because it enables customers to provide more precise and faster services while banks can optimize the costs.

For Ermotti "These changes are also reflected in the elimination of certain activities,". However, he recalled that in Switzerland, one million people will retire in the next ten years, while at the same time job market will require only half million back.

Interest in implementing AI systems is surging among companies and institutions around the world, according to a new report from Tractica, a consulting company.  The market intelligence firm forecasts that the revenue generated from the direct and indirect application of AI software will grow from $1.4 billion in 2016 to $59.8 billion by 2025. This forecast represents an upgrade of Tractica’s previous projection for AI market growth, which was published in 3Q16, owing to a greater than anticipated pace of change and development in the AI sector.

In late 2016, there were about 1,500 AI-related startups in the U.S. alone, and total funding in 2016 reached a record $5 billion. Google, Facebook, Microsoft, Salesforce.com, and other tech companies are snapping up AI software companies, and large, established companies are recruiting deep learning talent and, like Monsanto, buying AI companies specializing in their markets. 


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