Artificial intelligence, in its current understanding, began to develop rapidly about 10-15 years ago, when the ability to store and quickly process large amounts of data became almost universally available. Today, it’s hard to remember that recently it took days, if not weeks, to get a debit card or get a loan. Using AI models that analyze Big Data, we can create various metrics to evaluate the customer. For example, we now understand which product will interest the customer at a particular point. And nowadays most products can be ordered online.
In the future, the impact of artificial intelligence on our lives will increase even more. It is important that this impact benefits both the individual and society as a whole. And here banks, investment and insurance companies have an ambitious goal: to help people build basic capital. This is exactly what our country has been missing for a long time. The economic model of society should be in the form of inheritance and multiplication of the capital accumulated by the family. In this development scenario, there is confidence in the stability necessary to increase the well-being of society. In addition, having the majority of the population own basic capital accelerates economic development.
How can artificial intelligence technologies increase the well-being of society? The fact is that the level of well-being of a society depends on the level of well-being of its traditional unit (an individual or family). To improve a person’s well-being, we need to offer him exactly the products he needs at the moment.
These products must be personalized, and their cost must be individual, that is, take into account the characteristics of a particular person: his lifestyle, professional employment, bad habits and much more. There is also a need for flexible design programs so that the user can connect or disconnect certain services, risks and programs at will. Artificial intelligence will also be very useful in the development of situational insurance because we will be able to analyze the conditional “digital profile” of the customer; We will be able to understand how it moves, what it eats, and what places it goes. And accordingly, we will be able to offer personalized products that will protect him in difficult situations.
But that’s not all. The emergence of financial assistants based on artificial intelligence will make a significant contribution to improving the well-being of society. In fact, each person will have his own personal assistant who knows him very well and will offer him various solutions for his financial well-being. Well-being itself consists in planning the various components and stages of one’s life: education and further education, personal and family budgets, retirement, taxes and personal risks (operational, credit, investment), as well as a portfolio of assets. An AI-powered financial advisor will analyze and evaluate every component of such planning. This will gradually change the behavioral characteristics of society, that is, increase the level of financial literacy and, as a result, the level of well-being of society, making it possible to create personal optimization solutions for customers.
In fact, all tools will be brought to the level of a unique system that will be with the person 24/7 and perform all financial routines automatically.
Source: Gazeta
Dolores Johnson is a voice of reason at “Social Bites”. As an opinion writer, she provides her readers with insightful commentary on the most pressing issues of the day. With her well-informed perspectives and clear writing style, Dolores helps readers navigate the complex world of news and politics, providing a balanced and thoughtful view on the most important topics of the moment.