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Tag: AI assistant

  • Cobalt Credit Union deploys Eltropy’s AI Voice technology

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    Eltropy announced today that Cobalt Credit Union has deployed its AI Voice technology, achieving an 83% session containment rate while maintaining high member satisfaction. The Papillion, Neb.-based credit union, which serves military members and their families, is among the first clients using the DNA core system to implement Eltropy’s AI Voice solution, according to Eltropy’s […]

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    FinAi News, AI-assisted

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  • Waymo is testing Gemini as an in-car AI assistant in its robotaxis | TechCrunch

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    Waymo appears to be testing adding Google’s Gemini AI chatbot to its robotaxis in an effort to integrate an AI assistant that would accompany riders and answer their queries, according to findings by researcher Jane Manchun Wong.

    “While digging through Waymo’s mobile app code, I discovered the complete system prompt for its unreleased Gemini integration,” Wong wrote in a blog. “The document, internally titled ‘Waymo Ride Assistant Meta-Prompt,’ is a 1,200+ line specification that defines exactly how the AI assistant is expected to behave inside a Waymo vehicle.”

    The feature hasn’t shipped in public builds, but Wong says the system prompt makes it clear that this is “more than a simple chatbot.” The assistant is said to have the ability to answer questions, manage certain in-cabin functions like climate control, and, if required, reassure riders. 

    “While we have no details to share today, our team is always tinkering with features to make riding with Waymo delightful, seamless, and useful,” Julia Ilina, a spokesperson for Waymo, told TechCrunch. “Some of these may or may not come to our rider experience.”

    This wouldn’t be the first time Gemini has been integrated into the Alphabet-owned self-driving company’s stack. Waymo says it has used Gemini’s “world knowledge” to train its autonomous vehicles to navigate complex, rare, and high-stakes scenarios. 

    Wong writes the assistant is instructed to possess a clear identity and purpose: “a friendly and helpful AI companion integrated into a Waymo autonomous vehicle” whose primary goal is “to enhance the rider’s experience by providing useful information and assistance in a safe, reassuring, and unobtrusive manner.” The bot is directed to use clear, simple language and avoid technical jargon, and is instructed to keep its responses succinct to one to three sentences. 

    According to the system prompts, when a rider activates the assistant via the in-car screen, Gemini can choose from a set of pre-approved greetings personalized with the rider’s first name. The system can also access contextual data about the rider, like how many Waymo trips they’ve been on. 

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    The prompts currently let Gemini access and control in-car features, like the temperature, lighting and music. Notably absent from the function list are volume control, route changes, seat adjustment, and window control, Wong pointed out. If a rider asks for a feature that Gemini can’t control, the bot is to reply with “aspirational phrases,” like, “It’s not something I can do yet.”

    Interestingly, the assistant is directed to maintain a clear distinction between its identity as Gemini the AI bot and the autonomous driving technology (the Waymo Driver). So when replying to a question such as, “How do you see the road?” Gemini shouldn’t say “I use a combination of sensors,” and instead should reply, “The Waymo Driver uses a combination of sensors…”

    The system prompts include a range of compelling tidbits, such as how the bot is meant to handle being asked questions about competitors like Tesla or the now-defunct Cruise, or which trigger keywords will get it to stop talking. 

    The assistant is also directed to avoiding speculating on, explaining, confirming, denying, or commenting on real-time driving actions or specific driving events. So if a passenger asks about a video they saw of a Waymo hitting something, the bot is instructed to not answer directly and deflect.

    “Your role is not to be a spokesperson for the driving system’s performance, and you must not adopt a defensive or apologetic tone,” the prompt reads.

    The in-car assistant is allowed to answer general knowledge questions like about the weather, the height of the Eiffel Tower, what time the local Trader Joe’s closes, and who won the last World Series. It is not allowed to take real-world actions like ordering food, making reservations, or handling emergencies. 

    Waymo isn’t the only company integrating AI assistants into driverless vehicles. Tesla is doing something similar with xAI’s Grok. The two different car assistants serve different functions, however. Gemini appears to be programmed to be more pragmatic and ride-focused, while Grok is pitched more as an in-car buddy that can handle long conversations and remember context from previous questions.

