How financial institutions can start with artificial intelligence – now

Just one look at your smartphone is all it takes to remind you that digitization and automation in financial services is nothing new. But the recent heightened interest in artificial intelligence (AI) and banking is. "The explosive growth of structured and unstructured data, availability of new technologies such as cloud computing and machine learning algorithms, rising pressures brought by new competition, increased regulation and heightened consumer expectations"--all of these factors, he says--"have created a'perfect storm' for the expanded use of artificial intelligence in financial services." For many financial industry leaders, understanding how AI can be incorporated into their business operations can be a storm in and of itself. With this in mind, we reached out to industry thought leaders in advance of October's BAI Beacon financial services conference, where AI is going to be a huge topic of conversation in a slate of Innovation & FinTech sessions, and asked: "What can banks and financial institutions (FIs) do right now to get started with AI in their business?"