Welcome back friends and new AI enthusiasts to ChildsPlayAI, a weekly newsletter where we break down what’s happening in AI, in language you can understand.

If you’re new to our newsletter this week, we’ve been covering how AI could have an impact on various industries. Read up here to catch up on the ones that you missed!

Here’s what we’ll cover today:

• AI in Financial Services

• AI in Media

Let’s dig in.

Banking and financial services have witnessed massive transformations already due to AI tools and services.

• Intelligent software robots have replaced human agents for processing loan applications in seconds.

• Robo-financial advisors can sift through thousands of levels of data in seconds to recommend the right investment.

• AI-based chatbots are deployed in Insurance companies to improve the customer experience and create insurance plans and products based on customers’ data.

Chances are if you’ve bought an insurance policy recently or used a financial platform such as Wealthfront, your information has been analyzed by an AI application or an algorithm to help determine the right policy or investment decision.

So what’s the future look like? This concept of money on auto-pilot going around the finance circles (we’re not in them) is what’s called “self-driving money.” Some key concepts:

• An all-encompassing financial platform that can move your money across investments to optimize your balance sheet

• A financial “superapp” which would serve as an autopilot across various categories (save/spend, investments, retirement, etc.) allowing for hands-free management experience

Fraud detection will continue to become more efficient with AI tools. Mastercard uses AI-based decision intelligence to detect fraudulent transactions, putting their offerings at a more competitive advantage

If you haven’t seen the AI impact on media yet, go check out the deepfake of the Trump v Biden debate. Bad actors will always be prevalent in this category. But the positive impact AI can have to make media companies more efficient and deliver better consumer experiences is in action.

• Social media companies use AI to analyze consumer data to deliver more targeted ad experiences. Facebook has mastered this. (check your bank account for proof)

• Globant predicts ~$100B impact projected for the global media & entertainment market size of AI by 2030

• AI social media influencers are driving tangible revenue to companies who are adopting the technology (Yes. Fake account influencers. You read that right. Proof.)

This is all about efficiency and charting new territories into creativity. Generative AI saves marketers more than 3 hrs on one piece of content. Companies are writing ads and content daily with Generative AI. Movie scripts and books are written and at minimum outlined or brainstormed with AI. It’s happening.

Companies that are adopting AI will make for better consumer experiences. Who doesn’t want better fraud protection from their bank?

You will read a book or watch a movie that’s had AI input within the next few years if you haven’t already.

Consumer behavior will always influence the actions companies take and at some point, it will be table stakes to compete. Are you in or out?

• Why movies made by AI won’t be the future of film

• AI can crack your password. Fast. Smarten up. 

• White House launches AI-based contest to secure gov’t systems 

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