Associate Professor of Graduate Programs in Software and Data Science and Director of Center for Applied Artificial Intelligence Dr. Manjeet Rege was interviewed by Scott Nelson, the chief digital officer of Tamarack Technology, a Minneapolis-based fintech company, about artificial intelligence and its future in everyday business. Their Q&A was published in the Monitor Daily, which covers the equipment finance industry.
From the article: Everyone has woken up, but retail has been in the forefront. Medical and healthcare have engaged mostly through medical imagery. Using ML and AI on imagery has moved much faster than patient information applications. Financial companies have been the last to embrace AI.
We talked about how one definition of AI is that the software is allowed to experiment and learn from mistakes. This is one reason it is challenging for financial companies – mistakes can be costly. Understandably, they see new technologies like AI as posing too much risk when dealing with personal and financial data. They have typically waited until they see others prove the “safety” of the technology before moving themselves.