So what is metacognition?
Metacognition is the process of “thinking about thinking.”
Here’s one definition. It is the ability to reflect on one’s own cognitive processes. For example, metadata is data about data. Similarly, metacognition is essentially thinking about thinking.
Key elements of metacognition are:-
- Self-awareness, i.e. the ability to examine your own mental states and processes and relate them to behaviours.
- Perspective, or being able to accept other people’s viewpoints and recognising that your own viewpoint isn’t always the right one.
- Self-regulation, in other words having the capability to monitor, observe and understand your own mental patterns and apply remedial methods to improve them and deal with problematic cognitive issues.
And why is it so important when it comes to Artificial Intelligence?
Metacognition is a key component of artificial intelligence. It allows artificial intelligence systems to adapt their learning from previous experiences in order to solve unfamiliar problems in the same way that a human might do.
Metacognition is a key step in allowing artificial intelligence to fully replicate the thought processes of a human mind.
Wi-Ai Technology produces software which takes this thought process on board. It allows your clients to explore and take ownership of the behavioural biases that affect financial decision making. It can sometimes be frustrating to see your financial services clients make rash or counter-intuitive decisions about their finances which can often go against what they have told you about their stated objectives or conventional measures such as ATR.
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