The rapid growth of Algorithmic trading has proven the success of AI automation. AI-driven automated trading accounts for 75% of all financial market volume, which gives you an idea of its presence on the trading floor.

Now machine learning is helping major banks in cutting down the time spent on many mundane tasks such as interpreting commercial-loan agreements. The tasks which used to take several thousand hours yearly is now a matter of seconds.

Top Banks like JP Morgan is not only reducing the time spent on reviewing documents but also managed to decrease its loan servicing mistakes, it saves a lot of time and money.

Not only that, ML will be helpful in the insurance sector as well, by improving customer experience through chatbots, predictive analysis for products needed by the customer as per their life stages and life events, the mobile app to track spending behavior and saving-pattern, reducing claim processing time and much more.

The list of AI’s application in every industry can be endless, that’s why every fortune 500 company is investing heavily in automation.

Till now we have only discussed the fair applications of AI. Though, the wrong application of AI can be even more dangerous, especially in sectors like Arms Industry. Experts suggest that the involvement of Autonomous weapons in armed conflicts can be equally hazardous as a Nuclear weapon. What if, a tyrant or terrorist group will use it against innocent people or these weapons will be hacked and can’t be controlled in a desirable way.

Well, the right step is already been taken by a group of AI and robotics leaders including Elon Musk and Google Deepmind co-founder Mustafa Suleyman. The founders of 116 AI and robotics companies from 26 countries have signed a petition to the United Nations calling for a ban on lethal autonomous weapons a.k.a. killer robots.

The letter also gives a warning that delay in the appropriate action will start an ‘arms race’, which arguably has already begun. Countries like USA, China, Russia, and Israel are currently developing these lethal weapons. These autonomous weapon systems are also available with companies such as Raytheon, Dassault, MiG, and BAE Systems.

Though, 123 nations agree to talk on ways to check the development of autonomous weapons — discussion of the UN weapons group which was scheduled for August is delayed until November.

At the advent of Fourth Industrial revolution, we have created a very powerful brain in machines — but it’s not the case where we will reap only benefits — this will be one of the biggest impacts on employment till date.