Almost every facet of life nowadays is aided by technology. Artificial intelligence is the latest technology's visual candy. AI is a method of employing machine learning techniques to smartly automate particular jobs. Although the original goal was to make machines as clever as humans, it appears that intelligent automation (IA) is being used instead of artificial intelligence (AI). The banking business was regarded as an out-of-date industry that was late in adopting technological improvements.

There's a reason it's called "big data." The growth in the volume of structured and unstructured information is exploding, literally exponentially, just as Moore's Law predicted. In fact, by 2025 there will be more than 180 zettabytes of data created and consumed worldwide, per Statista, helping to catapult the global data market to $103 billion by 2027. Since most banking products and services have become commodities, financial services executives are anxious to analyze even a tiny sliver of those zettabytes in order to differentiate themselves from competitors. As Capgemini puts it, banks and credit unions must evolve from capturing and managing data to using data to deliver hyper-relevant content, products and customized pricing based on customer and member behaviors, lifestyle, personality and preferences. Artificial intelligence (AI) applied to big data provides this range of insights.