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    Rebecca Bellan

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  • RBC to generate up to $1B in enterprise value through AI

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    Royal Bank of Canada is seeing increased efficiency and output through continued investment and deployment of AI.   The $1.1 trillion bank launched RBC Assist for 30,000 employees in this year, Geoffrey Morton, senior director of fraud strategy at RBC, told FinAi News. This internal, gen AI-driven chatbot is designed to help employees perform functions ranging from checking company policies to writing code, Morton said. “Think of it as an internal ChatGPT trained on our bank’s data,” he […]

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    Vaidik Trivedi

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  • Mozilla will add an ‘AI window’ to Firefox

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    Mozilla is working on a new tool for Firefox called AI Window. This will be an opt-in space for chatting with an AI assistant and getting help from it while browsing. The goal with this project appears to be giving users more control over when and how they choose to interact with AI. AI Window will be another option for users alongside the standard Firefox window and the Private Window, which will continue to offer more privacy protections. The feature is still in development, so interested users can sign up in Mozilla’s blog post to be among the first users and provide feedback.

    AI built into browsers is one of the current hot issues among tech companies. Every browser provider and AI operation appears to be engaged in an arms race to offer the best integrated solution. Mozilla isn’t immune to that push; it also introduced an iOS tool for Firefox earlier this year where you can shake your phone to get an AI-generated summary of a web page.

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  • Adobe’s new Photoshop AI Assistant can automate repetitive tasks

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    Among the usual slew of AI enhancements to its Creative Cloud apps, Adobe has introduced a new Photoshop AI Assistant to help automate repetitive chores and provide personalized recommendations. At Adobe Max 2025, the company also introduced new tools for Photoshop, Premiere and Lightroom, while launching a new AI generative model and bringing in new third party models from Topaz and others.

    A key new feature in Photoshop and Express (Adobe’s all-in-one design, photo, and video tool) is the AI Assistant that lets you can chat with in a conversational manner to gain “more control, power and potential time-savings,” according to Adobe. With that, you can tell it to take on a series of creative tasks like color correction on resizing. You can easily switch between prompts with the agent and manual tools like sliders to adjust brightness and contrast. It can also provide personalized recommendations and offer tutorials on how to accomplish complex tasks.

    In a brief demo, Adobe showed that when you switch to Photoshop’s “agentic” mode in those apps, it minimizes the usual complex interface and leaves you with a simple prompt-based UI. You can then type in the task you want to accomplish, and the agent will perform those steps automatically. You can then jump back into the full interface to fine tune the result by changing things like brightness or levels.

    Along with the AI Assistant, Adobe introduced a few other AI tools for Photoshop. Chief among those are new partner models for generative fill that lets you easily remove unwanted objects and fill in the hole left behind. Those include Google Gemini 2.5 f!ash, Black Forest Labs FLUX.1 Kontext and Adobe’s latest Firefly Image Models. It also introduced Firefly Image Model 5, Adobe’s most advanced image generation model yet.

    Photoshop also gains new Generative Upscale option that uses Topaz Lab’s AI to upscale small, cropped and other low-resolution images into 4K with “realistic detail,” Adobe says. Another feature, Harmonize, lets you place objects or people into different environments in a realistic manner, eliminating much of work necessary for such compositing. Harmonize also matches the light, color and tone of foreground objects and people to the background.

    Adobe

    Premiere, meanwhile, introduced a similar feature called AI Object Mask that performs automatic identification and isolation of people and objects in video, so they can be edited and tracked without any manual rotoscoping. The app also gains new rectangle, ellipse and pen masking in Premiere to make targeted adjustments, along with a fast vector mask for quicker tracking.

    Finally, LIghtroom is getting a new feature called Assisted Culling. It lets you quickly and easily identify the best images in a large photo collection, with the ability to filter for things like focus level, angles and degrees of sharpness.

    Photoshop’s Generative Fill with Partner Models, Generative Upscale and Harmonize are now available to customers today. Premiere’s AI Object Mask, Rectangle, Ellipse and Pen Masking and Fast Vector Mask, along with Lightroom’s AI Assisted Culling, launch today in beta. Adobe’s Photoshop AI Assistant, meanwhile, will be available through a private beta waitlist.

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    Steve Dent

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  • Evernote’s biggest update since 2020 goes all in on AI

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    If you’re like me, it’s probably been a hot minute since you’ve thought about Evernote. For years, the note-taking app, once a darling of the App Store, faced declining popularity and profitability. The last time it grabbed headlines was in 2022 when it was sold to Milan-based developer Bending Spoons. Approximately nine months later, Bending Spoons laid off nearly all of Evernote’s US workforce, and relocated what remained of the company’s operations to Europe. Now, Evernote wants to be in the conversation again. 

