The UK has unveiled a number of plans, some of which include spending £125 million on research and training, for AI research hubs. The projects examine how AI can be used within creative industries, while also training regulators on how they can better manage the risks and benefits associated with the technology. Michelle Donelan has said that AI has huge potential, in the fact that it can transform public services while bettering the economy. AI is moving fast, but by taking an agile and sector-specific approach, the UK hopes to become one of the first countries to use AI safely.
AI within the Entertainment Sector
Many companies are using AI tools to prioritise relevant content for users, based on data taken from prevailing sports trends. Additional information can be gathered about specific events, in an attempt to help customers make informed decisions about their betting wagers. EquinEdge is just one example of a company that is doing this, but it helps to showcase how much potential AI has, especially within the entertainment sector. When you explore online casinos, you’ll see that AI has been used for quite some time. Games such as Lightning Roulette are live, and use dealers to spin the wheel. Online variants however, use AI in the form of random number generators, which are often powered by intelligent algorithms to provide the same authentic experience. As humans cannot consciously generate random sequences, machine learning and AI is often used to support online games. Going forward, casinos and entertainment providers could even use AI to tailor VIP programs and rewards based on player activity, enhancing retention while boosting satisfaction and loyalty.
The UK Launched the First Institute for AI Safety
The announcement for the new AI hubs comes after the UK launched the world’s first institute for AI safety. More than 28 countries signed the Bletchley Declaration, which helped to acknowledge the risks of adopting AI on a much bigger scale. Rishi Sunak wants to position the UK as a leader in the regulation of AI, arguing that only governments have the power and legitimacy to keep people safe. Executives at various AI-driven companies, including Google, Amazon and Microsoft have all welcomed the new announcement. They believe that the AI hubs will help the UK to benefit and become a domain of expertise. With AI representing a good opportunity to drive progress, and the number of UK companies adopting AI up by 31%, this could indicate that monumental changes are ahead.
The finance sector has also become a frontrunner in AI adoption, with intelligence being used to manage complex risks. AI algorithms have the ability to analyse huge amounts of data in real time, enabling fraud detection while also anticipating market fluctuations. A survey completed by McKinsey indicated that 48% of professionals in the risk space reported revenue increases as a result of AI adoption. If the UK could adopt AI in a bigger way, while ensuring safety, then this could lead to a monumental boost for the economy. This is especially the case if the financial entry point for AI adoption is lowered, meaning that start-ups could take advantage of emerging technology.
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