Rise of Artificial Intelligence in Banking BFSI

The world of Banking and Finance is changing more than ever, with Artificial Intelligence (AI) being the front-runner in bringing about a sea-change in the banking industry. Various AI solutions have already been implemented in banking across various areas like core banking, operations efficiency, customer facing services and analytics. With the onset of AI, banking will no longer be just apps, websites or physical branches but a whole new experience. Although, it is only recently that we have witnessed the application of AI, the history of AI goes back to the 1950s where a paper was published by Alan Turing about the possibility of machines with true intelligence. This was only the inception of Artificial Intelligence as a concept but no use case or AI process was implemented until the late 1990s.