Would you allow a robot to manage your money? Well, while it may appear as fictional futuristic movie stuff, financial services providers are already doing it. Robots and artificially intelligent computers and systems are now helping in the management of your money and other financial services. According to Accenture, this trend will allow banks to boost their revenues and employment in the next five years. Similarly, AI apps that help people in their Personal Finance Management (PFM) are now available to help individuals in the management of their finances.

It has now become common hearing people talking about how artificial intelligence (AI) will change various aspects and industries in every country on the planet. There are growing fears that this technology will eliminate many jobs and professions through automation of tasks. Many reports have shown the truth behind job automation especially for certain professions and demographics. For example, a report by Brookings Institution noted that automation threatens more than 25% of jobs in the US, most done by low-wage earners where tasks are repetitive and routine-based.

Artificial intelligence is a misunderstood technology. Although everybody wants to know it and each business may want to invest in it, the truth actually is that many still don’t understand what AI actually is and what it can offer. As marketers look to outperform competitors, many assumptions and exaggerations regarding the capabilities of AI have been flying all over. For example, there is confusion about the difference between machine learning, deep learning, and AI. For this reason, you should consider knowing a few things for you to determine whether AI is right for your company or not.