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2024 Backward Pass: The Definitive Guide to AI in 2024 Authored by: Kelvin Mu , Principal, Translink Capital #ArtificialIntelligence (#AI) is set to play a crucial role in shaping the #business landscape in 2024. As AI #technologies continue to mature, they are driving significant #transformation across industries, presenting both unprecedented opportunities and notable #risks. This report examines the key trends and challenges that businesses will face in integrating AI into their operations, with a particular emphasis on #sectors such as #finance, #healthcare, and #consumerservices. AI’s most notable advancement in 2024 is the increased use of #generativeAI and machine learning models. These technologies are enabling companies to enhance #automation, improve #customerengagement, and make data-driven decisions with greater precision. In the #financialsector, AI’s ability to process large #datasets is revolutionizing #investmentstrategies, #creditriskassessment, and #fraud detection, creating opportunities for more efficient operations and tailored #financialproducts. Despite these advancements, AI adoption brings challenges related to data privacy, security, and ethical concerns. The complexity of AI models demands transparency and accountability, especially in high-stakes environments like #finance, where algorithmic trading and credit scoring depend on AI-driven decisions. Moreover, issues such as algorithmic bias need to be addressed to prevent detrimental outcomes for both businesses and consumers. With increasing regulatory attention, companies must establish robust governance frameworks to ensure AI systems are used responsibly and in compliance with evolving legal standards. In conclusion, 2024 will be a defining year for AI’s integration into business practices. While AI presents immense potential for driving innovation, its challenges cannot be overlooked. To succeed, organizations must strike a balance between leveraging AI’s capabilities and addressing its risks. For C-level executives, the key takeaway is that AI’s transformative power requires careful management, ensuring it is deployed ethically, transparently, and responsibly. Organizations that approach AI with this mindset will be well-positioned to achieve #sustainablegrowth and a competitive edge in the rapidly evolving #digitaleconomy.

The EU's AI Act is Now in Force: What It Means for Your Business in 2024 In 2024, businesses around the world are grappling with the implications of the EU's landmark AI Act, which came into force at the start of the year. As AI-powered automation becomes increasingly prevalent, 82% of global executives report prioritizing compliance with these new regulations. This trend is reshaping business practices, as companies must now navigate a complex web of requirements around AI transparency, risk assessment, and human oversight. The challenge lies in balancing compliance with the need to leverage AI's transformative potential - especially for small and medium-sized enterprises that may lack the resources of larger counterparts. A practical tip is to start by conducting a comprehensive audit of your current and planned AI deployments, categorizing them according to the EU's risk-based framework. This will help you identify areas requiring heightened scrutiny and opportunities to optimize your AI workflows for ethical and sustainable performance. AI-powered automation can enhance this process by automating data gathering and analysis, freeing up your team to focus on strategic decision-making. To stay ahead of the curve, how are you planning to future-proof your business against the evolving AI regulatory landscape? Remember, compliance is just the starting point - the true opportunity lies in harnessing AI as a catalyst for innovation, productivity, and responsible growth. ☕ Buy me a coffee: https://lnkd.in/eRuDv8BV 💳 IndiePage: https://juliopessan.app/ 🤖 UKode Labs: https://ukodelabs.com/ 📝 Docspark: https://docspark.io/ #AI #2024AITrends #EUAIAct #ComplianceStrategies

