You may have seen Pepper the robot in the news. She has been introduced as HSBC Bank's in-branch greeter and banking assistant. She currently provides bank patrons with information and entertainment, but as her technology improves, she will provide more personalization through features like facial recognition. While the average person may not be greeted at the bank by an actual robot, we see artificial intelligence being used regularly in our day-to-day banking world. Artificial intelligence (AI) refers to the ability of machines to independently perform tasks normally done by humans, more specifically, things like understanding language, making decisions, or solving problems.

You may have seen Pepper the robot in the news. She has been introduced as HSBC Bank's in-branch greeter and banking assistant. She currently provides bank patrons with information and entertainment, but as her technology improves, she will provide more personalization through features like facial recognition. While the average person may not be greeted at the bank by an actual robot, we see artificial intelligence being used regularly in our day-to-day banking world. Artificial intelligence (AI) refers to the ability of machines to independently perform tasks normally done by humans, more specifically, things like understanding language, making decisions, or solving problems.

CHENNAI: Buying on Amazon, Flipkart or Snapdeal always comes with the prompt'Do you want to save your card details?' A question that poses a lot of risks -- at the merchant gateway, bank and customer end -- irrespective of whether it is a large retailer or your neighbourhood florist and confectioners. For banks, customers using e-commerce sites poses the debate of convenience versus security. With convenience comes lesser steps and faster buying, but higher security would mean multiple authentications and more time -- so to strike a fine balance between the two -- Indian banks are now looking at software products like FSS' Access Control, geo-fencing of accounts and rule-based access. "What it means is, if you use your card at an ATM in Chennai and in the next 5 minutes your husband tries to buy a product online from an e-commerce site from Delhi -- the card could get blocked or ask for further authentication. With artificial intelligence, the system could sense this is an unusual transaction because the same card is being used within 5 minutes at locations more than 1,000 kilometres apart," says Suresh Rajagopalan, president products, FSS.