The dictionary publisher defines AI as, “The modelling of human mental functions by computer programs.” It also noted that AI-powered language models gained widespread attention in late 2022. Collins added that AI is considered the, “Next great technological revolution”.
Collins Dictionary has also shown a keen interest in digital culture this year, shortlisting the word ‘de-influencing,’ which it defines as an influencer using their online platform to caution followers against certain commercial products, lifestyle choices, and so on.
According to Collins Dictionary, “If computers were suddenly experts in that most human of domains, language, what next? Cue an explosion of debate, scrutiny, and prediction, and more than enough justification for Collins’ 2023 Word of the Year: AI.”
It also shortlisted two finance-related words for its word of the year, including ‘debanking,’ which it defines as the act of cutting someone off from banking services. It also adds that the list was made using a politician in the UK, Nigel Farage.
“The issue was thrust into the spotlight and many others subsequently came forward to complain of having been debanked without explanation,” Collins wrote.
Debanking has been a persistent problem in the crypto space. In April, US House Republicans on the Financial Services Committee argued that there is evidence of a “coordinated strategy” to deny access to banking services to participants in the digital assets industry.
Popular cryptocurrency exchange Binance is facing debanking issues in Europe as well. The exchange has announced that users with its local banking partner Paysafe will no longer be able to trade euro spot trading pairs from September 28th.