Why trust in AI is increasing despite of so many fears

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Business is speeding up in every way as the information economy accelerates into the next phase of the industrial revolution. Immense disruption and continuous innovation—driven by constant connectivity, exponential increases in data, access to massive computational power, and even human-machine interaction—are redefining strategy and upending industries around the world.

In this era of massive transformation, businesses face constant pressure to stay ahead of the curve—and the pace of change is getting faster. At times it is very difficult for the companies to understand on how companies are responding to these new pressures in the marketplace, as the various new segments are yet to launch like a new market place for all type of technologies, consultants and cyber security services, with a pre-defined price tag with the service module.
As per GSMA, the AI market is projected to reach $70 billion, since, the GSMA tackles the world’s most pressing challenges by bringing together the public and private sectors to transform lives through access to mobile innovation. Since the beginning of 2020, the trust in AI-powered solutions is increasing in the double digits, and many observes that this trust is justified: AI-powered identity verification provides optimum fraud prevention while significantly improves in the payment fraud detection. Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has a long track record of successful use.

Many businesses have made substantial improvements to technology infrastructure and processes, but they must continue to develop these capabilities, along with a culture of innovation, to stay competitive in the years ahead. Rapid ideation is already paying off for the companies that have the right tools and strategies in place, at the same time certain companies are now prioritizing newer technologies and focusing on innovation alongside their younger peers like Reliance Jio.

It is also true that, businesses houses are under continuous pressure with the Increasing competition and the accelerating pace of change lag only big-picture issues like economic conditions and global security as high-level trends affecting companies. And this pressure makes it more important than ever to turn ideas into products and services that provide value—quickly. In fact, more than two-thirds of companies surveyed say rapid development of new products and services with the support of AI,ML and IoT become a necessity.

However, Machine learning as a way to build analytic models, and AI as the use of those models. Machine learning helps data scientists efficiently determine which transactions are most likely to be fraudulent, while significantly reducing false positives. The techniques are extremely effective in fraud prevention and detection, as they allow for the automated discovery of patterns across large volumes of streaming transactions.

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