AI Business Consultant

🌟 Weekly News Roundup 🌟

7 July, 2023


This week's AI news roundup brings you a thrilling glimpse into the latest advancements and thought-provoking developments from around the globe. From Harvard's audacious leap into AI-powered education to Salesforce's cutting-edge AI tools for customer interactions, and Google's expansion of data collection to combat privacy concerns, to the united front of British banks leveraging AI in the fight against fraud, we dive into the captivating world of AI in this engaging and enlightening read.


πŸ“š Harvard's Coding Course will be Taught by ChatGPT Starting this Fall


Harvard University is taking a bold step in its introduction to coding class, CS50, by incorporating an AI teacher to lead the course starting this fall. However, the decision is not due to budget constraints but rather an opportunity to provide a personalized learning experience to each student. Professor David Malan, who oversees CS50, expressed his optimism about AI's potential to enable students to learn at their own pace, 24/7. The university plans to experiment with the GPT 3.5 and GPT 4 models to fulfill the role of the AI professor. While these models may not be flawless in writing code, CS50 has always been open to exploring new software. Considering the success of CS50 on the edX platform, which was sold for a staggering $800 million last year, this move carries significant implications for online education. It's an exciting development that emphasizes collaboration and interaction among students, with AI acting as a facilitator rather than replacing human instructors. However, the novel nature of AI teaching prompts the need for critical thinking and discernment among students as they navigate this unique learning experience. Undoubtedly, it's an intriguing journey ahead for CS50 and the field of AI education. πŸŽ“πŸ’»πŸ€–


πŸ’Ό Salesforce Launches Sales GPT and Service GPT to Improve Customer Interactions


Salesforce, a leading customer relationship management (CRM) platform, has introduced Sales GPT and Service GPT, two generative AI workflow tools designed to enhance customer engagement and streamline workflows for sales and service teams. These new capabilities aim to expedite deal closures, anticipate customer needs, and boost productivity. Powered by Salesforce's AI solution, Einstein GPT, these tools leverage real-time data within an open ecosystem. To address data security and compliance concerns, Salesforce ensures that the trust layer of Einstein GPT safeguards sensitive customer data, ensuring data governance and preventing the retention of such information by large language models (LLMs). These generative AI offerings will enable CX and CRM vendors to automatically generate personalized emails, leveraging CRM data. Additionally, Sales Cloud users can benefit from automatic call transcription and summarization, eliminating the need for manual note-taking and facilitating prompt follow-ups. Salesforce's commitment to leveraging AI to improve customer interactions underscores the ongoing digital transformation in the CRM industry. πŸ’ΌπŸ“ˆπŸ’¬


πŸ” Google Expands Data Collection for AI Enhancement, Raising Privacy Concerns


Over the recent long weekend, Google updated its privacy policy to allow the collection of publicly shared online information for the purpose of enhancing its AI models. This change marks a shift in focus from improving "language" models to enhancing all of Google's "AI" models. By analyzing publicly posted content using its AI systems, Google aims to further refine its algorithms. However, this expansion of data collection raises valid privacy concerns. Google's ability to access any publicly shared online information extends beyond the data individuals provide directly, potentially encompassing a broader scope of personal information. In light of these developments, it becomes increasingly important for individuals to take measures to protect their data. Alternatives that prioritize user privacy, such as DuckDuckGo for search, ProtonMail for email, Vimeo for video sharing, and Brave for web browsing, offer viable options. Furthermore, utilizing incognito or private browsing modes and being mindful of the information shared publicly can contribute to safeguarding personal data in the digital realm. πŸ”’πŸ”πŸ˜Ÿ


πŸ’° Nine British Banks Join Forces with Mastercard's AI Tool to Combat Scams


Fraud remains a persistent concern for the banking industry, but nine major British banks are taking a proactive approach by embracing an artificial intelligence (AI) tool developed by Mastercard. TSB, Lloyds, Halifax, Natwest, and Bank of Scotland are among the institutions that have signed up to use the Consumer Fraud Risk system. This tool is trained on years of transaction data and helps predict if someone is attempting to transfer funds to an account involved in authorized push payment (APP) scams. APP scams involve tricking victims into transferring money to fraudulent accounts posing as legitimate payees. The tool assigns a risk score to bank transfers within half a second, allowing banks to assess transactions and potentially block fraudulent transfers. TSB, the first bank to implement the system, has already seen a 20% increase in detecting this type of fraud. The bank estimates that the tool could save UK banks approximately Β£100 million per year if implemented industry-wide. Mastercard plans to roll out the tool globally and is in discussions with potential clients in countries such as the US, India, and Australia. πŸ’³πŸš«πŸš”


Conclusion


The world of AI is filled with potential and challenges, as seen in these four news stories. From education to customer interactions, data collection to fraud prevention, AI continues to shape various aspects of our lives. As we embrace the opportunities AI presents, it is crucial to navigate the evolving landscape with awareness, critical thinking, and a focus on privacy and security. The journey of AI is a fascinating one, and we can expect further developments and advancements that will continue to transform industries and society as a whole. πŸŒπŸ€–πŸš€

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