Artificial Intelligence or AI is a simulation of human intelligence in machines that can learn and think like humans. AI-integrated programs are designed to complete tasks like visual perception, text generation, speech recognition, decision-making, etc. to increase productivity and cut costs.

Types of AI:

1. Narrow AI – Able to perform one task (Examples: Siri, Alexa, etc.)
2. General AI – Possesses human intelligence and can solve intellectual tasks(Examples: Sophia by Hanson Robotics)
3. Superintelligent AI – Beyond human intelligence (Examples: Skynet from the Terminator Series)

How Is AI Performing to Generate Wealth?

1. High-Productivity: The ability to work with a bullet speed without being tired, is the key advantage of  AI. Companies are using AI programs for repetitive work that can be done without human intelligence, leading to generating more work by cutting costs and increasing revenue.
2. Innovation and Effectiveness: AI supports innovations and makes a process systematic to provide effective results. For example, companies like CropIn are leveraging AI for sustainable agriculture that reduces losses and assists in making informed decisions.
3. AI in BFSI (Banking, Financial Services, and Insurance): The BFSI sector is using AI effectively to detect fraud, aiming to deliver economic stability and financial security. For instance, Paytm employs AI to work on fraud detection, credit scoring, and personalized financial services.