The world is run by computers and the number one industry that is taking advantage of this advancement is the banking industry. When we look at banks such as Columbia Bank South Plainfield and others, they are looking at these advancements in technology to help streamline the process of authenticating loans, collecting interest and many more banking features and functions that haven’t even been conceived of yet.
When looking at the possibilities of artificial intelligence there are some good aspects that we can agree on as well as possibilities and dangers that could result in implementing this control over computers.
With the computer and artificial intelligence, we can look at different interest rates. When a computer looks at specific factors in your behavior, they may say that you get a better interest rate, or you could get a worst rate over a misunderstanding of data or someone inputting in data incorrectly.
With control being given over to computer the likelihood of increased hacking opportunities is raised. If we allow computers to have total access to our money, foreign governments or even local terrorists can start to hack into our accounts and manipulate our money. They can put money in that is fake and then have it transferred into other accounts in a form of money laundering or they can simply break in, transfer all of your money into their accounts and disappear without a trace.
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When we look at artificial intelligence in the banking industry, we need to realize that it can be both good and bad. It all comes down to what we want to do and how we want to go about approaching it. Either way, keeping an eye on your money and how it is used, invested and maintained is all up to you in the end.