Artificial intelligence is fact, not fantasy! » Banking Technology

Parth Desai, CEO and founder of Pelican, discusses why artificial intelligence (AI) is already fact not a fantasy, but cautions that we need to be realistic about what can really be achieved on the journey to true AI adoption in transaction banking and payments. It's very encouraging to read that respected firms such as Gartner are predicting that AI will be pervasive in all new products by 2020. And there are many discussions happening today about the potential of AI within financial services and how it will help to streamline processes and add value, but we also have to be very realistic about what is actually possible. AI uses computing power and knowledge to simulate intelligent human behaviour and is undoubtedly already in play, particularly within the military and consumer worlds. But despite all the hype, and irrespective of the sector, it still has some way to go and should not be viewed as the panacea that will solve every single problem.