Last week I asked a group of university students how they were using Artificial Intelligence or AI in their studies. Their response was fascinating: nine of the 10 students had tested ChatGPT for use in their courses. Some had generated whole papers, others had used it for research, and still others had used AI to reformat and rewrite their content.
Personalized customer experiences: AI can analyze customer data and personalize interactions to better meet individual customer needs and preferences. Enhanced fraud detection: AI can help businesses detect fraud and other types of financial crimes more quickly and accurately, reducing losses and improving security.
Bias in decision-making: If not properly designed and implemented, AI algorithms can perpetuate biases in decision-making, potentially leading to discrimination and inequality. Cost of implementation: The development and implementation of AI systems can be expensive, particularly for small and medium-sized businesses.