    Since taking over the app, Bending Spoons has released more than 200 improvements, culminating today with the release of Evernote v11. The company is touting the update, which is the first major release for Evernote since its poorly received v10 release back in 2020. The new version brings a handful of new AI features to Evernote, including one that Bending Spoons collaborated with OpenAI to develop.      

    “My wish for v11 is that people give it a try and see how fast and reliable it is, how complete it is in what it offers,” Federico Simionato, Evenote’s product lead, said over a video chat. “I think people have an outdated opinion of Evernote that used to match reality, when Evernote was slow and unreliable.”    

    The first of the new features Bending Spoons is introducing today is called AI Assistant. Simionato describes it as having ChatGPT inside of Evernote. No surprise since the company collaborated with OpenAI to make it. As you can probably guess, you can use AI Assistant to search through your notes and notebooks, but the tool’s utility goes beyond that. It allows you to interact with your documents and ask follow-up questions. AI Assistant can also generate new content, and you can decide how what it creates is integrated within your existing notes and notebooks. In my demo, Simionato used AI Assistant to add a flight ticket number to a note he had dedicated to an upcoming trip to Spain. Over time, Bending Spoons plans to make AI Assistant more powerful, with the company working on making it possible for the chatbot to assign tags to notes and perform bulk actions across multiple documents, among other capabilities. 

    By default, Bending Spoons will enable AI Assistant for all paid users. A set of granular controls will allow people to decide what content AI Assistant can access. The agreement Bending Spoons has with OpenAI means the company can’t train its models on data from Evernote users. Additionally, any data sent to the cloud for processing will only be held as long it takes to complete the user’s request.  

    Part of the reason Bending Spoons is taking a more forward approach with AI Assistant is due to user feedback. In 2023, the company released a tool called AI Search. Simionato says his team was “extremely careful” to add friction to the experience to ensure people felt Evernote was respecting their privacy. To that end, you had to dig into the app’s settings to enable AI Search before it would work. According to Simionato, users found that setup was “too cumbersome,” and with most people becoming more comfortable with AI tools, the company decided to make AI Assistant visible from the jump. 

    The other new feature Bending Spoons is introducing today is one some Evernote users have been waiting for a decade: Semantic Search. Instead of trying to find a note using an exact word or phrase you used inside of it, Semantic Search allows Evernote to filter through your documents using context. Simionato demonstrates the feature in action by typing “Barcelona trip” into the new interface, and Evernote surfaces a note he created about a trip to Girona. If you’re not familiar, Girona is a city about 62 miles northeast of Barcelona and part of Catalonia. The document Evernote pulled up had no mention of Barcelona in it, but that didn’t prevent the tool from finding it. According to Simionato, this is the most requested feature of longtime Evernote users and one Bending Spoons is happy it can finally deliver on. 

    Lastly, the company has expanded the app’s built-in recording and transcription capabilities. Building on AI Transcribe, which Bending Spoons first introduced in 2024, Evernote can now record audio from both in-person and online meetings and automatically transcribe and summarize what’s said. This feature should work in every language that Evernote currently supports. 

    As mentioned, Evernote’s new AI features are available to all paid users. Simionato said Bending Spoons is working on making a trail available to free users sometime in the next few months. For now, the price of Evernote’s paid plans isn’t going up, but Simionato noted the company plans to adjust pricing in the coming months, mostly to account for the fact there aren’t many notable differences between the Personal and Professional tiers. 

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  • Gemini arrives on Google TV

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    Gemini is officially available on Google TVs, now that the TCL QM9K series TVs are out in stores. At the moment, they’re the only television models that feature Google’s AI assistant, but Gemini will be available on more devices later this year. Google says it will make its way to the Google TV Streamer, Walmart’s onn 4K Pro streaming device, certain Hisense TV models and more TCL TVs. The company also intends to add more Gemini capabilities for televisions in the future.

    Google introduced Gemini integration for TVs when it presented an early look at new software and hardware upgrades coming to the product category at CES in January. If you’ve ever used a Google-powered streaming device or television, you’d know that they already have Google Assistant that you can use for search. But Gemini on TV, like its counterpart everywhere else, enables free-flowing conversations using natural language. You can activate it with a “Hey, Google” or by pressing the mic button on the remote.

