Technology
Will the Google Overview Problems Stop AI from Reaching the Finance Sector?
Global Banking and Finance Review
Company
The last couple of years have seen a huge amount of focus placed on artificial intelligence (AI). This has created excitement about how it might change our lives and has caused relevant stocks like Nvidia to go through the roof. Yet, recent reports about problems with the AI-generated results from G...
The last couple of years have seen a huge amount of focus placed on artificial intelligence (AI). This has created excitement about how it might change our lives and has caused relevant stocks like Nvidia to go through the roof. Yet, recent reports about problems with the AI-generated results from Google AI Overview have created worries about whether AI is going to ultimately help the finance sector or hinder it.
Google released AI Overview to users in the US last month, to give us a taste of what AI search engines will look like in the future. However, it’s gone disastrously wrong as the internet has been flooded with hilarious screenshots of Overview telling people to put glue on pizzas and eat rocks. It’s also claimed that dogs have played in pro sports teams, so what went wrong?
While many of these replies are genuinely funny, some are worrying because people could easily be given the wrong advice on serious matters like health and safety. This is an even bigger concern in the finance world where digital innovations have to improve our lives rather than complicate them. What would happen if a rogue AI bot makes us nonsensical information and feeds it to banks or the Federal Reserve? If we start relying on AI for important matters then we need to trust it 100% and that’s clearly not the case.
So, what’s caused the problems with Overview? Some of the more outrageous screenshots you’ve seen might have been fake but there’s no denying that it has a major problem in delivering quality results. It turns out that the problem is the age-old issue with computers that putting in poor information gives terrible results. Overview scans the internet to give results but a lot of the time there isn’t enough high-quality information out there and in other cases, it mistakes satirical content for real answers.
This proves that the technology is pretty good at searching for information and presenting it to the user. However, it’s sometimes bad at understanding the context and even worse at admitting when it hasn’t found enough information and has had to make up something. These issues are deal-breakers in finance, as they would be in most industries and aspects of life.
To better understand what the future holds, we need to see whether the current problems with Google Overview can be fixed. Some experts suggest that this highlights an inherent problem with AI and that it proves we can’t trust this technology to give results that humans can rely on. However, a better filter process to stop humorous and satirical content from being included as genuine advice appears to be among the key issues that could be resolved.
It will take time to improve this and Google admits that it’s a work in progress by stating that “generative AI is experimental” on the results page. There’s no denying that the current problems have dented the public’s faith in AI and have perhaps shown that it’s not as advanced as we’d been led to believe.
It’s important to note that the Google Overview issues represent only a small percentage of the use of AI right now. It’s already been incorporated into finance in various ways such as by increasing efficiency and lowering fraud. This report from McKinsey & Company reveals that generative AI could add up to $340 billion to the value of the global banking industry in the years ahead.
This is just one of the intriguing types of new technology that are changing the world. A look at some of the key technology powered business advancements includes AI alongside VR and the blockchain. The examples in this article show how AI can be used in the area of website design, but that it can be more problematic in other matters. This is clearly one of the areas of rapid growth where we can expect to see more changes introduced before long, but it’s not as clear-cut as it might appear at times.
The Google Overview struggle has revealed several lessons, including the fact that AI isn’t yet at the stage where it can simply be used to do whatever we ask it to do. Instead, it needs to be deployed for specific use cases and given clear instructions on what is needed.
It seems certain that AI plays an ever-bigger role in our lives and helps to transform the banking industry along with many other areas of life. However, the story of Google’s embarrassing AI results should encourage us to show patience and ensure that the technology is fully tested before it’s trusted to handle tasks that could have an important economic impact.
Artificial intelligence (AI) refers to the simulation of human intelligence in machines programmed to think and learn. It encompasses various technologies, including machine learning and natural language processing.
Digital transformation is the process of integrating digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
The financial sector encompasses industries and services that manage money, including banks, investment firms, insurance companies, and real estate firms.
A central bank is a national institution that manages a country's currency, money supply, and interest rates, often overseeing the banking system.
Digital innovation refers to the use of digital technology to create new or improved processes, products, or services, enhancing efficiency and customer experience.
Explore more articles in the Technology category
