Real-time forensics & cognitive automation--How AI is set to transform banking payments

The practical application of Artificial Intelligence (AI) by banks and financial service providers will be a hot topic in 2018. While seemingly a recent development, banks have in fact deployed AI to improve efficiency and lower costs for well over two decades. Starting with the use of Natural Language Processing (NLP) disciplines across several banking processes in the 1990s, the emergence of big-data and cloud computing drove the adoption of additional Machine Learning capabilities by banks. Robo advisors and fraud detection are two recent examples of AI applications in banking. Inflection Point Despite the long history of AI deployment, we are now at an inflection point in the transformation of banking.