Artificial intelligence (AI) is frequently touted as having the potential to revolutionise every aspect of our daily lives from work to leisure time; commuting to healthcare. Less optimistically, though, luminaries such as Elon Musk among many others have drawn attention to the possible dangers of AI: that by creating the singularity we risk ‘summoning a demon’ that ultimately consigns humanity to oblivion.
We take a more optimistic view, noting that while emerging technologies have often given rise to scare stories about their impact on people’s health and behaviour their benefits have usually outweighed the drawbacks.
For now – and even though it’s still in its infancy – we can highlight how effective AI has been in the fields of healthcare diagnostics, medicine prescriptions, and air travel. For the future, we believe AI is likely to give companies a second wind when it comes to productivity, allowing them to be more efficient, better, faster and actually quite creative in how they transform their offerings.
This in turn should improve growth and therefore, hopefully, generate new kinds of jobs. Far from creating a techno-apocalypse I think AI has the power to transform the world for the better and not for the worse.
April LaRusse – Fixed Income product specialist. Insight Investment, a BNY Mellon company