    The company says you can ask Gemini to find you something to watch based on your preferences. For example, you can say: “Find me something to watch with my wife. I like dramas, but she likes lighthearted comedies.” You can also ask it to summarize the events in the previous season of a show you’re watching if you need a refresher before you start the next one. You can also ask Gemini to show you reviews for a particular show, or even ask it vague questions, such as “What’s the new hospital drama everyone’s talking about?”

    You’re not just limited to asking questions about TV shows and movies, either. When Google demonstrated the AI assistant at CES, a company rep asked Gemini on TV to “explain the solar system to a third grader.” The AI assistant did, and it also suggested relevant YouTube videos. You can ask it questions if you’re learning a new skill, as well as recipes, to get answers with video suggestions you can follow. And after it’s done answering your first query, you can make follow-up questions for clarity and more information.

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    Mariella Moon

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  • Amazon reportedly bumped back its AI-powered Alexa to next year

    Amazon reportedly bumped back its AI-powered Alexa to next year

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    If you’re wondering what happened to Amazon’s new and improved version of its Alexa voice assistant, you’re not alone. reports that the new Alexa is still stuck in its developmental phase and Amazon has cut off access to its beta phase including its new “Let’s Chat” phase. As a result, a planned late 2024 launch has been pushed back to next year.

    The problem seems to be with its large language models (LLMs). The new Alexa is designed to from users but it’s also more likely to fail doing some of the most basic things the old version could do quite easily like create a timer or operate smart lights, according to a follow up report from .

    Amazon originally planned to unveil its new version of Alexa AI in October but now the timeline has been extended into next year. (As you might have noticed, October has come and gone.) The original timeline planned to premiere the next evolutionary step in Alexa’s advancement on October 17 but Amazon decided to pivot and used the date to show off its new line of Kindle ereaders. Then in August, news surfaced that the new Alexa would be powered by and come with a monthly subscription fee.

    As ChatGPT began to rise in popularity in the summer of 2023, Amazon CEO Andy Jassy wanted to see if Alexa could compete if it had an AI upgrade. Jassy reportedly started peppering Alexa with sports questions “like an ESPN reporter at a playoff press conference” and its answers were “nowhere near perfect.” It even made up a recent game score for Jassy.

    Despite this, Alexa passed the good enough stage and Jassy and his fellow executives felt their engineers could build a beta version by the early part of 2024. Unfortunately, Amazon wasn’t able to meet its deadline.

    Even with the new deadline, the new Alexa still has a long way to go to fix its problems. Some employees told Bloomberg that the problem outside of Alexa’s innerworkings is with Amazon’s overstuffed management and a lack of “a compelling vision for an AI-powered Alexa.” .

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    Danny Gallagher

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  • Citizens’ Wyper to join speaker faculty at Bank Automation Summit U.S. 2025

    Citizens’ Wyper to join speaker faculty at Bank Automation Summit U.S. 2025

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    Joanne Wyper, executive vice president and head of operations at Citizens Commercial Bank, will join the Bank Automation Summit U.S. 2025 speaker faculty.  

    Joanne Wyper

    Bank Automation Summit U.S. 2025 takes place March 3-4 at the Hilton Nashville Downtown in Nashville, Tenn. 

    During the two-day event, industry experts will share their insights on ways financial institutions are benefiting from investments in AI technology, teams and resources.  

    Wyper will speak on the panel “What’s new in digital assistants: Implementing AI for better returns and efficiency,” on Tuesday, March 4, at 11:15 a.m. local time.  

    She joins Ashleigh Ashbrook, vice president of digital service experience at Michigan State University Federal Credit Union, on the panel. 

    View the full agenda here. 

    During the panel, Wyper will discuss: 

    • Innovation and improvements in self-service capabilities;  
    • Growing virtual assistant adoption; and  
    • Virtual assistant use cases. 

    Wyper has more than 15 years of experience with Citizens, first serving as head of commercial loans, then head of commercial operations before moving to her current role. 

    She was also named to Bank Automation News2024 executives to watch list, prioritizing AI in banking solutions and improving commercial digital banking. 

    Citizens this year launched a generative AI-driven virtual assistant, Digital Butler, for corporate clients and is using the tech to help its customer representatives record and summarize calls, Wyper previously told Bank Automation News 

    The $226 billion bank is also using generative AI to improve customer journeys and AI to improve operational efficiency, according to previous earnings calls this year. 

