AI - The Good, The Bad And The Ugly

The UAE is the first country to use AI for writing laws and legislation. Many countries look into AI as the future and there is quite a bit of fomo - miss the train and you will be left behind - maybe even cease to exist in a long enough timeframe.

That said, it is also important to increase the AI-literacy. In Estonia, it’s said to be as high as 30%, but that would still mean most people don’t understand it - and it’s potential dangers. A figure, that is significantly lower everywhere else.

Here in one of the most tech-savvy countries, we work together with technology. That means we don’t let it take over our lives. But in countries like USA or China, the threat is real - people being led to believe that AI is God, which may lead to exploitation, misinformation, corruption, even wars.

AI can have many good use-cases, maybe we can even cure cancer. But it can also be used for evil. Until most of AI is open-source, there is danger to be misused. We have already seen how social media has been used to spread all sorts of information - some truthful, some less. And now it’s the turn for AI. The governments will not protect us from it’s threats - at least not when they have vested interest in using AI. Not saying they won’t try, there sure will be some good initiatives. But humanity as a collective should be prepared and watchful.

How is it all related to finance? There are dozens of financial services already using AI. Our job is twofold - to provide a transparent service that uses AI well, to manage risks. There are tons of fake websites claiming to use AI, many are not doing a good job, many are just fake. Second, to educate - what can we do with AI and how.

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