Artificial Intelligence and Augmented Reality Can Help You Achieve Your Financial Goals
Artificial Intelligence and Augmented Reality (AI & AR) sound like something out of a science fiction movie. And, some of the things we see coming out of AI research, such as the first robot to be granted citizenship, does look more like sci-fi than reality. But the truth is AI and AR have been and are creeping into every facet of our lives. The impact AR is having, for instance, in delivering critical medical care to underserved populations is mind-blowing.
So What Exactly is Artificial Intelligence and Augmented Reality?
According to Wikipedia, artificial intelligence is machine intelligence as opposed to human intelligence. AI was founded in 1956, predicated upon a theory that human intelligence is so predictable that a machine could be made to mimic it.
Augmented reality is defined as “a live direct or indirect view of a physical, real-world environment whose elements are augmented by computer-generated perceptual information…”
How are Artificial Intelligence and Augmented Reality Impacting You Now?
Artificial Intelligence on your Smartphone
Some form of AI is already embedded in your smartphone. Developers say that by the end of this year, artificial intelligence will be a staple component of all smartphones.
Apple is using AI to enhance your imaging and animation experience. The Apple iPhone X came with facial recognition. And to make it fun for you, Apple utilized their 3D facial ID technology to develop Animoji—animated avatars. This avatar can mimic your own voice and body movements.
Not to be outdone, Samsung is also incorporating artificial intelligence features in its new phones. An example is Bixby, which is an assistant software integrated into the Galaxy X8 and Galaxy Note 8 smartphone. With Bixby Vision, you can point your smartphone camera at a product and learn everything about it. Bixby Voice serves as an information locator, as well as a virtual assistant to help you carry out functions solely by voice. For instance, by voice command only, you can set an alarm for that important meeting you don’t want to miss.
The Android messaging app of the future will read your messages and create a reply for you, based on your SMS history and all the information Google has collected on you. Smart Reply for Android Messaging has already rolled out, for Project Fi users only at this time.
AI rapidly compiles, sorts and analyzes trillions of data bits. It can find trends and patterns that you might miss, predict your future habits, understand your personality, and function on your behalf.
What’s going on With Augmented Reality?
Think about this—you walk down the street in a foreign city, wearing a cool pair of sunglasses. As you stroll along, all the street and store signs are instantly translated into English. Not futuristic. With your HUD (Heads Up Displays) equipped sunglasses all language barriers disappear.
Or you can go shopping and once you pick up a product from the shelf, a demonstration video will instantly appear showing you all the aspects of the product. No more guessing about whether this item is really what you want.
Or forget the bricks and mortar thing altogether. AR kiosks can be visited anyplace that crowds gather, such as sports facilities, transportation hubs, major intersections. Sound too sci-fi? Here is a look at some of the most exciting AR smartglasses for 2018.
How is Artificial Intelligence and Augmented Reality Going to help my Bottom Line?
Other than the intellectual exercise and “Wow” factor, what we want to know is how all this technology will help our bottom line. Because at the end of the day, that is what we really want, right? We want better tools to help us achieve our financial goals:
- to save more
- stay within our budget
- pay our bills on time
- get out of debt
- and improve our credit score.
Probably the most familiar of artificial intelligence technologies is what is called “machine learning.” This is a less-sophisticated level of artificial intelligence but is the most common application today. Machine learning AI gets smarter as it is fed more and more data about you. Ultimately, it will anticipate your thoughts.
Machine learning is what Spotify uses to create a playlist for you not only of songs you like but ones it thinks you will like. Microsoft is working on an app that will inventory your refrigerator and prepare a shopping list for you.
Artificial Intelligence can:
- learn your financial habits
- look at your cash flow
- determine your income and future income
- assess your current and future obligations
- and help you design a financial plan that works for you.
And, AI will go one step beyond—it can serve as a financial advisor and coach to help you meet your financial goals.
Acorn, the mobile financial app is already using machine learning. Its artificial intelligence software computes your savings, spending and payment behavior to “advise” you about how to achieve your financial goals. Based on your past behavior, the software can predict your future spending and even your future income.
Banks are hoping artificial intelligence will improve their relationship with customers. 57% of consumers report they are struggling financially, and three out of five say their bank is not helping them.
Probably the most common artificial intelligence technology that banks will employ is chatbots. Chatbots can interact with you, answer your questions, even get inside your head to understand what you need, execute actions on your behalf and help you meet your savings goals.
The Future of AI
- Instead of financial advisors, you talk to an algorithm-powered chat-bot. In fact, this bot can serve as a financial coach, gently suggesting to you that maybe you don’t want to buy that product right now because you will go over your credit limit, or bust your budget.
- Automated investment services that position you to make strategic investments anywhere in the world, within seconds of the latest investment news.
- Instantly access loans utilizing data that has been gleaned from your online posts or other information you have shared online.
What about Augmented Reality?
In addition to groundbreaking applications in the medical field, AR is also disrupting the fintech market. Imagine this—you go to the bank, take care of all your banking tasks, meet with bankers and get advice, all without ever leaving your house!
Last fall, Ikea, and Apple joined forces to introduce “Ikea Place” an augmented reality app that consumers can use to design rooms. With Ikea Place, you try out all the furniture and furnishings within your actual room configuration. You save money on stuff that doesn’t really fit in your room or go with your decor.
Artificial Intelligence and Augmented Reality are no longer in the future—they are today. Both technologies offer incredible potential to help us save money and reach our financial goals.