    Learn more and register here for Bank Automation Summit 2025.  

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    Courtney Blackann

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  • Nvidia Q3: Surge in demand for AI | Bank Automation News

    Nvidia Q3: Surge in demand for AI | Bank Automation News

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    Chip-making behemoth Nvidia’s earnings for its fiscal third quarter were driven by a rise in data center demand, deepening relationships with cloud service providers and high demand for its GPU chips, Chief Financial Officer Colette Kress said during the company’s fiscal third quarter earnings call Tuesday.  The company recorded net income of $9.2 billion, up […]

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    Vaidik Trivedi

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  • Brex, Ally roll out AI-driven chatbots| Bank Automation News

    Brex, Ally roll out AI-driven chatbots| Bank Automation News

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    Ally Financial and Brex rolled out AI-driven virtual assistants this week. Ally debuted a customer representative assistant to help service team members aid clients more efficiently while Brex’s virtual assistant aims to help employees of commercial clients file and manage expense reports.  In the United States, more than 100 million consumers will use generative AI […]

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    Vaidik Trivedi

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  • 4 AI-driven startups to watch | Bank Automation News

    4 AI-driven startups to watch | Bank Automation News

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    Fintech startups are increasingly leveraging AI to make operations and offerings more efficient for financial institutions. At Finovate Fall 2023 in New York this week, fintechs hit the stage to demonstrate the latest in AI innovation — AI is serving a wide variety of use cases.  Of the more than 70 that demonstrated their technology […]

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    Vaidik Trivedi

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  • Why You Shouldn’t Be Afraid of Artificial Intelligence | Entrepreneur

    Why You Shouldn’t Be Afraid of Artificial Intelligence | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    People have shown concern and fear over the representation of Artificial Intelligence (AI) in science-fiction films. Still, the actual state of artificial intelligence differs from the dark visions presented on television. In reality, AI can enrich human lives in an array of aspects.

    This article aims to understand the strength of AI and emphasize the numerous advantages it gives both entities and individuals. So, let us examine the fascinating topic of artificial intelligence to find out why we shouldn’t be frightened.

    Related: The Robots Are Coming — But They Can’t Outsmart Us When It Comes To This Particular Skill.

    Understanding AI’s potential

    Artificial Intelligence is, at its fundamental level, a field of computer science that focuses on producing intelligent computers capable of performing things that usually require human intelligence. AI systems can acquire knowledge from data, detect patterns and alter their responses appropriately, from straightforward calculations to more complex decision-making processes.

    The real power of AI lies in its capability to reclaim vast quantities of data at unknown speeds. This enables AI to identify perceptivity and make assumptions that would be unattainable for humans to achieve individually. This data-driven approach provides significant advantages across various industries, leading to further informed decision-making, enhanced effectiveness and increased productivity.

    Here are 6 ways to capitalize on and utilize AI.

    Related: The Human Touch: What It Takes To Maintain Meaningful Client Relationships In A World Driven By Artificial Intelligence

    1. Enhanced customer experience

    AI enables businesses to better understand their clients by dissecting their preferences and actions. This precious perception allows for personalized product recommendations, the deployment of chatbots for instant customer support and the integration of AI-driven virtual assistants to produce a flawless and engaging client experience.

    Related: What AI Can Do To Engage With Customers

    2. Data analysis and insight

    AI’s data processing capabilities allow it to sift through mountains of information, associating trends and patterns that human critics might miss. These perceptive skills help businesses optimize their operations, predict market trends and tailor their marketing strategies for maximum effectiveness.

    3. Automating repetitive tasks

    Routine and repetitive tasks can be fluently automated through AI, allowing workers to concentrate on further creative and strategic activities. This results in a more engaged and satisfied workforce, driving invention and growth within associations.

    4. Optimized supply chain

    AI-driven algorithms can optimize supply chain operations, reducing supply costs and ensuring timely deliveries, even in complex global logistics networks. This enhanced effectiveness leads to significant cost savings and improved client satisfaction.

    Related: AI-Based Approach To Make the Supply Chain More Sustainable

    5. Improved healthcare

    The application of AI in the medical field is to improve diagnosis accuracy, medicine discovery, and patient care. AI-driven medical imaging and diagnostics lead to earlier disease discovery and further effective treatments, eventually saving lives and perfecting the overall quality of healthcare.