The report titled “Financial Services and Generative AI: Navigating a New Era of Innovation – How Financial Services Firms are Embracing — and Governing— Generative AI”, prepared by Smarsh, explores the transformative role of #generativeartificialintelligence (AI) in the financial services sector. The emergence of #AItechnologies is reshaping the #industry’s landscape, enabling firms to enhance their operational capabilities and deliver innovative solutions. However, this rapid evolution also necessitates robust #governance frameworks to address potential risks related to #datasecurity, #compliance, and ethical considerations. #GenerativeAI in #financialservices has the potential to redefine several aspects of #business, including #customerservice, #riskmanagement, and regulatory compliance. With the ability to generate new content and insights from vast datasets, AI is driving efficiency and personalization in services while reducing operational costs. Financial firms are increasingly adopting AI to streamline processes, from automating routine tasks to improving decision-making models through predictive analytics. At the same time, the introduction of generative AI into financial operations presents new challenges. Chief among these is ensuring compliance with stringent regulatory standards, including data protection laws and industry-specific regulations. Financial institutions must also address concerns related to the ethical use of AI, ensuring transparency and accountability in their AI systems. The report emphasizes that the future of AI in financial services hinges on a careful balance between #innovation and regulation. Institutions must develop comprehensive governance strategies that include clear policies for AI development, implementation, and oversight. These strategies should not only focus on maximizing the technological benefits of AI but also ensure alignment with regulatory frameworks and ethical standards. In conclusion, as generative AI continues to evolve, financial services firms face a critical juncture: harnessing its transformative potential while safeguarding against its risks. The success of AI adoption in the sector will depend on how well institutions can integrate these technologies into their operations while maintaining compliance, transparency, and ethical responsibility. The integration of robust governance frameworks will be pivotal in enabling financial firms to thrive in this new era of innovation, ensuring sustainable growth and enhanced trust with clients and regulators alike.

🌟 Predictions for 2040: Our AI-Driven Future 🌟 1. AI-to-AI transactions will dominate business interactions. 2. AI will significantly boost global GDP. 3. Diversified AI applications will enhance productivity. 4. Risk-aware AI adoption will balance innovation and safety. 5. Stricter data governance regulations will protect privacy. 6. AI-powered financial regulation will improve market oversight. 7. AI will revolutionize healthcare with personalized treatments. 8. AI-driven environmental conservation will promote sustainability. 9. Ethical AI governance will ensure responsible development. 10. AI will personalize and democratize education. 11. Autonomous transportation will transform urban mobility. 12. AI will augment human creativity in arts and design. 13. AI will streamline legal services and improve access to justice. 14. AI will optimize urban planning for better living conditions. 15. Personalized finance through AI will promote financial inclusion. Explore more about our AI-driven future at VCII! https://lnkd.in/gCZUJu67 #AI2040 #FuturePredictions #ArtificialIntelligence #TechInnovation #AIRevolution #GlobalGDP #DataGovernance #HealthcareAI #EthicalAI #UrbanPlanning #CreativeAI #LegalAI #FinancialAI

Artificial Intelligence (AI) and private LLMs are revolutionizing the wealth management industry. When used in the right places and with the right context, AI can and will bring material benefits to enterprises, lines of business, firms, and advisors. Below are four (4) must-read, rich insights from our POV here at FutureVault on how we're thinking about and approaching all things AI. (1) Having a secure centralized repository to store, aggregate, and collect documents is critical for untapping the value in how LLMs and AI can extract and analyze data, drive automation, and deliver actionable insights; (2) Alpha Content, client-provided information and documents, is something Daniel Kenny speaks very often about, and is a major key to unlocking additional insight and enabling a comprehensive understanding of clients’ lives. Alpha Content is king; (3) Data within documents is infinitely more powerful than isolated, stand-alone data. Why? Documents provide proof, relevance, legitimacy, and arguably the most overlooked aspect, context. Context is everything; (4) Document aggregation combined with AI and private LLMs leads to deeper client relationships, more efficient operations, and a more personalized, client-centric approach to financial services. Let this sink in... according to Gartner, firms that harness the power of document data can outperform competitors by up to 50% in terms of client retention and engagement. In the video below, you can watch a quick 'teaser demo' highlighting a few of the many out-of-the-box AI/LLM capabilities in the platform. In addition to the out-of-the-box capabilities, our platform can offer and support customized AI workflows along with the ability to aggregate documents and vault insights rolled up to advisors, lines of business, and enterprises. #AI #LLMs #FinTech #AdviceTech #WealthTech #FutureVault #DigitalVault #DigitalVaults #DataExtraction #ArtificialIntelligence

