“It is not for you to know the times or the seasons, which the father has put in his own power.”
Acts 1:7
AI has already transformed the stock market as NVIDIA set records this year, now the most valuable company, overtaking Microsoft and Apple. In addition to remarkable performance in the market, AI is transforming finances as a whole.
In banking, AI can detect fraud and suspicious activity better than typical systems. It also is used to develop customer relationships with 24/7 service to individuals. Banking apps with AI have also become more popular as they allow for individuals to track their budgets and spending more accurately and with ease. In addition, AI can reduce manual labor and therefore costs. In wealth management, AI is beneficial for analysis. It can use predictive analytics and portfolio management. Sentiment analysis on social media and news sources can be used to predict trends in markets and decision making.
In the future, AI will aid more in automation. This causes concern for the workforce, as some jobs may become obsolete. There are additional possible negative effects of AI such as misinformation and deepfakes. There have been lawsuits for copyright already. These cause for concern on a global scale, but as technology grows, so do parameters to contain it.
Even though the Bible doesn’t specifically speak on AI and its influence on society, we can still use some of the knowledge from the great book. We are unable to know exactly what the Lord has planned. The times and the seasons are set in heaven. We do not lean on our own understanding. We trust.
Deloitte, www.deloitte.com/content/dam/assets-zone1/ng/en/docs/services/risk-advisory/2023/ng-how-artificial-Intelligence-is-Transforming-the-Financial-Services-Industry.pdf. Accessed 28 June 2024
“What Is Artificial Intelligence in Finance?” IBM, 6 Dec. 2023, www.ibm.com/topics/artificial-intelligence-finance.
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