The Global Artificial Intelligence (AI) Safety Summit, which took place at Bletchley Park in October, put AI firmly front and centre of global politics, and as a vocal and passionate advocate, Rishi Sunak is positioning the UK as a world leader in AI development, application, and, importantly, governance1. So far, so good.
The narrative around AI is double-edged - clearly, there’s excitement and hope for the technology and its huge benefits, but there’s considerable nervousness around the considerable risks too.
“I believe nothing in our foreseeable future will be more transformative for our economy, our society, and all our lives, than this technology. But in this moment, it is also one of the greatest tests of leadership we face.”
- Rishi Sunak, UK Prime Minister.
The fact is, AI is already being implemented here and now. It is embedded into almost every aspect of our daily lives, transforming the way we live, work, and interact - with tech and with each other. Siri and Alexa have become valued members of our households, sharing the songs and stories we love, ordering our groceries, and managing our diaries. Algorithms curate our social media feeds, so we feel recognised and welcomed wherever we browse.
The AI behind our online experiences presents us with recommendations for things we need, desire, or are interested in, from shops, search engines, and publishers. Identity tech leverages AI for critical applications, like facial recognition at border security, but also for the sheer fun of it, powering face filters on Snapchat and Meta.
The use of generative AI is booming, for writing and debugging code, researching, creating, and editing content. By February 2023, the Chat GPT website was receiving an average of 1.5 billion visits per month. It reached 1 million users just 5 days after launch, smashing the 2.5 months taken by Instagram, and growth since has been exponential, with users currently sitting at around 180 million2.
AI drives maps and navigation systems, enabling route optimisation based on real-time traffic data. Google Maps uses AI to stitch together Street View, aerial maps, and images to create fully immersive maps that users can step right into3.
Machine learning means we can better predict natural disasters, with AI-powered maps used by Turkish ecologists achieving 80% accuracy in anticipating fires 24 hours before an outbreak4.
So many use cases and every single step is currently powered by Artificial Intelligence and machine learning.
Closer to home, Cashflows and other financial institutions deploy AI for fraud detection and risk assessment, where the intelligence is able to process and monitor huge quantities of data across multiple platforms to safeguard transactions and investments.
Recognising how AI can help to transform the customer experience, our Fast Onboarding service combines human and artificial intelligence to streamline account opening and get businesses set up for payments speedily. When it comes to solving the everyday challenges of our customers, like saving them time and helping them to be more productive, we look to AI to make the things we do become smarter and faster.
Artificial Intelligence makes everyday tasks seamless and more efficient. By embracing this innovation and always balancing opportunity with risk, we’re taking steps into a world where every experience, every day, can be made extraordinary.