“In the age of AI, data is the new currency. However, to truly harness the power of AI, organizations must prioritize 𝐝𝐚𝐭𝐚 𝐠𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞.” 💡 Strong data governance frameworks ensure that data is accurate, secure, and compliant with regulations, which is essential for informed decision-making and successful AI implementation. Effective data governance builds trust and enhances the quality of insights generated from AI systems. By establishing clear policies and accountability, businesses can confidently navigate the complexities of AI, driving innovation while mitigating risks. Key aspects of data governance for AI adoption include: 📌 𝐃𝐚𝐭𝐚 𝐐𝐮𝐚𝐥𝐢𝐭𝐲: Ensuring the accuracy and consistency of data to support reliable AI outcomes. 📌 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: Protecting sensitive data and adhering to regulations to build trust with stakeholders. 📌 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲: Establishing clear roles and responsibilities to enhance decision-making processes. 📌 𝐂𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐑𝐞𝐚𝐝𝐢𝐧𝐞𝐬𝐬: Fostering an organizational culture that embraces data-driven decision-making and AI innovation. By prioritizing data governance, businesses can unlock the full potential of AI and pave the way for transformative growth. Join us at 𝐀𝐈 𝐑𝐞𝐚𝐥𝐢𝐭𝐲 𝐓𝐨𝐮𝐫 on 𝟐𝟐𝐧𝐝 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 to separate myth from reality. We’ll show you how to approach AI strategically, ensuring your business makes informed, impactful decisions. Learn to focus on real business outcomes, not just AI lofty promises.  🔗 𝐑𝐄𝐆𝐈𝐒𝐓𝐄𝐑 𝐇𝐄𝐑𝐄: https://lnkd.in/gDEjT68i #datagovernance #AI #architecture #data #event #Quandatics 

📰 News: 📰 --- 🚀 Norm AI Raises $27 Million for Game-Changing Regulatory Compliance Platform 💼 Hey, fam! Here’s some exciting news in the AI world that caught our attention. Norm AI has just bagged a whopping $27 million in Series A funding to supercharge its AI-driven regulatory compliance platform. 🌟 Let’s break down why this is a big deal: - --$27 million-- raised to expand and refine their AI platform. - This platform automates compliance workflows, making tasks --up to 80% faster--. - Norm AI’s tools can turn regulations into computer code, reducing compliance review times from --days to mere minutes--. John Nay, Norm AI’s founder and CEO, highlighted that we’re at a crucial inflection point in AI capabilities. When leveraged properly, AI can revolutionize the way businesses handle their compliance processes, making them more efficient and accurate. 🧠💡 Sri Viswanath from Coatue, the company leading the funding round, shared immense confidence in Norm AI’s vision to become a transformational AI company, scaling new heights in regulatory compliance. Now, we want to hear from you! What do you think about AI stepping into the regulatory scene? Drop your comments below and let’s get the conversation rolling. Don’t forget to hit that follow button for more insightful updates from Bernier Group! 👇💬 #AIDriven #Digital #AI #Data #SMB #SME #Strategy #Innovation #Business #ArtificialIntelligence #AnniQ https://lnkd.in/ebci6Q-e

In 2024, AI isn't just a buzzword - it's a business imperative. But beneath the hype, companies are grappling with serious challenges: • 73% of businesses have adopted AI • Yet a staggering 77% feel unprepared for its full integration Are you among the silent majority struggling with AI?  The Top 5 AI Adoption Nightmares: 1. Talent Drought: The AI skills gap is widening. Where are all the experts? 2. Data Dilemma: Drowning in data, but thirsty for insights? You're not alone. 3. Ethical Minefield: AI bias and transparency issues keeping you up at night? 4. Legacy Lockdown: Your existing systems refusing to play nice with AI? 5. Regulatory Maze: Feeling lost in the ever-changing landscape of AI regulations? These challenges aren't just statistics - they're real hurdles faced by businesses every day. From healthcare to finance to manufacturing, no industry is immune. Is your AI journey hitting roadblocks? Which of these challenges resonates most with your experience? Share your AI adoption struggles in the comments. Let's illuminate the real issues businesses face in 2024. #AIAdoptionChallenges #BusinessAIStruggle #TechHurdles2024 #AIImplementationIssues #saincube