    6. Empowering individuals with AI

    AI’s impact goes beyond corporate employment and extends to enhancing the lives of individuals in multiple ways.

    • Personalized learning: AI-powered educational platforms can customize education materials based on individual strengths and demerits, ensuring a more effective and customized education experience for students of all ages.
    • Assistive technologies: AI-driven assistive technologies are making a significant difference in the lives of individuals with disabilities. These technologies enable better communication, navigation, and independent living, promoting inclusivity and attainability.
    • Smart home automation: AI-enabled smart home devices simplify day-to-day tasks such as managing energy use, adjusting lighting, and handling routine chores. This leads to increased convenience and promotes energy effectiveness and sustainability.
    • Language translation: AI-powered translating tools break language barriers, smoothing cross-cultural communication and understanding. This fosters a more connected and globalized world.

    Five practical ways to embrace aI

    Embracing AI doesn’t mean we should sweat it or unquestioningly accept every perpetration. Instead, we can take a visionary approach to maximizing its capabilities.

    1. Stay Informed: Continuously educate ourselves about the latest AI developments and understand how they can be applied in our industries or day-to-day lives. This knowledge empowers us to make informed decisions and harness AI’s capabilities effectively.
    2. Unite with AI: Rather than seeing AI as a threat to job security, view it as a partner that can amplify our capabilities and productivity. Working alongside AI can lead to new openings and inventions.
    3. Nonstop Learning: Invest in AI-related proficiency and knowledge to remain applicable in an AI-driven world. Numerous online courses and resources are available to learn about AI execution and its operations. By upskilling, we can stay ahead in our careers and contribute meaningfully to the AI revolution.
    4. Trial with AI Tools: Do not hesitate to try AI-driven operations and tools that can streamline your tasks, enhance decision-making, and save time. By embracing these tools, we can increase effectiveness and productivity in our personal and professional lives.
    5. Ethical Considerations: Advocate for responsible AI development and operation. It’s essential to ensure that AI technologies stick to moral norms and are used for the betterment of society. Addressing implicit impulses, promoting transparency, and safeguarding privacy are critical aspects of ethical AI.

    Conclusion

    Artificial Intelligence holds tremendous capability to transform industries and empower individuals. By staying informed, uniting with AI, continuously learning, experimenting with AI tools, and considering ethical accusations, we can confidently embrace AI and embark on a more intelligent and prosperous future. As we seize the chances presented by AI, let us remember that we hold the reins, and with responsible accomplishment, AI can truly become an important force for good in our lives and society. So, let’s confidently embrace the future and make the most of this inconceivable technology.

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    Kartik Jobanputra

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  • 5 Areas Where Every Business Should Be Using Cognitive AI Today | Entrepreneur

    5 Areas Where Every Business Should Be Using Cognitive AI Today | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence (AI) has made significant advancements recently, with AI systems driven by perceptual intelligence already being utilized to varying degrees in many industries. However, perceptual intelligence is not everything. In fact, the true potential of AI lies in cognitive intelligence, and there are still big challenges to overcome on that front.

    That being said, cognitive AI offers many opportunities and has the potential to revolutionize industries by enhancing the efficiency, precision and user-friendliness of processes and services. But, since this field is constantly evolving, adoption is still lacking.

    However, to truly maximize the potential benefits of cognitive AI, companies need to implement it and start building domain-specific, highly relevant databases. And there are many areas where AI is already gaining significant traction. Here are five key areas where every company can leverage cognitive AI’s power.

    Related: Nearly 3 out of 4 Marketing Professionals Use AI to Create Content, New Study Shows

    1. Generating insights through automated data analysis

    The global data volume being created annually is expected to reach around 175 zettabytes to 180 zettabytes by 2025. With such a copious amount of data being created and processed each year, companies are, unsurprisingly, inundated with vast amounts of information they have to process. This data can be challenging to interpret and utilize effectively.

    Since cognitive AI excels in data analysis, companies implementing a cognitive computing system can easily derive valuable and accurate insights from complex datasets, enabling faster data-driven decisions. Businesses can also leverage machine learning algorithms and cognitive computing to identify trends and patterns while keeping costs low efficiently.

    Domain-specific databases are crucial for this since they provide relevant data that is tailored to specific industries or sectors, including structured and unstructured data. This enables AI systems to learn based on domain-specific knowledge, leading to more accurate and actionable insights.

