Artificial Intelligence for fraud detection: beyond the hype

The financial services industry has witnessed considerable hype around Artificial Intelligence (AI) in recent months. AI indeed appears to be the new gold rush for large organisations and FinTech companies alike. However, with little common understanding of what AI really entails, there is growing fear of missing the boat on a technology hailed as the'holy grail of the data age.' Devising an AI strategy has therefore become a boardroom conundrum for many business leaders. How did it come to this – especially since less than two decades back, most popular references of artificial intelligence were in sci-fi movies?