The most visible examples of AI, however, are the customer service rendering digital assistants, and chatbots such as Erica, aLVin, Eva, and MyKai, which are becoming familiar names to banking consumers. It has taken 50 years since the launch of Eliza--the first chatbot to mimic human conversation – for the technology to evolve to its current state, where its natural language processing ability is strong enough to answer queries, respond to voice commands, render services, make recommendations and initiate actions. Our recent report titled'Amplifying Human Potential: Towards Purposeful Artificial Intelligence' indicates that AI adoption is on the rise and by year 2020 it will contribute, 39% increase in revenue and 37% decrease in operating costs for businesses. AI is also being deployed by banks in non-customer facing tasks like credit risk management, where machine learning algorithms identify repayment patterns and predict the chances of default.

The platform is called Mana and aims to drive automation and bring in innovation amongst businesses, the company said at its annual conference in San Fracisco. Mana, with the Infosys Aikido service offerings, lowers the cost of maintenance for both physical and digital assets; captures the knowledge and know-how of people in an organisation; simplifies core business processes and enables businesses to bring new user experiences leveraging technology, the company said in a statement. "We can automate the repetitive, mechanisable tasks; we can capture the knowledge and know-how across people and long-lived systems and bring this knowledge back inside the systems to drive more value; and in doing these things we can free people to put all of our creativity, passion, and imagination into thinking about the bigger opportunities ahead of us," he added. This initiative will be to simplify and automate migration of systems to Microsoft's products, to accelerate Microsoft Azure-based and other digital transformations for clients.