Stories are rampant about artificial intelligence and its promise and its threat. Over the next year there will be continued developments regarding AI and its use in all industries. SAS asked executives and experts across the company to predict trends and key business and technology developments in AI for 2024. Below are some of the predictions they shared. Executives across SAS believe AI will create jobs, enhance responsible marketing, bolster patient care and grow in importance in government.

Bryan Harris, Chief Technology Officer, elaborated further on how AI will be used in the banking industry, stating that generative AI will augment, not replace, a comprehensive AI strategy. He said: “Generative AI technology does a lot of things, but it can’t do everything. In 2024, organisations will pivot from viewing generative AI as a stand-alone technology to integrating it as a complement to industry-specific AI strategies. In banking, simulated data for stress testing and scenario analysis will help predict risks and prevent losses. In health care, that means the generation of individualised treatment plans. In manufacturing, generative AI can simulate production to identify improvements in quality, reliability, maintenance, energy efficiency and yield.”

AI to tackle the dark age of fraud

Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions, discussed how financial firms will embrace AI amid a dark age of Fraud. He said: “Even as consumers signal increased fraud vigilance, generative AI and deepfake technology are helping fraudsters hone their multitrillion-dollar craft. Phishing messages are more polished. Imitation websites look stunningly legitimate. A crook can clone a voice with a few seconds of audio using simple online tools. We are entering the dark age of fraud, where banks and credit unions will scramble to make up for lost time in AI adoption, incentivised, no doubt, by regulatory shifts forcing financial firms to assume greater liability for soaring APP scams and other frauds.”

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