The Truth Behind Artificial Intelligence: Illustrated by Designing an Investment Advice Solution

Claude Diderich

Journal of Financial Transformation, 2023, vol. 58, 116-125

Abstract: Artificial intelligence can be considered one of those technologies, like 5G, 3D printing, and virtual reality, that can disrupt the business world. While AI has the potential to solve meaningful business problems, implementing it in a way that creates value is challenging. Unfortunately, many AI proponents lack the necessary computer science and mathematics machine learning skills required for developing AI systems that pass the Turing test. This paper presents an assessment of the characteristics of AI, allowing the reader to understand what specific business problems it can solve, and describes how an AI-supported investment advice solution for wealthy private clients can successfully deliver value. By reviewing the lessons learned, I conclude that the future of AI is bright if the focus is put on applying it to those challenges that it is best suited to solve.

Keywords: AI; Artificial Intelligence; Machine Learning; Investment; Complexity; Statistics; Big Data; Correla (search for similar items in EconPapers)
JEL-codes: C02 M15 O33 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1706

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