Goto

Collaborating Authors

Artificial intelligence in Banking advantages, disadvantages & Mobile banking services Science online

#artificialintelligence

AI can be used in banks to decrease financial risk, It can improve loan underwriting through machine learning, improve financial crime risk with advanced fraud detection, It can improve compliance and controls, and reduce operational risk through improved accuracy in transcription & production of documents, banks can use machine learning and big data to prevent criminal activities and monitor potential threats to customers in commerce. Artificial intelligence (AI) includes machine learning and natural language, it can be used in the banking industry, Machine learning is a method of data analysis which automates analytical model building, Machine learning occurs when computers change their parameters/algorithms on exposure to new data without humans having to reprogram them. Natural language processing (NLP) refers to the ability of technology to use human communication, naturally spoken or written, as an input that prompts computer activity, natural language generation (NLG) refers to the ability for technology to produce human quality prose, It sorts through large amounts of available data to produce a human-sounding response, NLG can take the form of speech, or of a multipage report summarizing financial results. AI can help the bank understand the expenditure pattern of the customer, The bank can come up with a customized investment plan & assist the customers for budgeting, banks can send the notification about the advice for keeping a check on the expenses and investments based on the data, The transactional & other data sources can be tracked to help understand the customer's behavior and preferences to improve their experience. Artificial intelligent can sift through massive amounts of data and identify patterns that might elude human observers, One area where this capacity is particularly relevant is in fraud prevention, Artificial intelligence and machine learning solutions are deployed by many financial service providers to detect fraud in real time.


AI Applications Across Major Industries - DZone AI

#artificialintelligence

Even though Artificial Intelligence (AI) has been around as an academic and scientific discipline since the 1950s, the proponents of AI have never been as hopeful as they are in the present times. It's needless to mention that the current surge in AI research, investment, and real business applications is unprecedented. Market Intelligence firm IDC in their New IDC Spending Guide, September 19, 2018, predicted that the worldwide spending on cognitive and Artificial Intelligence systems would reach $77.6B by 2022. Similarly, Gartner projects the business value created by AI at $3.9T by 2022. While the philosophical debate on the ethical concerns around AI continues in several circles, we have seen myriad business applications of AI.


Artificial Intelligence (AI) Applications in 2020

#artificialintelligence

Let's take a detailed look. This is the most common form of AI that you'd find in the market now. These Artificial Intelligence systems are designed to solve one single problem and would be able to execute a single task really well. By definition, they have narrow capabilities, like recommending a product for an e-commerce user or predicting the weather.This is the only kind of Artificial Intelligence that exists today. They're able to come close to human functioning in very specific contexts, and even surpass them in many instances, but only excelling in very controlled environments with a limited set of parameters. AGI is still a theoretical concept. It's defined as AI which has a human-level of cognitive function, across a wide variety of domains such as language processing, image processing, computational functioning and reasoning and so on.


What is Artificial Intelligence How Does AI work ?

#artificialintelligence

This is the most common form of AI that you'd find in the market now. These Artificial Intelligence systems are designed to solve one single problem and would be able to execute a single task really well. By definition, they have narrow capabilities, like recommending a product for an e-commerce user or predicting the weather. This is the only kind of Artificial Intelligence that exists today. They're able to come close to human functioning in very specific contexts, and even surpass them in many instances, but only excelling in very controlled environments with a limited set of parameters. AGI is still a theoretical concept. It's defined as AI which has a human-level of cognitive function, across a wide variety of domains such as language processing, image processing, computational functioning and reasoning and so on.


How Artificial Intelligence Is Disrupting Finance

#artificialintelligence

General purpose technology is a term economists reserve for technologies that spur protracted economic growth and societal advancements, revolutionizing the operations of households and corporations alike. A sample general purpose technology is electricity. Electricity spawned a multitude of products and sectors, including refrigerators, washing machines, trains and, of course, computers. The advent of electricity radically transformed the world. A recent Harvard Business Review article designates artificial intelligence (AI) as the most important general purpose technology of our era. A car that can parallel park itself. Devices that respond with tomorrow's weather when we ask.