Smart services built with deep artificial intelligence capabilities hit the mainstream. So says leading digital financier, London based BCG Digital Ventures’ Managing Director Ajay Chowdhury.
He told Which-50 that these services will become more refined over the next 12 to 24 months, and there will be widespread adoption for some of the core services. Furthermore, many more startups will enter the deep learning space leading to more buyouts and internal investment from corporates
Longer term Chowdhury believes this area will be completely transformed, and consumers will come to expect deep learning driven services that allow them to complete even the most time-consuming tasks in a few simple commands — or better still without any involvement from the consumer at all.
Chowdhury says these smart services will work by combining contextual, demographic and unstructured data with prediction analysis and deep learning, to create services of great value.
And he suggests, it is just the beginning with Google Now, Netflix’s Suggestions and Nest early examples.
The investments big players have made – Google buying DeepMind, Twitter acquiring Whetlab, Microsoft investing heavily in Cortana, and Apple acquiring AI start-up, Emotient – will all begin to have an impact in 2016, he said.
“Why do I need to put in all my details every year when I want to buy insurance?” Chowdhury asked.
“I see us moving to a world where simply asking Siri or Cortana to find you the best car insurance and answering a few yes-or-no questions will result in your insurance being renewed and the documents sent to your inbox.”
“This is solving numerous pain points that customers face every year when they renew their annual car insurance.”
Chowdhury also foresees intelligence extend from smartphones to the home, with a battle being fought between Apple TV, Microsoft Xbox, Sony PlayStation and Google Chromecast and Nest, as the Internet of Things ramps up and more data is created to allow for deeper learning and more intelligent decision-making.
With clear upside and benefits accrued to the consumer, what is a company’s motivation for investing in deep learning to create smart services?
“For some, it’s the value that this level of data collection will bring and selling advertising on the back of it. For others, it’s providing services and selling devices to enable this,”Chowdhury said.
The key payoff for investment in this is building long-lasting relationships with consumers and creating highly personal and intuitive services, which they cannot live without, he said.
Additionally, making the interface simple and intuitive will be pivotal in getting smart services to the mainstream and garnering broad consumer adoption — which Chowdhury predicts will lead to some existing interfaces disappearing completely, being replaced by voice interaction.