October 10, 2017

Reflections from Artificial Intelligence and Machine Learning

Jyri Nevalampi

Sales lead for the Nordic Banking, Tieto

Tieto and eCraft Business Insight hosted a seminar on Artificial Intelligence and Machine Learning for the financial sector in Helsinki on the 26th of September.

The seminar was fully booked weeks before. Over 120 participants from the top of Finnish Financial sector joined in to listen to four presentations on machine learning and how it is being used in business. I left the inspiring event with three key takeaways: 

1) The public image of Artificial Intelligence is a robot who can think and robots will take most of our jobs. Let’s sort this out: AI is not “just a robot that can think”. AI and Machine Learning will enable financial sector companies to utilize their existing data more efficiently and get answers to questions such as forecasts; yes or no or how to classify different data. And when it comes to whether or not machines take our jobs, the answer is no. Machine learning empowers organizations to release employees from boring routine duties and enables them to concentrate on more demanding duties.

2) Taking Machine Learning into use doesn’t require huge million-euro investments from global giants. Instead first proof of concepts is possible to do with small investments, from Nordic companies. 

3) Companies should always try to achieve the “unfair advantage” even though the period of having the “unfair advantage” will most likely be maximum 2-3 years. How to achieve unfair advantage is a more difficult question, but investing in machine learning can enable companies to find their own “unfair advantage”. 

Overall, I found the event a great success. I believe the participants got many new ideas to be considered in their own organizations. If you are keen to understand more, please do not hesitate to contact us and find out what you can achieve with machine learning in your organization and how you could discover your “unfair advantage”.

More take aways from the event you can find from twitter especially in Finnish with the hashtag #koneälyfinanssi.

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