AI in Business

UCF is Shaping AI-driven Business Education and Research

UCF has developed educational programs aimed at shaping students into future industry leaders who harness AI in an effective yet responsible way. UCF is at the cutting edge of integrating AI into a variety of fields; let’s dive into some of the industries that UCF is growing.

Fintech and Decentralization of Finance

Fintech has always depended on reliable information and data, but with the recent push toward decentralized finance, artificial intelligence has been crucial in developing financial services technology. AI algorithms provide the infrastructure for decentralized finance, powering advancements like automated smart contracts, predictive data analytics, personalized banking through artificial advisors and instantaneous fraud detection services. As finance transitions to blockchain-based tokenized assets and peer-to-peer transactions without intermediaries, AI will provide the backbone for efficiency, security and scalability.

UCF Assistant Professor of Finance, Eshwar Venugopal, focuses his research on the intersection of AI, fintech innovation, and entrepreneurial finance. With advanced degrees in both computer engineering and finance, his interdisciplinary expertise offers a unique perspective that encourages the responsible use of new technologies in financial services.

His work examines the role of angel investors in the startup ecosystem and the impact of network connections on financing and performance, which has been featured in such prestigious forums as the Harvard Law School Forum on Corporate Governance and Financial Regulation.

Companies across industries are leveraging AI to drive innovation, enhance efficiency, and gain competitive advantage.

Venugopal’s research has been presented at several renowned conferences, including the Society of Financial Studies Cavalcade, Indian School of Business Centre for Analytical Finance Summer Research Conference and the American Economic Association Annual Meeting. His expertise in AI and fintech is further supported by his practical experience as a systems developer in India, where he developed business intelligence and data warehouse applications for blue-chip clients like AOL and Chase.

As the landscape of the fintech industry continues to evolve, and as cryptocurrencies and tokenized assets are increasingly adopted, the work of researchers like Venugopal becomes increasingly vital. Their insights into the practical applications of AI will help shape the future of finance, making it more accessible, transparent and secure for individuals and businesses alike. UCF’s commitment to fostering this groundbreaking research positions the university at the forefront of fintech innovation.

AI in Marketing: The Impact on Consumer Behavior

Marketing has always been a game of telling the best story to the right customer and, with recent advancements in artificial intelligence, marketers are now able to understand deep consumer insights, create hyper-personalized messages and engage with consumers in a more educated way. As AI permeates marketing technology, understanding its impact on consumer attitudes grows increasingly vital — at UCF, industry leader Professor David Luna explores the impact of AI on consumer behavior, with a particular focus on human-machine interactions in the context of chatbots and intelligent assistants.

Professor Luna, who holds a Ph.D. and an MBA, has extensive experience in marketing research, having investigated how culture and language influence the effectiveness of marketing messages across digital media. His research employs a range of methods, including online surveys, in-depth interviews and tools like the Implicit Association Test and Lexical Decision Tasks to detect automatic or unconscious effects in marketing.

Luna’s work has been published in world-renowned journals like the Journal of Consumer Research, Journal of Consumer Psychology, Journal of the Academy of Marketing Science, International Journal of Research in Marketing, Journal of Business Research and Journal of Advertising. He has also co-authored a book, The Language of Consumers, and serves on the editorial review boards of the Journal of Consumer Psychology and the Journal of Advertising.

Speaking about the challenges of AI in marketing, Luna notes, “Consumers don’t trust AI because they don’t know what their motivation is going to be, how their data is going to be used and whether they’re competent or not to make decisions for consumers. People don’t like to give AI the final say.” He emphasizes the importance of striking a balance between providing useful information to consumers and allowing them to retain autonomy in their decision-making process.

As AI continues to shape the future of marketing, the research conducted by Luna and his colleagues at UCF will play a crucial role in understanding the complicated dynamics between consumers and AI-powered marketing tools. By shedding light on the factors that influence consumer trust and engagement with AI, their work will help marketers develop more effective, ethical and consumer-centric strategies with the integration of artificial intelligence.

Artificial Intelligence and Big Data in Decision Making

Artificial intelligence and big data analytics are transforming decision support systems. By detecting patterns and making predictions from massive datasets, organizations are now able to make strategic, company-wide decisions with the benefit of AI synthesis, accounting for patterns detected in massive datasets and making predictions from a well-informed viewpoint. AI systems now inform planning around finances, operations, products and policy, revolutionizing organizational structure across industries. UCF Professor of Industrial Engineering Ozlem Garibay explores the responsible integration of data-driven AI in organizational strategy.

With over 15 years of experience in developing innovative data solutions, Garibay has a strong background in computer and data science, artificial intelligence, machine learning, IT solutions and enterprise resource planning. Her research focuses on AI applications in healthcare and social media analysis, as well as the impact of AI on social systems.

UCF is preparing students to lead in an AI-powered future while also advancing the practical application of AI in the business world.

Recently, Garibay led a team of 26 international researchers in a study titled “Six Human-Centered Artificial Intelligence Grand Challenges,” which was published in the International Journal of Human-Computer Interaction. The study identifies key challenges that must be addressed to ensure the development of reliable, safe, trustworthy and human-compatible AI systems. These challenges focus on the most pressing topics within AI integration, including human well-being, responsible AI usage, privacy, human-centered design, governance and oversight, and human-AI interaction.

As AI and big data continue to shape the future of strategic decision-making in businesses, the work of researchers like Garibay and her colleagues at UCF will play a crucial role in ensuring that these technologies are developed and deployed in a manner that aligns with human values and priorities. By addressing the grand challenges identified in their studies, they are paving the way for a future in which AI and big data are harnessed to enhance human well-being and drive informed, ethical decision-making across various industries.

Smart City Initiatives and Urban Data Science

Over the last 50 years, rapid urbanization has put tremendous strain on city infrastructures across the US, prompting a demand for smart city innovations that improve the quality of life for those feeling the effects of growth. Artificial Intelligence now plays a pivotal role in managing complex urban ecosystems, powering key operational public goods from transportation to energy grids. UCF Engineering Professor Samiul Hasan is at the leading edge of urban data science and complexity modeling for AI-powered intelligent cities.

Hasan’s research focuses on urban data science and civil infrastructure, with a particular emphasis on understanding human activity patterns using urban geo-location data. By developing models for transportation networks and studying the emergence of cascading failures in interdependent infrastructure systems, Hasan’s work has significant applications in transportation systems analysis, climate adaptation engineering and disaster management.

One of the key aspects of Hasan’s research is the use of AI and machine learning techniques to analyze vast amounts of urban data, like traffic patterns, energy consumption and environmental sensors. By identifying patterns and trends in this data, researchers can develop predictive models and optimization algorithms that help city planners make educated choices about resource allocation, infrastructure investments and public policies.

So what does this look like in practice? As an example, AI-powered traffic management systems can analyze real-time traffic data to optimize signal timings, reduce congestion and improve overall traffic flow. Similarly, smart energy grids can use AI to balance supply and demand within neighborhoods, minimize waste and integrate renewable energy sources more effectively. In the realm of public safety, AI can help identify potential hazards like infrastructure failures or natural disasters and assist in emergency response planning.

As cities evolve and face new challenges, the work of researchers like Hasan and his colleagues at UCF will play a crucial role in shaping the future of urban living. With the information provided by modern urban data science and the analytical capabilities of AI, they are developing innovative solutions that will make our cities smarter, more resilient and more sustainable for years to come.