𝗧𝗵𝗲 𝗔𝗜 𝗔𝗿𝗺𝘀 𝗥𝗮𝗰𝗲: 𝗜𝘀 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗣𝗿𝗲𝗽𝗮𝗿𝗲𝗱 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗖𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲𝘀? The AI arms race is real, and businesses around the globe are eager to harness its potential. But amid the excitement, we must consider the deeper questions: What are the consequences of this race? What ripple effects—both intended and unintended—will emerge as AI permeates every corner of our lives? Let us first address the intended consequences. AI promises remarkable advancements: optimizing processes, analyzing vast datasets, and improving decision-making at an unparalleled speed. For businesses, these advantages are enticing—enhanced productivity, cost savings, and new opportunities for innovation. But these benefits are only the surface of a much more complex reality. Now, think of the unintended ripple effects. Take, for example, decision-making processes. While AI can optimize and automate, it is often trusted without full understanding of its inner workings. In this reliance, businesses may unintentionally surrender critical judgment to machines. When algorithms begin making decisions that affect people's lives—decisions about hiring, loans, even healthcare—are we fully aware of how those choices are being made? Can we ensure that they are fair, equitable, and unbiased? Another ripple effect is the transformation of the workforce. AI will, without doubt, replace certain jobs, particularly in repetitive and data-driven roles. While this technological shift creates new opportunities, we must ask: are we ready for the displacement it may cause? Millions of workers could find their skills suddenly obsolete. The consequences for communities and industries could be profound, requiring not only economic adaptation but a rethinking of how we value human labor in an increasingly automated world. Privacy is yet another area where unintended consequences will arise. As AI systems thrive on data, we find ourselves in a delicate balance between innovation and surveillance. Businesses will have unprecedented access to personal data, driving greater insights and more tailored products. But this comes with a cost—the erosion of privacy. How will businesses protect the rights of individuals in this data-driven landscape? The answer is crucial, not only for ethical reasons but for the sustainability of trust between businesses and consumers. And then, there is the environmental impact. The vast computational power required to run AI systems consumes extraordinary amounts of energy. Are we prepared for the environmental trade-offs that come with the pursuit of more advanced technologies? These are not distant concerns; they are shaping our reality now. AI’s potential brings both intended and unintended consequences, and it’s crucial to approach it with both ambition and humility. The responsibility for its impact rests with us. The future of AI depends on how responsibly we harness its power. Let’s make it count. #AIArmsRace

A week ago, I had the pleasure of attending the inaugural #AI Symposium conference organized by #FinRegLab. The event brought together an outstanding lineup of financial regulators (it was great to meet some of my customers there!), technologists, industry practitioners, members of Congress, and academic leaders. AI and its impact were top of mind for everyone, and the discussions covered a wide range of critical topics, including: * Use cases with immediate benefits: Generative AI (GenAI) has the potential to transform the customer experience, delivering real and tangible improvements for consumers. * AI implementation and trust: Trust remains the cornerstone of financial services, and the implementation of AI systems must prioritize transparency, accountability, and fairness. * The regulatory balancing act: How do we regulate AI to ensure it is trustworthy, fair, and safe without stifling innovation? As Larry Summers stated, "Regulation should focus on issues, not technology." Financial regulators are increasingly supporting innovation by encouraging private companies to test new products and services through regulatory sandboxes. * Broader societal implications: Will AI enhance or hinder workers' prosperity? How can we ensure that the benefits of AI—such as productivity gains and efficiency—are shared across society rather than concentrated among a few? These topics are central to what we do at #SAS and guide how we develop and deploy our technology.