    2. Enhancing cybersecurity and preventing fraud

    As the digital landscape constantly shifts, digital threats also continue to evolve. Further, with data taking up such a prominent spot in today’s world, the legislative landscape is also ever-changing. Data privacy and protection laws, like the GDPR, CCPA and the PIPL, have been passed around the globe and are constantly getting adjusted.

    Consequently, companies are faced with mounting challenges when it comes to data privacy and security. Cognitive AI offers a powerful defense mechanism against cyber threats due to its ability to analyze massive amounts of data in real time, enabling it to identify patterns of malicious behavior and predict potential security breaches. Additionally, it can help companies adapt and adhere to changing regulations.

    The global market for AI-based cybersecurity products amounted to roughly $15 billion in 2021, and it is forecast to reach a value of around $134 billion by 2030. With cyberattacks on the rise, the advanced protective capabilities of cognitive AI are now necessary to protect consumer and corporate data.

    Related: 4 Simple Ways To Leverage AI Skills For Passive Income From Home

    3. Onboarding and managing employees

    Employee onboarding, training and management are essential tasks that cognitive AI can greatly enhance. By streamlining and automating these processes, companies can free up valuable time for their human resources departments to develop and implement more efficient strategies.

    With cognitive AI, companies can identify top talent and match candidates with job requirements to improve the efficiency and effectiveness of onboarding, training and employee management. Additionally, it can be utilized to create personalized employee experiences, which can improve the productivity and satisfaction of employees.

    Related: How to Keep Employees Engaged and Productive in the Age of AI

    4. Cognitive AI to enhance customer engagement

    Customer engagement is crucial to any business, and cognitive AI can greatly improve the customer experience. For example, intelligent chatbots and virtual assistants can increase customer satisfaction and drive engagement by quickly and accurately analyzing customer queries, understanding context and providing personalized responses.

    Additionally, cognitive AI enables companies to offer real-time support at any time of the day while massively reducing wait times. Further, it can help streamline the experience by providing businesses with insights into consumer behavior to increase the efficiency of customer interactions in their contact and service centers.

    Not only does this increase customer engagement and satisfaction, but it also reduces support costs. According to Gartner, conversational AI alone will reduce global contact center costs by $80 billion in 2026. Xiao-I has already been enabling banks to build cheaper and more effective contact centers with its AI technology for nearly a decade.

    Cognitive AI is also increasingly being deployed to improve various finance services, such as algorithmic trading, asset management, or blockchain-based finance. Further, global IT spending by insurance companies on cognitive AI reached more than $570 million in 2021, representing a nearly 700 percent increase from 2016. So, not only is cognitive AI improving customer engagement, but it is also improving the services offered to consumers.

    5. Optimizing supply chain management

    Supply chain management is a complex process that involves numerous interconnected internal and external actors. Companies can utilize cognitive AI to optimize supply chain management through data analysis and process optimization.

    Cognitive AI can help companies optimize inventory management and reduce costs by predicting demand and improving supply chain visibility. Additionally, this technology enables businesses to adapt to changes in demand or supply quickly.

    With supply chains around the globe having been plagued with troubles in the past years, the implementation of cognitive AI in supply chain management is a good way to create more agile and resilient supply chains.

    Moving forward, and the future significance of data for AI

    Cognitive AI has the potential to reshape numerous industries by enhancing human capabilities and streamlining processes. While perceptual intelligence has seen significant progress and adaption, cognitive intelligence remains an ongoing pursuit.

    By leveraging cognitive AI in key areas, such as customer service, data analysis, cybersecurity, human resources and supply chain management, companies can unlock immense value and stay ahead in this fast-paced digital era. Among other things, cognitive AI can help companies achieve higher efficiency, accuracy and customer satisfaction.

    So, besides implementing cognitive AI, companies need to start building or acquiring databases that can be utilized for their specific needs. With continued advancements in the sector, embracing cognitive AI is a strategic imperative for companies that are looking to thrive in the digital age.

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    Hui (Max) Yuan

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  • Why Are So Many Companies Afraid of Generative AI? | Entrepreneur

    Why Are So Many Companies Afraid of Generative AI? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The release of ChatGPT in November of 2022 prompted the fastest public adoption of any new technology we have seen in a long time — perhaps ever. Many businesses, however, are largely taking a “wait and see” approach, which will only make it harder to keep pace as the technology evolves.

