Artificial Intelligence is spearheading the next industrial revolution. Adoption in various operations and industries already signals the technology’s disruption effect in the years to come. Amidst the rapid growth, Canadians believe it is high time people understood the risks at stake with the revolutionary technology.
Understanding AI Risks
A study carried out by Environics Research Group indicates that as many as 77% of Canadian’s believe it is essential first to understand the potential risks caused by technology. Study results also indicate growing concerns on how artificial intelligence is being developed. The lack of diversity around the AI filed is another emerging issue that Canadian’s believe need immediate attention.
While the concerns are a point of concern, they point to a growing level of awareness about artificial intelligence and its potential impact. Given the amount of data in the financial sector, most Canadians at 90%, believe banks have a greater role to play in addressing some of the risks posed by AI. However, experts believe that banks, just like other entities, also have a lot to learn before they can quell any public fears pertaining to AI.
According to banking experts, Artificial Intelligence will have the greatest impact on the industry as opposed to blockchain technology. This is in part because of the technology’s unique capabilities that continue to enhance detection of fraud and money laundering.
Integration of the cloud and AI will thus have to come into play if financial institutions in Canada and around the world are to enjoy AI full capabilities. In addition, financial institutions will have to understand the risks posed by the technology prior to its integration
“Understanding the risk profile of what cloud presents, then understanding how to certify those services in the cloud, is done very well in other jurisdictions. Canada is a little further behind,” said John Painter, the chief innovation officer for Sourced Group.
Canadian AI Stocks To Watch
As the debate on the use of AI in the financial sector persists, a number of Canadian companies are already providing investment opportunities around the revolutionary technology.
Kinaxis (TSX:KXS) is a cloud-based software and data analytics firm that is increasingly adopting artificial intelligence to enhance the capabilities of its products and solutions. With the integration of AI, the company offers software that helps manage global supply chain operations. The company is also leveraging the technology to help detect trends in operational data.
Shopify (TSX:SHOP) is one of the best perfuming Canadian tech companies as it continues to offer a cloud-based platform for small and medium businesses. The company has broadened its business empire with the use of artificial intelligence in its apps and theme stores. The use of machine learning technology has allowed the company to make it easy for merchants to detect fraud as well as reduce the costs of operations.
BlackBerry (TSX:BB) is another company that provides excellent exposure to AI technology. The company is utilizing technology to enhance its cybersecurity products. In 2018 the company acquired Cylance, a firm specializing in AI and machine learning in a bid to get a head start on the use of the revolutionary technology.