Artificial intelligence, or AI, may sound overwhelming or even scary. The truth is it can both automate and improve services delivered to members while improving the bottom line of financial institutions.
AI is training computers to do things humans currently do better. Machines, using complex mathematical algorithms, demonstrate at least some behaviors associated with human intelligence. AI is often used in automating repetitive tasks, but automation and AI are very different solutions. AI covers a broad range of technologies including robotics, image and voice recognition.
AI can be automatically improved by adding components of machine learning. Machine learning is an application of AI that provides the system the ability to automatically learn and improve from experience, much the way a child learns from his or her environment.
Common applications of AI in the financial industry today include:
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