If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Artificial intelligence (AI) technology has become a critical disruptor in almost every industry and banking is no exception. The introduction of AI in banking apps and services has made the sector more customer-centric and technologically relevant. AI-based systems can help banks reduce costs by increasing productivity and making decisions based on information unfathomable to a human agent. Also, intelligent algorithms are able to spot anomalies and fraudulent information in a matter of seconds. A report by Business Insider suggests that nearly 80% of banks are aware of the potential benefits that AI presents to their sector. Another report suggests that by 2023, banks are projected to save $447 billion by using AI apps.
Artificial Intelligence (AI) has come a long way since 2016, when AlphaGO, a computer program, first defeated an 18-time world champion at the game of GO. Artificial intelligence is profoundly increasing value across a range of industries. The banking and finance industry is no exception. There is a transformative impact to fully adopting AI in banking and finance. According to a study by Mckinsey, AI can add up to $1 Trillion of additional value to the global banking industry annually.
The icing on the cake is that the action takes place in the PUBG universe. Some of the most exciting inventions in TV will be in 2021. LG has hinted at ditching the E-Series OLED and bringing in Gallery Series. On the other hand, Samsung might unveil a rotating Sero TV. This year will be bigger and mightier with TV screens measuring above 75-inch becoming mainstream.
Artificial Intelligence (or AI) is already being widely deployed across industries, sometimes in ways you wouldn't even have imagined. The financial sector, which is heavily regulated, may not seem like an industry that would be poised to harness cutting-edge technology. But with the right planning, regulatory experts, and smart selection of use cases, AI can be put to work for the good of the employees and customers. AI in banking and finance can also lead to huge cost savings, within different business units or channels. There are three main channels where banks can use artificial intelligence.
Validata Sense.ai is the industry's only unified platform that delivers intelligent automation powered by real-time AI, cognitive robotic process automation (CRPA) and deep analytics, enabling Temenos clients to test, monitor, analyse and predict on the quality and usability of core banking processes across different interfaces, platforms, payment hubs and mobile. With automation at the core, Validata Sense.ai is uniquely positioned to simplify DevTestOps processes and accelerate DevOps at scale. Its AI-powered automation capabilities empower organisations to master the speed and complexity of cloud operations, supporting'shift left' testing so "only good builds" reach production and shift-right self-healing, to minimize risk for business and operations.
The financial services industry has seen an increasing adoption of digital technologies to improve its business processes more than any other industry. This entanglement of technology continues with the introduction of cognitive technology in finance. The numerous applications of artificial intelligence in the finance industry is already providing numerous organizations -- both banking and non-banking ones -- with unprecedented levels of automation and efficiency. And the results are already inspiring many a finance CIO to adopt more applications of the technology for further enhancing their operations. However, despite the value added by the different AI applications in finance, the existing applications only scrape the surface of the huge potential held by AI technology.
While many financial institutions are talking about robotics and artificial intelligence, some have already implemented these technologies; some have made significant strides including impressive cost savings of up to 60 per cent in some areas. Over the last two decades, the invasion of technology has changed the entire landscape and the way we perceive things around us. Banking has taken a paradigm shift in this technological revolution. While many new technologies are emerging, it is also bringing in a host of changes to the industry and generating newer forms of employment. Being a critical aspect of the economy, technological progression in the banking sector has become an important topic.
Seven million years ago, the first ancestors of mankind appeared in Africa and seven million years later, as we speak, mankind's existence is being traced by archaeologists in South Africa, where they believe they are finding several missing links in our history. A history traced back to the first hominid forms. What is a hominid, I hear you say, and when did it exist? Well, way back when scientists believe that the Eurasian and American tectonic plates collided and then settled, creating a massive flat area in Africa, after the Ice Age. This new massive field was flat for hundreds of miles, as far as the eye could see, and the apes that inhabited this land suddenly found there were no trees to climb. This meant that the apes found it hard going thundering over hundreds of miles on their hands and feet, so they started to stand up to make it easier to move over the land. This resulted in a change in the wiring of the brain, which, over thousands of years, led to the early forms of what is now recognized as human. The first link to understanding this chain was the discovery of Lucy. Lucy--named after the Beatles song "Lucy in the Sky with Diamonds"--is the first skeleton that could be pieced together to show how these early human forms appeared on the African plains in the post-Ice Age world. The skeleton was found in the early 1970s in Ethiopia by paleoanthropologist Donald Johanson and is an early example of the hominid australopithecine, dating back to about 3.2 million years ago. The skeleton presents a small skull akin to that of most apes, plus evidence of a walking gait that was bipedal and upright, similar to that of humans and other hominids. This combination supports the view of human evolution that bipedalism preceded an increase in brain size. Since Lucy was found, there have been many other astonishing discoveries in what is now called the "Cradle of Humankind" in South Africa, a Unesco World Heritage site.
The industry has always invested in technology and has also not been averse to adopting innovations in technology. However, the demand, from both the customers and the business leaders, has been consistently outpacing the resources available to execute all the various initiatives within the bank. Chief information officers (CIOs) have always had to prioritize and select where they will invest their resources. The initiatives that enhance revenue generation opportunities and those which improve customer experience have always taken precedence over those that address operational efficiencies. So as they expand and scale their operations, inefficiencies start building up in the operational processes.