Artificial Intelligence: Futuristic Career Options

Reading Time: 3 minutes

Artificial Intelligence has been defined as the area of computer science that aims at creating intelligent machines that can think and behave like humans. In reality, AI software has widespread applications in today’s age of digital media. From chatbots, Voice-assistant software to self-driving cars, AI and Machine Learning (ML) has become the way to go.
A study by McKinsey in 2017 suggested that by 2030 one third of the total jobs would be related to AI. However, the pandemic situation has intensified this change as more and more companies have started to revamp their strategies to become more technology-centric in their approaches.

Artificial Intelligence, thus, can provide huge opportunities and has great scope for the future. Let us look at some of the jobs that Artificial Intelligence will create

  1. User Experience (UX): Products that incorporate AI at the core will be hard to use. It would be mostly because of the fact people are not very well accustomed to AI products. Thus, the need for a User Experience specialist will grow in the coming years. These professionals would mainly be responsible to understand how people are employing the various machines and equipment so that scientists can develop even more advanced software. Thus, a UX specialist would be required to understand the functionalities of an AI-tech that would help in filling up of more need gaps in the due course.
  2. Computer Science and Artificial Intelligence Research: Every technology needs to be upgraded to keep it relevant, in the due course. A Computer Science and AI researcher’s job would be just that. Based upon the area of their specialization, an AI researcher would be mostly responsible for upgrading AI-based data systems and unlock new potential in the existing avenues by curating AI software. There might also be a need for researchers to overlook the ethical aspects of adopting AI technologies in any industry. For instance, an ethical specialist handling the trolley problem relating to the self-driving car.
  3. Software Engineering: The traditional role of software engineers would remain highly relevant to AI-related fields. The software engineers would be responsible to design the technical functionalities of a product that would help in better utilization of machine learning schemas to perform diverse operations. Existing software engineers who want to leverage this trend change are looking for more Artificial Intelligence courses. It is predicted that the job role of a software engineer would grow 28 per cent faster than the average in the upcoming future owing to the growth of AI.
  4. Data Scientists: Data Scientists are responsible for the meaningful analysis of data. The Artificial Intelligence systems run on huge databases, from which important information needs to be extracted to support a business in its ordinary course. A data scientist would be expected to be adept in maths and statistics so that it can transform numeric information into simpler terms that would be helpful to make key inferences and decisions.
  5. Big Data Engineer: A Big Data engineer is entrusted with the task of building an entire ecosystem that would help the AI frameworks of different businesses to interact with each other. The job role of big data scientists would mostly revolve around designing, planning, and building up the big data environment. It is a highly challenging task and it is expected to mostly involve individuals with PhD in mathematics, statistics, or computer science.
  6. Natural Language Processing Experts: Most of the AI tools are used revolve around converting or rather translating virtual languages to natural language that are understandable by human beings. This has seen widespread applications in chatbots, virtual voice assistants, etc. The key responsibility of the individual experts in these fields would be to create systems through which computers can communicate with humans. Thus, these individuals must have good language and technology skills.

Also Read: 10 Interesting Facts About Artificial Intelligence

How AI is Helping the Financial Sector Cover Regulatory and Compliance?

Reading Time: 2 minutes

Synopsis

Artificial intelligence (AI) is here and is making waves in the financial industry. From sales management to compliance and protection against cybercrime, here is everything you need to know about AI 

On any given day, you as a consumer can carry out transactions online without having to worry about security and if your payment goes through or not. How is this possible?  From shopping online to overseas transfer, emerging tech such as Artificial Intelligence, Blockchain, Cloud has revolutionized the way the Financial industry works. In the past decade, Fintech has seen new dawn with many organizations heavily investing in Artificial Intelligence.

So, what is Artificial Intelligence? Simply put Artificial Intelligence courses are the ability of a machine to learn and process data for insights that impact the business.

It means that a machine is capable of learning on its own and arriving at solutions that can reduce cost and improve the efficiency of any business. In the financial sector, artificial intelligence is involved in every component today. From regulatory compliance to consumer insights, AI is changing the way the Fintech industry functions.

One of the most important aspects of the financial industry is regulatory compliance and cybersecurity. Another facet of this is sales management. As there is a shift in the way things work, it is important for the leaders of organizations to take stock of the benefits and consequences of deploying AI in their company.

Here are the top things that one must be prudent of while hailing in this new technology

Regulatory Compliance

Before Artificial Intelligence, the burden of compliance and authority rested with individuals and professionals who were trained in the field.  This also accounted for human errors, incorrect processing of data, and took a longer
duration of time. With AI, there is minimal human intervention when it comes to regulatory compliance and the machine also takes less time when it comes to analyzing the right data and arriving at a solution.

This will also impact the business drastically and reduce costs. In the financial sector, compliance is something that cannot be compromised on, and thereby use of AI will have a positive impact.