"Scientia potentia est" is a Latin adage that means "knowledge is power". This phrase is commonly attributed to Sir Francis Bacon and its most common modern interpretation is'information is power'. There has never been a time in human history when this phrase was more relevant, as each day humanity creates over 2 Quintillion bytes of data.
Artificial intelligence (AI) is seemingly everywhere today. Whether it's using a virtual assistant like Siri or Alexa, improving sales insights through analytics, or hiring the best talent with AI-based recruiting software, many businesses have already started incorporating this technology into their everyday processes.
In financial services, the near future will see a shift in power toward the customer. That was the general consensus among SAP and the bankers and insurers participating in the first SAP Next-Gen Boot Camp on Machine Learning in Financial Services, held at the SAP Innovation Center Potsdam last week.