Artificial intelligence is bypassing bank customers, study shows Wednesday 5 May 2021 14:36 CET | News
Germany-based IT service management company Senacor has released a study stating that customers of German banks do not notice banks use of artificial intelligence since institutes find it difficult to determine what consumers want.
The study was released in collaboration with the Interdisciplinary Center for Security, Reliability and Trust of the University of Luxembourg and the Fraunhofer Institute for Applied Information Technology. It consisted of 22 qualitative interviews conducted with decision-makers at C-level, department heads, bank founders, fintechs and IT service providers. According to the study, banks use artificial intelligence (AI) to improve internal processes instead of for interacting with their customers. Users logging onto a bank s website do not notice whether artificial intelligence is at work or not. Institutes use AI to recognise patterns such as w
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The soaring popularity of non-fungible tokens (NFTs) has drawn multi-million dollar trades and celebrity attention. But in addition to generating buzzy headlines, it’s also creating an unintentional byproduct that’s keeping environmentalists up at night: massive energy consumption adding to the overall carbon footprint created by cryptocurrencies, Ethereum in particular.
NFTs are Ethereum-based tokens that are part of the Ethereum blockchain. Platforms that sell NFTs typically need buyers to use Ethereum to make their purchases. It is claimed, the digital token already uses about as much electricity as the entire country of Libya. Greater demand and more NFT transactions indicate profit-making opportunities for the miners which could then lead to increased emissions. The underlying argument is NFTs could significantly drive up the value of Ethereum, thus incentivizing more intense, and considerably energy-hungry, mining for profit, thereby multiplying the number of machines min