A Primer on AI in Financial Services – Jeff Fraser – Medium

At a high level, Artificial Intelligence (AI) is a branch of computer science that makes machines imitate intelligent human behavior, simulating (and often exceeding) human performance. AI has finally emerged as the future, after unfulfilled hype that goes back to the 1950s, due to developments such as the availability of an immense amount of data, the open-sourcing of ML algorithm development, and advances in high-density parallel processing infrastructure. In fact, IBM now believes the technology solutions market for AI amounts to a staggering $2 trillion over the next decade. Data is the new oil, and 90% of data in the world right now has been created in the last 2 years alone. The power of data has actually lagged the technical capability to monetize it efficiently and effectively, in a world where the use of data is moving from a competitive advantage to a requirement to compete.