Progression of AI and the Transformation of Banking Sector

Artificial Intelligence (AI) has become a finance buzzword since 2016 and reports abound on how AI is an integral part of technology budgets, as well as the key technology force that will reshape strategy in coming years. However, AI is not an entirely new to banking as it is made out to be. Various terminologies associated with AI like machine learning, cognitive learning, natural language processing, primarily aimed at bringing intelligence through algorithms. Such processing capabilities have existed in various forms for decades, for e.g., algorithmic trading has its origins in the 1970s' automated trading systems. These have evolved silently across critical functions, and reached such a state of maturity that it is touted to be the next big force in financial technology.