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Vast majority of businesses will be using artificial intelligence by 2020 – Microsoft

  • 16/07/2018
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A Microsoft technical evangelist predicted artificial intelligence (AI) will generate £40bn in the next three years at a seminar in London last week, adding that 85% of all firms will harness the technology in at least one process over the next two years.

At the Dock9 event badged ‘Mortgage AI: the current reality’, Gabriel Nepomuceno said the vast amount of data created everyday is driving the evolution of AI.

He said that 50% of apps globally have AI capability, but mortgage brokers were likely to see the “biggest transformation through commercial processes, changing the way you do business”.

He outlined US small business lender Quarterspot that is using AI to do elements of risk analysis, which it confirmed brought the firm an 85% saving in risk and underwriting costs, 50% less loan defaults and a 15% increase in loan volumes.

Nepumuceno said: “AI is not about taking jobs, it’s about taking the boring bit of the job away.”

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