The development of artificial intelligence is being driven forward by major players such as Google and Microsoft. European companies risk being left behind.

The development of artificial intelligence is being driven forward by major players such as Google and Microsoft. European companies risk being left behind.

According to a report by www.n-tv.de,
One thing is certain: artificial intelligence has the potential to change the world. Google, Microsoft, the Facebook company Meta, they have all made rapid developments when it comes to AI. In Europe, companies are now increasingly concerned about losing touch.

Last year, ChatGPT was the latest hype at the World Economic Forum - and artificial intelligence (AI) was still very abstract for many. Since then, there has been a gold rush atmosphere in the tech industry. The applications seem limitless. But just a few weeks ago, the UN High Commissioner for Human Rights, Volker Türk, classified AI as a threat to human dignity.

According to the World Economic Forum, AI is considered one of the biggest threats of the next few years. This is primarily about false information in the super election year with elections in the USA, Great Britain and India. With artificial intelligence, fake material could reach huge numbers of voters in no time, warns Carolina Klint from the consulting firm Marsh McLennan.

A few weeks ago, the EU agreed on rules for the use of artificial intelligence. Certain applications should be banned, such as biometric systems that use sexual orientation or religious beliefs. The untargeted reading of images from the Internet or from surveillance recordings should also not be permitted.

Looking at the market and the financial industry, it can be seen that AI continues to be an important topic. The areas of application are diverse, from optimizing supply chains to creating business reports. Investments in artificial intelligence are significantly higher in the US compared to Europe, indicating that the leading role in this technology area lies in the hands of large US companies.

Regulating AI is an important step in ensuring responsible use of the technology. However, there continue to be different views on transparency and data protection between different countries and regions. This disagreement could put European companies at a competitive disadvantage.

It remains clear that artificial intelligence will continue to have a significant impact on the financial industry, particularly in terms of investments, regulations and the development of new applications. It is important that European companies actively participate in the development and implementation of AI to ensure competition in the global market.