- New post-graduate artificial intelligence drive (AI) to boost productivity and create high skilled jobs as part of the modern Industrial Strategy
- New industry-government AI Masters and 16 dedicated Centres at universities across the country to train the next generation of AI PhDs
- Prestigious Alan Turing Institute AI research fellowships now open – allowing Britain to retain and attract the very best global talent
- New figures show that inward investment to the UK AI sector has increased by 17% over the past year, more than the whole of Europe combined
Thousands of graduates to become qualified experts in artificial intelligence (AI) as part of a new joint government-industry package to drive up skills in the AI sector, Business Secretary Greg Clark and Digital Secretary Jeremy Wright announced today.
For the first time, the UK will have a nationwide programme of industry-funded AI Masters courses coupled with work-based placements.
The new skills and talent package is a major milestone of the modern Industrial Strategy’s AI Sector Deal which was launched in April 2018. It is supported by industry funding and up to £110 million Government investment, including:
- Up to 200 new AI Masters places at UK universities funded by companies such as Deepmind, QuantumBlack, Cisco and BAE Systems. The Masters programme marks the first nationwide effort to address the skills gap at this level, in collaboration with the Industry of Coding and British Computer Society.
- 1,000 students will have the opportunity to enhance their skills with new PhDs at 16 dedicated UK Research and Innovation AI Centres for Doctoral Training (CDTs), located across the country.
- Up to 5 AI research Fellowships, created in collaboration with The Alan Turing Institute to both attract and retain the best research talent from around the world.
The announcement comes as new figures prepared for Tech Nation by Dealroom.co reveal the number of venture capital investments into the UK’s rapidly growing AI sector leapt by 17% last year.
Business Secretary Greg Clark said:
“The UK has long been a nation of innovators. This AI skills and talent investment will help nurture leading UK and international talent to ensure we retain our world-beating reputation in research and development.
“Artificial intelligence has great potential to drive up productivity and enhance every industry throughout our economy, from more effective disease diagnosis to building smart homes. Today’s announcement is our modern Industrial Strategy in action, investing in skills and talent to drive high skilled jobs, growth and productivity across the UK.”
Digital Secretary Jeremy Wright said:
“The UK is not only the birthplace to the father of artificial intelligence, Alan Turing, but we are leading the way on work to ensure AI innovation has ethics at its core.
“We want to keep up this momentum and cement our reputation as pioneers in AI. Working with world class academic institutions and industry we will be able to train the next generation of top-tier AI talent and maintain the UK’s reputation as a trailblazer in emerging technologies.”
As companies throughout the UK increasingly use AI in processes from manufacturing to fashion and construction to medical imaging, upskilling people to develop and maintain the new technology is crucial to its success in boosting productivity. This is part of the government’s continued drive to be a world-leader in harnessing the economic benefits of AI and the data-driven revolution, as part of the modern Industrial Strategy.
The schemes, aimed at people of different stages in higher education and available to researchers at a variety of levels, helps to build advanced AI skills at all levels, a key commitment contained within the AI Sector Deal.
Dame Wendy Hall, AI Skills Champion said:
“I’m delighted to see the recommendations of the review that Jérôme Pesenti and I wrote just over a year ago, coming to life in such a comprehensive set of skills and talent initiatives.
They provide a great impetus to developing AI skills and talent and I strongly encourage industry, universities and those of you who aspire to be part of putting the UK at the forefront of the AI and data revolution to get involved in these three initiatives.”
Finally, to develop the best and brightest AI researchers in the UK, the government is funding a new globally prestigious Fellowship programme. The first wave has been launched by The Alan Turing Institute.
Adrian Smith, Institute Director, The Alan Turing Institute said:
“Artificial intelligence represents an incredible opportunity to transform our economy and our lives for the better. The Turing AI Fellowships will be crucial in building UK leadership capability, driving forward ambitious research and ensuring that the UK can attract, retain, and develop world-leading research talent.”
