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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Long before OpenAI introduced the world to ChatGPT’s powerful artificial intelligence (AI) model, rudimentary automation were deeply rooted in the financial world. In 1978, for instance, award-winning mathematician James Simons founded Renaissance Technologies, a quantitative hedge fund, by leveraging data to analyze statistical probabilities for securities price trends. The firm’s signature Medallion fund was established in 1988 and would enjoy the best record in investing history. Shortly after Simons introduced quantitative investing, expert systems became the norm within the banking and financial industry to mitigate human error risks. Eventually, they were used to formulate financial plans for individuals with relatively high incomes.  More recently, machine learning, natural language processing (NLP), and interactive chatbots have been leveraged to help investment firms, banks, credit bureaus, and other financial institutions formulate predictive analyses, combat fraud, understand customer needs, streamline customer support, and more.  Now in the “Golden Age of AI,” powerful new AI models are ushering in an array of disruptive tools and solutions with the potential to redefine the financial services industry. However, as most industries eagerly implement AI solutions to streamline internal processes and provide better customer service, the once-innovative financial sector has lagged, according to Teddy Flo, a general counsel of Zest AI.  But this is starting to change partly thanks to the embrace of AI in the crypto and blockchain industry. We’ve already seen numerous AI-powered crypto platforms and projects leveraging AI for various reasons. Platforms like Fetch.ai, a machine learning platform designed to automate tasks such as data processing and trading, and Bittensor, a decentralized network enabling the spread of AI knowledge, showcase ingenuity at the intersection of blockchain and AI.  Now, mainstream finance may…

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Filed under: News - @ June 23, 2024 4:04 am