The global banking industry is witnessing accelerated growth in terms of increasing adoption of digitization, rising use of AI enabled solutions and rising digital transformations. The opportunities to implement AI solutions across the finance industry are increasing with time and changing circumstances. Banks and other financial institutions are highly aware of the benefits offered by these AI solutions. The infusion of AI solutions is one of the latest trends in the banking industry. The banking industry generates a huge amount of data and AI solutions will help in connecting the dots between various data points and would alter the approach of acting with their users, therefore, enhancing the overall customer experience. Certain AI solutions have already gained a lot of popularity across banking institutions.

"Artificial intelligence would be the ultimate version of Google. The ultimate search engine that would understand everything on the web. It would understand exactly what you wanted, and it would give you the right thing. However, we can get incrementally closer to that, and that is basically what we work on." We live in an age of Artificial Intelligence, the time when cutting edge technologies reinvent human experience.

If you've been studying artificial intelligence and its growth, you'll know that the industry is well past its nascent stage now. There is significant maturity in its growth, and companies from diverse backgrounds are realizing the impact of incorporating data and AI into their ecosystems. In a bid to understand the dynamics of this data-centered growth, I teamed up with Hewlett Packard Enterprise (HPE) to do an analysis of their international survey on the present and the future of AI within the industrial sector. What percentages of companies are working on AI? How can AI transform industrial IoT for the better? Will it prove to be a job killer for us humans?

A recent Intel India report, undertaken by the International Data Corporation (IDC) has revealed that there has been an increase in the adoption of Artificial Intelligence (AI) in India, which in turn is expected to spike organisation spends on this technology over the next 18 months. The report surveyed 194 Indian organisations across sectors. According to the survey, nearly 75 per cent firms anticipate benefits in business process efficiency and employee productivity with the use of AI, while 64 per cent of the respondents believe that the technology can empower them in revenue augmentation through better targeting of offers and improved sales processes. Although AI does benefit greatly in the country, the survey also pointed out that 76 per cent of the companies believe that they will face a shortage of skilled personnel if AI is implemented into processes. "We all talk about the opportunity that India presents for AI, but often the types of industries that will embrace AI, the challenges that AI can address, and the roadblocks in implementation, are vague. This research is a small step towards comprehending this knowledge, and enabling companies such as ours, shape strategy and move ahead in the right direction."