This week we bring to you Banking’s latest boon – AI. Artificial Intelligence is a field of computer science developed to mimic human’s cognitive abilities like analyzing, learning, problem-solving, calculating, decision making and reasoning. It has been around since the early 90s. With the advent of internet and technology updation, it gained significance gradually.
In today’s brief, we assess and try to evaluate the impact AI has had on Banking sector and what are the future implications of the same. We present a few prominent reports to assess the technology’s impact on the different verticals – such as Revenues, Costs, Data Mining, Fraud Detection, Identity Validation – of a bank.
India’s banking industry has just begun exploring the prowess of the technology. Some of the key breakthroughs have been in the field of Conversational AI, and Fraud Detection AI.