UK Research and Innovation Chief Executive, Professor Sir Mark Walport, said:
“Artificial intelligence is a disruptive technology in a range of sectors, enabling new products and services and transforming data science. It allows us to develop new approaches to challenges as diverse as early disease diagnosis and climate change.
“To maintain its leadership in AI, the UK will need a new generation of researchers, business leaders and entrepreneurs equipped with new skills. Working with partners across academia and industry, the centres announced today will provide the foundations for these future leaders.”
The AI and Data Grand Challenge
The Industrial Strategy sets out Grand Challenges to put the UK at the forefront of the industries of the future, ensuring that the UK takes advantage of major global changes, improving people’s lives and the country’s productivity. Artificial intelligence and data is one of the four Grand Challenges which will see AI used across a variety of industries and put the UK at the forefront of the AI and data revolution. Exploring the best skills package to equip people with the expertise to make the most of AI was a key commitment of the AI and Data Grand Challenge’s £950 million Sector Deal.
DISPELLING BIOMETRIC MYTHS AND MISCONCEPTIONS
By Lina Andolf-Orup, Head of Marketing at Fingerprints
Gangsters cutting off enemies’ fingers to access secret locations and spies lifting fingerprints from martini glasses – the imagination of the entertainment world has been running wild ever since biometrics entered the scene.
Couple that with the limitations of some early biometric solutions from fifteen years ago, still anchored in the minds of many consumers, and you have the perfect recipe for an apprehensive and uncertain public.
Thawing lukewarm attitudes with a biometric touch
The biometrics industry has made great strides in the last few years – something particularly true for smartphones. Fingerprint authentication has replaced PINs and passwords as the most popular way to authenticate on mobile, with 70% of shipped smartphones now featuring biometrics.
And it doesn’t end there. Many adjacent markets are now eager to benefit from the secure and convenient authentication solutions that biometrics offer. Take the payments industry, for example, where biometrics payment cards are currently gathering real momentum.
However, some consumers are still uneasy about accepting biometrics. A recent study found that 56% of US and EU consumers are concerned about the switch to biometrics as it’s not enough understood to be trusted.
Although attitudes are shifting for the better, stats like this demonstrate there is still some work to do to disprove common biometric myths and showcase just how smart today’s solutions really are.
Dispel, adopt, repeat
The evolution in consumer biometrics in the last two decades has been phenomenal. And today’s solutions are far more advanced and safe than many may think.
To help bring an end to the myths, let’s expose some of the most common misconceptions around biometrics.
Myth: Biometric data is stored as images in easy-to-hack databases.
A leading myth about biometrics is that when a fingerprint is registered to a device, it is stored as an image of the actual fingerprint. This image can then be stolen and used across applications. In reality, the biometric data is stored as a template in binary code – put simply, encrypted 0s and 1s. Storing a mathematical representation rather than an image makes hacking considerably more challenging. In most consumer applications, this template is also not stored in a cloud-based location, its securely hosted in hardware on the device itself for example in the smartphone, in the payment card. Thus, it stays privately with its owner.
Myth: Fingerprints can be easily replicated to ‘trick’ devices.
The internet is full of articles and videos that claim it is possible to use materials from cello tape to gummy bears to craft fingerprint spoofs and access biometric systems. Although there may have been a time where gummy bear spoofing was the go-to party trick, todays’ consumer biometric authentication solutions have too many technological defences, such as improved image quality and matching algorithms, to simply ‘trick’ devices. Plus, on top this, the criminal needs to have access to the person’s device where this fingerprint is enrolled e.g. smartphone, payment card, before he/she notices and blocks it. This is not scalable nor common, in comparison to gaining access to someone’s PIN code or skimming a contactless card.
Myth: Physical change will prohibit access to my device.
Although our irises don’t change as we age, our fingerprints can and our faces will. Does that mean we have to update our biometric devices every few months to capture these changes? Not quite! Unless there are drastic, sudden changes, the ‘self-learning’ algorithms in modern-day biometric systems are able to keep up with our developing looks.
Who you gonna call? Mythbusters!
