Artificial intelligence is set to make huge strides in banking. While it has some present applications, going forward the technology is likely to increase immensely. AI can identify patterns that humans generally cannot through taking in immense amounts of data, making it incredibly useful with numerous business applications (Marous).
Artificial Intelligence is growing so quickly that “Ray Kurzweil from Google estimates that AI will surpass human intelligence by 2019” (Marous). While many praise this as objective success, it is hard to not be even a little nervous. The film industry has portrayed numerous situations where robots/AI take over society and humankind is in danger, though this is unlikely in reality. While I do not personally believe we need to be afraid of the terminator, we should all gain a better understanding of what AI really means for banking and business applications. In this context, AI will improve customer personalization, productivity gains, fraud detection, and better customer recommendations (Marous). Ultimately, I believe that AI should be pursued in business as long as security is considered as well.
Source: https://thefinancialbrand.com/63322/artificial-intelligence-ai-banking-big-data/?utm_medium=email&utm_source=fintechweeklycom