AI development many of us woke up this morning and were able to go about our day, thanks to artificial intelligence (AI). Our alarms knew to go off multiple times, Siri or Cortana knew to tell us what the weather would be like for the day, and that scheduled payment for a gift you wanted to get for your best friend went through without a hitch.
It often goes largely unnoticed but AI is now integrated into our everyday lives in a myriad of ways. It has changed the world as we have come to live in it, however, studies show that what AI means remains widely mysterious to many people.
Let’s demystify AI and learn about a few of the latest AI development revolutionising various industries.
AI development-What is AI?
Often confused for AI is machine learning (ML) which is a subset of AI development that is said to further help amplify the intelligence of smart machines. Basically, think of AI as the branch of computer science concerned with developing smart machines to develop behavioural features similar, and even some would argue superior, to that of human beings, i.e., human intelligence.
AI takes things steps further to developing machines that mimic human intelligence but also with the hope of one day nearly or completely eradicating the possibility of error, as is common with human behaviour.
For the betting industry and online casinos alike, AI has seen exponential interest and growth over recent periods, check out the Unibet site for example. In terms of software development, beyond the quality of graphics and sound, artificial intelligence has improved the user experience, whether the gameplay is on the website or the casino app.
However, despite the positives, there have also been fears that AI might threaten the essence of industries that depend on luck, calculations and human predictions. This is by virtue of the increased development of intelligent machines that can accurately predict any outcome.
In these 3 ways, AI has changed and also challenges various industries.
Enhanced customer experience and customers’ service through cloud computing.
AI is presently positioned to deliver customers with impeccable service when they connect to any online casino from anywhere in the world, for example.
Experts will also tell you that with AI, data is the most prized possession for any company or firm. At an international summit usually held in Barcelona, the ‘Global Betting & Gaming Show’, industry experts shared their views on how AI is currently transforming the betting industry and their projections for the future of AI in the industry.
This take from a director of a casino and hotel firm puts it quite succinctly; “[..] I’m not seeing operators managing their operations without the help of AI in the near future [..] we want to be on top of this because the ones that agree more with AI and manage AI will be the most successful operators, Americo Loureiro, said.
Identity checks, fraud prevention and security using deep learning artificial intelligence-enabled verification processes
In many industries especially those that rely on conducting businesses online, the risk of identity theft, fraud and threats to personal security are high. The issue of anonymity is also one that online casinos and gambling businesses take very seriously.
AI provides solutions to these concerns in multiple ways. For one, through face and/or voice recognition software as well as other biometric solutions, AI is trained to identify trends, patterns and information peculiar to individual users, in doing this, the accuracy of identity authentication is heightened.
More so, as a sub-set of AI, machine learning can be taught and over time, with more frequent use by customers, learns to better identify and analyse different types of ID documents thereby more accurately sifting valid IDs from the fraudulent ones.
AI might pose a threat to the online gambling and betting industry
The goal of AI is to develop machines that are exceptionally competent and accurate. This singular goal arguably means that an algorithm can be created such that it is able to predict near accurately the outcome of any betting event. The rebuttal to this logic has been that the most important element is that of human behaviour which is impossible to correctly predict on any given day.
Human behaviour can be said to be predominately volatile therefore often making it unpredictable on account of several factors. As such no matter how advanced AI might get, it is thought to be impossible to develop an algorithm that might be able to always accurately predict human behaviour.
With AI development, online businesses are better placed when they are able to automate processes for a more seamless and efficient service offering, and large volumes of data can be easily mined and analysed to enhance predictions that are customised to each person, for a more intuitive customer experience.