Today’s AI news: Bing AI makes election info error, financial systems at risk from AI, and more
In today’s AI roundup, the artificial intelligence industry experienced unexpected developments. AI hallucination, a recurring challenge for emerging technology, resurfaced. Microsoft’s AI chatbot Bing AI faced a significant error when responding to inquiries about elections in Germany and Switzerland. Additionally, the US Financial Stability Oversight Council discovered that the swift integration of AI could introduce fresh risks to the country’s financial system. Let’s delve deeper into these stories and more.
Microsoft’s Bing AI answers election questions incorrectly
A study by European non-profits AI Forensics and AlgorithmWatch shows that Microsoft’s Bing AI chatbot, now called Microsoft Copilot, gave inaccurate answers to a basic question about 2024 elections in Germany, Switzerland and the United States one in three times, reports the Wall Street Journal. The results suggest that AI chatbots can cause confusion and misinformation in elections. This is yet another example of AI bias, coming shortly after Bing AI gave an incorrect answer about the Israel-Palestine war.
The US Council warns of the risks of artificial intelligence in the financial system
A US regulatory panel, including Treasury Secretary Janet Yellen, is warning that the widespread use of artificial intelligence in finance could pose risks to the financial system if not closely monitored, reports Reuters. In its annual report, the Financial Stability Oversight Council acknowledges the potential benefits of AI for efficiency, but emphasizes the importance of careful oversight by both financial firms and regulators due to AI’s rapid development.
“Artificial intelligence can introduce certain risks, including security and reliability risks, such as cyber and model risks,” the group said in its annual report.
Appy Pie introduces a code-free AI app
Appy Pie, a code-free AI application development platform, simplifies the development of AI-based applications for businesses and individuals, according to a release. Utilizing artificial intelligence, the platform offers an intuitive application builder that enables the creation of complex applications without extensive coding knowledge. The goal is to bring AI capabilities to a wider audience, allowing users to create powerful and customized applications tailored to their needs.
“Our latest advancements in codeless AI app development reinforce our commitment to democratize cutting-edge technology and make it possible for anyone to create an app without the hassle of traditional coding. We believe technology should be accessible and affordable for everyone, and this innovation is a testament to that vision,” said Abhinav Girdhar, Co-Founder of Appy Pie and CEO.
Ola takes ‘made in India’ approach with Krutrim Si Designs
Krutrim Si Designs, the AI project of Ola founder Bhavish Aggarwal, has announced its first family of multilingual AI designs called Krutrim, Moneycontrol reports. The models come in two sizes: a basic model trained with 2 trillion tokens, and the more complex Krutrim Pro for advanced problem solving, which will be released next year. Aggarwal introduced an AI chatbot powered by Krutrim that can understand 22 Indian languages and generate text in 10 Indian languages. The Krutrim team is located in India and the Bay Area (USA).
Instabase announces AI center
Instabase, an Applied AI company, has announced its latest innovation, the Instabase AI Hub, reports ANI. The company, known for helping large financial and insurance companies extract insights from complex unstructured data, aims to expand its capabilities to organizations of all sizes with the launch of Instabase AI Hub Commercial. This extension is expected to benefit individual users, small and medium enterprises (SMEs) and enterprises in India.
