Many of the world's biggest banks lack transparency in how they are developing the artificial intelligence (AI) that could be used in future decision-making and risk management. A study of the 23 largest banks in Europe, the US and Canada found eight that have not publicly reported their responsible AI principles. Benchmarking company Evident assessed banks in four areas of responsible AI, using public data to create its AI Index. It looked at the banks' creation of AI leadership roles, publication of ethical principles, collaborations with other organisations and publication of original research. Evident CEO Alexandra Mousavizadeh said AI could provide better risk management and decision-making across the global banking sector.

This year, Europe's banks plan to make technology investments worth in aggregate $77 billion, according to consulting firm Celent. That compares with $105 billion for their U.S. rivals. Faster, more seamless trading systems have long been a priority, but tech spending has shifted across business lines and from back office to front office. It can cover everything from maintaining decades-old systems to cutting-edge artificial intelligence. Unfortunately, European lenders are more focused on patching old systems.

In the long term, harnessing AI and technology will determine the split between winners and losers, said Jeroen van Oerle, Portfolio Manager Robeco Fintech Equities, Robeco. In order to keep relevant for the future, you need efficient back-office operations. On top of that, you need to be able to tailor make products. If you cannot provide those kinds of services in the future, a competitor will and you will lose. Similar to the largest US institutions, European banks have a strong interest in exploring the impact of AI on business functions.

"In the long term, harnessing AI and technology will determine the split between winners and losers," said Jeroen van Oerle, Portfolio Manager Robeco Fintech Equities, Robeco. "In order to keep relevant for the future, you need efficient back-office operations. On top of that, you need to be able to tailor make products. If you cannot provide those kinds of services in the future, a competitor will and you will lose." Similar to the largest US institutions, European banks have a strong interest in exploring the impact of AI on business functions.

A digital Nordic bank serving Sweden, Norway, Denmark and Finland is ready to integrate artificial intelligence into its systems, in order to enhance their current customer relations program. Beginning this autumn, IPsoft's Amelia, a human artificial intelligence platform, will enable Nordnet to scale customer interactions as Nordnet's new digital employee. "Our goal is to offer a world-class customer experience for investments and savings. That is why it is natural for us to supplement our existing customer service team with artificial intelligence. Amelia is a pioneering result of cognitive research and the world's most developed system for artificial intelligence and I look forward to introducing her to our customers this fall," said Peter Dahlgren, CEO of Nordnet.

In his seminal paper, Computing Machinery and Intelligence, Turing considers the question, "Can machines think?" Simply put, the Turing Test is a criterion to determine whether a computer has human-like intelligence. Since 1950, the concept of AI has ballooned to include machine learning, computer vision, natural language processing, robotics and more. While all are incredibly compelling, this 4 part blog series specifically focuses around machine learning applications and what it means to the B2B enterprise. Enterprises are struggling to find value in the massive amounts of data they generate and save every day.