How Artificial Intelligence benefits companies and ups their game

Royal Bank of Scotland (RBS) launched Luvo, a natural language processing AI bot which answers RBS, Natwest and Ulster bank customer queries and perform simple banking tasks like money transfers. Compared to the progress of natural language processing solutions, computer vision-based AI solutions are still in developmental stage, primarily due to the lack of large, structured data sets and the significant amount of computational power required to train the algorithms. Other than online and IT companies, which are early adopters and proponents of various AI technologies, banks, financial services and healthcare are the leading non-core technology verticals that are adopting AI. AI, thus, can go beyond changing business processes to changing entire business models with winner-takes-all dynamics.