These are just some of the common biometric myths and misunderstandings perpetuating in consumer mindsets. Thankfully, though, while we’re working hard to rid the world of the myths, belief in the value of biometrics is only expected to grow. But as solutions expand and diversify, the myth-busting fight will continue.
Fingerprints has been a leader of innovation in biometrics for the last two decades. We’re proud of the expertise and R&D we’ve been able to pour into our biometrics solutions to deliver stronger security and a better user-experience. To learn more about the most common biometric misconceptions and the modern-day technology that allows us to dispel them, download our eBook here.
WHAT EVOLUTIONARY AI MEANS FOR FINANCIAL SERVICES
by Babak Hodjat, VP of Evolutionary AI at Cognizant
Many banks and other financial services institutions (FIs) are beginning to recognise the benefits of AI-driven solutions as a way to get ahead in the market and challenge the competition. Amongst many other benefits, the technology enables organisations to offer hyper-personalised customer experience, dramatically improve internal decision making, and drive operational efficiency. However, many businesses are struggling to move beyond the experimental phase and reach actual AI deployment. It is those organisations that are at risk of being left behind.
The financial world has already been transformed by AI, and this transformation is continuous. A new breed of AI, known as ‘evolutionary AI’ has begun to further accelerate innovation. It is capable of automatically designing itself with little need for explicit programming by humans – innovatively creating complex AI models, and optimising decisions considering multiple scenarios.
This technology is revolutionary for industries across the world, but in particular it is set to transform the financial services sector. Enabling businesses to spot novel strategies that would never have been identified by human data scientists, and, in turn, allowing companies to take full advantage of today’s massive data sets – evolutionary AI will soon be a vital tool in all FIs’ arsenals.
The nuts and bolts of evolutionary AI
Emerging technologies that enable AI algorithms to design themselves are allowing organisations to transcend human limitations. Evolutionary AI operates iteratively. Firstly, it randomly generates a set of potential solutions to form an initial population and assigns a score to each solution based on how well it performs relative to other solutions. In the second round, it retains the solutions that performed best, perhaps only 5% of the total, and recombines their components, sometimes “mutating” them to create a new population. This new population is then tested, and the process begins again. Over multiple generations, the appropriate components of the more successful solutions become increasingly prevalent in the population, and eventually a solution is discovered that yields the best outcomes.
Advantages and use cases
Compared to human design, evolutionary AI can be deployed far more quickly, avoids biases and preconceptions, and typically performs better. Furthermore, the chosen model will evolve and improve over time based on new data.
Evolutionary AI can be applied in a wide variety of areas at FIs. Some examples include designing quantitative trading strategies to maximise returns while minimising risk and loan underwriting. Rather than relying on human analysis, evolutionary AI solutions can quickly analyse all the combinations of relevant variables to create models that more accurately assess the risk of default by a potential borrower.
A recipe for success
In order to reap the benefits of the technology, FIs should focus on the following:
- Responsible AI – Behave in ways that make customers and employees comfortable, i.e. not making decisions that are unethical or exhibit bias. Companies need to monitor them to ensure they continue to act appropriately, as they learn and evolve.
- Viewing AI through a business lens – Having AI projects managed by cross-functional teams with business executives in the lead is a good place to start. Companies also need to look across their organisations to identify opportunities to generate concrete business value from AI — not only in reduced costs but also in boosting revenues by delivering enhanced customer experiences and through improved decision-making.
- Enhance data management – AI applications depend on access to timely and accurate data, which is a challenge for many FIs that have fragmented data architectures with multiple legacy systems. Companies need to identify which types of data are required for each AI project and ensure they can be captured in an appropriate format.
- Approach with speed and caution – AI projects need to be rolled out quickly, while at the same time be rigorously measured, so failures are terminated promptly while successes are moved into production.
The sophistication of AI technology is set to significantly improve over the coming years as it continues to design and test itself. As a result, it will become more critical to the productivity of FIs, and soon businesses will recognise it as a vital tool for consulting on important business decisions. It will not be long before humans and AI are working alongside each other, with robots handling routine tasks, enabling employees to focus on more complex and sensitive activities. Delivering more value together than either could on their own.
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