Artificial Intelligence and Banking

Artificial Intelligence has been a fascinating niche in the present world. The world has of late embraced the employment of the financial technology systems, which is part of the artificial intelligence to run the banking sector.

What then is the Artificial Intelligence?

John McCarthy, an American Computer Scientist, defined Artificial Intelligence as “the Science and Engineering of making intelligent machines.”

However, Scientists further came up with a modest definition of the Artificial Intelligence as “an area of computer science that emphasizes on the creation of intelligent machines that sense, comprehend, reason and act to emulate human behavior.”

Therefore, Artificial Intelligence includes a group of related technologies but not limited to big data analytics, machine learning, deep learning, virtual agents, predictive/prescriptive analytics, and avatars. In addition to that, everything from robotic process automation to actual robotics falls under the AI domain, hence complicating the understanding of it even further.

AI’s role in the Banking sector.

The views aired by the Banking Visionaries Council instituted by Infosys Finacle, in an attempt to bridge this gap, brought together an exclusive group of senior business and technology leaders from the Global Banking Community to purposefully solve the most pertinent problems in the financial sector with the research and the collective thought leadership efforts.

The objective of the research was to serve banks with a practical guide in their AI journey.

The JPMorgan Chase introduced the

The plans to officially roll out the Virtual Assistant Technology was successfully piloted in 2016, which then integrates natural language interface ” to respond to employee technology service desk requests.” The initial objective was to render120000 service ticket with a future expansion of addressing more than 1.7 million employees.

In 2016, the Bank of America company’s more than 50 million customers. Erica is exclusively designed to be accessible to clients at any time of the day in addition to helping the customers reach their financial goals by providing smart recommendations.

Information Technology and Design College graphics

Citi banks also boasted with its six Citi Global innovation Labs, forming a global network of tech companies that deal with e-commerce and cybersecurity. The bank has made a strategic investment in Feedzai, a global data science company to identify and eradicate fraud in all avenues of commerce in both

The U.S Bank employed the artificial intelligence systems to “Represent the U.S Bank as a key spokesperson to internal stakeholders, external current and potential customers and partners.”

What then do we expect?

Many more AI innovations are expected to meet the demand for more services. The residents of Pittsburg got their first taste of driverless transport services last December when Uber launched its piloting scheme.

Ideally, AI is expected to do the following;

  1. Observe and sense what’s happening, that is, emulate the sensing aspect of human behavior.
  2. Interpret and evaluate whether the hypothesis created is right or wrong. It accordingly decides and chooses the best response, therefore, emulating the thinking aspect of human behavior.
  3. Interact and Act-Interact, which is the action aspect of human behavior.

Ethical Relevance

Moreover, 53% of the population believe that it’s due to the ethical concerns that should stop the AI from being as effective as it can be.

And the rest views the AI as totally irrelevant.

These are some of the statistics around the effectiveness of the AI community.

Way forward?

Finally, there are a lot of excitements behind the implementations of the AI in the banking sector, and there are many more expected for better customer service.

The AI system is likely to transform our entire life and most likely to be the driving force of humanity as the whole.

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