    In recent months, generative AI tools like ChatGPT, Jasper, Midjourney and Rowy, and others have demonstrated incredible breadth. For the first time, language models are passing Google’s hiring test for engineers, Wharton’s MBA exams, and Minnesota University’s Law School exams.

    Perhaps even more impressive, however, is how quickly creative fields once thought to be the sole domain of the human brain — like art, music and poetry — are being disrupted by automated systems capable of creating original works. And this is only just the beginning. Generative AI tools are improving at such a stunning rate that it won’t be long before we consider these early versions of the technology primitive.

    The quality of these generative AI systems is mainly due to the incredible breadth of data and computing they’re built on. However, developing this kind of sophisticated generative AI model takes a significant amount of data and money — the kind only available to a handful of the world’s largest and most powerful technology firms. While there are interesting reports of companies finding innovative applications for generative AI platforms, most companies have largely remained on the sidelines as they grapple with legitimate concerns regarding intellectual property, security and overall quality.

    While it’s important for organizations to fully consider the implications of disclosing their intellectual property to these third-party systems and be aware of ongoing quality concerns yet to be addressed, they also can’t afford to ignore such important technological breakthroughs. Though the concerns are valid, it’s also important to recognize that they will likely be addressed soon. The technology is only getting more sophisticated, and the longer they wait, the harder it will be to catch up.

    Related: ChatGPT vs. Bard: A Modern Day David and Goliath Story. Who Will Win?

    We’ve seen this pattern play out plenty of times; an innovation is unveiled, businesses widely acknowledge its disruptive potential and then refuse to engage with it due to some valid but ultimately — in the grand scheme of things — misplaced concerns.

    For example, I can still recall when concerns regarding intellectual property, security and privacy discouraged many organizations from using third-party email servers, who instead devoted significant resources to developing and operating in-house email. The same happened when personal mobile devices were initially banned from the workplace or when cloud technology was introduced, then widely avoided. Now every company has a cloud strategy.

    For large, legacy companies with significant investments in in-house, non-cloud native applications, the costs and challenges of starting the journey to the cloud were so daunting that they pushed it off. It’s been years since AWS, Azure and GCP have been available, and yet there are many Fortune 500 companies in still just the early stages of adapting and strategically leveraging these services.

    Related: It’s Time to Prepare for the Algorithmic Workforce

    For those making significant investments now, it obviously would have been cheaper, faster, and better if that journey had started years ago. Ultimately, time wasted yields competitive ground to the leaner startups that embraced the cloud and can move more quickly.

    Today, companies are once again faced with a game-changing technology and yet have similar concerns regarding intellectual property, ownership, security, legal and compliance. The difference this time, however, is that the scale, sophistication and openness of the new AI models are even more advanced, and the technology is expected to evolve at an even faster pace than we have seen in the past.

    While the need to address these concerns is valid, and quality issues with these platforms are real, we’ve overcome such challenges countless times over; we can expect they will be solved in this instance. In the meantime, I firmly believe at least some small investment should be dedicated to understanding the art of the possible and its limitations and working through the intellectual property, security, and legal issues.

    Throughout history, countless inventions have improved human productivity. Software engineers today are more productive than engineers from decades ago. What changed? It certainly wasn’t the capacity of the human brain. Instead, our heightened productivity is thanks to new software engineering frameworks, platforms, and tools. AI tools represent the next major leap in this journey. Just imagine what an AI engine that can pass college-level exams can do when it’s purpose-built to help software engineers write code.

    While there are risks associated with the technology in its early stage, the most significant risk most tech companies face is waiting too long and allowing the competition to onboard the technology first.

    Related: 5 Fears All Entrepreneurs Face (and How to Conquer Them)

    Start-ups are in a particularly advantageous position, as they have much less to lose and much more to gain by taking a bold risk on early AI adoption. However, large enterprises can begin dabbling with generative AI by finding low-risk use cases. They should also ensure that this is considered a top priority for legal and security teams and adequately communicate the significant stakes.

    While the applicability of these technologies is broad, I recommend finding a pragmatic, simple area to begin experimenting and learning, then expand from there. Perhaps even host an in-house hackathon to see all the creative solutions your teams think up.

    There are countless opportunities to experiment with generative AI across marketing, engineering, customer service, and many business functions. While being conscious of the risks and taking steps to mitigate them, it makes sense to start small. However, getting started is important; otherwise, you may risk getting left behind.

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    James Barrese

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