- Feb. 9, 2021
-- Artificial intelligence has the potential to fundamentally change the way banks operate. Computers that use AI-based technologies imitate the functioning of human intelligence and represent a particularly complex type of automation. We divide automations into those that merely support human activities and those that perform activities fully autonomously. Alternatively, automations can differ in their degree of adaptability:
there are systems that are programmed for fixed tasks and those that can adapt autonomously to new circumstances. Artificial intelligence refers to automations that can learn independently and adapt to new environments (augmented intelligence and autonomous intelligence)
. This means that behavioral rules are not defined in advance for all eventualities, but AI systems are able to react flexibly and self-learning to new situations. This fundamentally distinguishes AI from other digital technologies such as robotic process automation or data analytics. AI technologies are thus able to recognize previously unknown data structures, organize and interpret this information, make decisions based on it, and learn independently from the results. Thus, unlike traditional programs, they can perform tasks that require visual perception, text comprehension or speech recognition, or involve logical decision making. One example is an AI-based chatbot that automatically answers customer queries. This can use information added later, such as whether its answer was helpful and appropriate, to improve the algorithm. In this way, the answering of queries automatically becomes more precise over time; the system learns on its own. Artificial intelligence is a megatrend with the potential to revolutionize the financial sector through optimized processes for both financial service providers themselves and their customers.
In the end, the companies that are the earliest to embrace artificial intelligence will be the ones that make the most of it.