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Future is here- AI Credit Cards- Needed or Not Needed! Watch the video below.
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AI featured cards or AI Enabled Cards
AI features such as voice, text, and video can help users access insights into their financial data. These can include suggestions or recommendations for what to buy or where to eat based on available deals. However, these are just recommendations, not executable commands. This means the AI card communicates in natural language with the owner and suggests options.
While in AI-enabled cards, the card can access your financial and personal data and then make decisions about your life and finances based on what it is being trained on! The difference is subtle but substantial. In the first case, an AI-enabled card gives you the final decision-making capabilities, while in AI-enabled cards, AI takes the decisions.
What an AI Credit Card Would Do?
Whether an AI-enabled card or an AI-featured card, the card can communicate with the user using NLP (Natural Language) and suggest or take financial decisions, knowing the owner very well, so it has access to the owner’s personal data. It uses deep learning to predict your needs and manage your life. It can suggest which stocks to buy and which to sell, and when to sell. It can exchange tokens for credits as needed, or use them as a boost.
Possible Problems
AI is not error-free, and the accuracy of AI algorithms is not 100%. What if AI goes rogue? How would you claim your money? What if AI takes over all your finances? What if it orders expensive things you always admired but never wanted to buy? For example, you love a 2 kg chocolate truffle cake with berries, but you never buy it, and AI orders it on your birthday without asking. Would you get upset about it, or would you get excited? Well, if AI asks you before buying and convinces you that you should order it, then you and AI would both be happy. So AI asks users first.
What if AI deposits all money into Universal Basic Income funds? What if all your income is sent to charity and AI says it has access to Universal Basic Income? Is this not too futuristic? Really, it is!
And if Credit AI Goes Right!
Card managing not just finances but also what we eat, what we grow in the garden, and even what we wear. Optimizing and fulfilling. A card optimizing our spending, a card that tells us what we want to make for Christmas, and even what we want to do on New Year.
But this is all sci-fi for now. When AI fully takes over finances, if it asks you, well and good. If not, some errors are bound to happen. The question is how big those errors will be.
However, AI cards lack the foresight available to human judgment. For example, an AI credit card bought shares in a petrochemical company near the Red Sea. However, the Red Sea was closed due to an ongoing conflict, and you could incur losses based on this decision. Who would pay for those losses then?
Welcome to a new world!
Do we need such a card?
More to come
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Artificial Intelligence and Future 