MAGAZINE: Artificial Intelligence in Banking Finance Digest Magazine

Artificial Intelligence (AI) is already a ubiquitous part of our everyday lives. Think of asking Siri a question or having your car automatically manoeuvre to park itself – more of our daily devices rely on AI disciplines to apply interpretation and understanding to give information context, and thereby learn and act. The use of AI is growing and there has been much debate about its use by banks to streamline processes and add value, some of which we are already seeing in the form of robo advisors and big data processors. AI has the potential to address many of the challenges and expand opportunities for banks – reducing middle and back office administration, for example. To better assess the potential application and benefits of AI for financial institutions, we first need to clarify what we mean by artificial intelligence and exactly how it is different from'traditional' technology.