Artificial Intelligence (AI) is becoming ubiquitous in recent years and its uses are seen in every industry from health, to travel, to banking, to hospitality and finance. According to the IHS Markit’s “Artificial Intelligence in Banking” report, the global AI market is expected to reach $300 billion by 2030.
AI is becoming important for all businesses that rely heavily on data. This is because this technology has the ability to teach itself and make it better through its practice. This is done through deep learning which includes the acquisition of new knowledge, the development of motor and cognitive skills through experience or practice, the assembling of knowledge into general, effective presentations and the discovery of new facts and theories through observation and experimentation.
The financial services industry has been getting transformed through the integration of AI. According to a study by PwC, 52% of the financial services industry is making huge investments towards AIence. Deep learning is a crucial fixture in the banking industry giving way to infinite possibilities and transforming traditional banking.
How is AI Transforming the Banking Industry
According to the MIT Sloan Review, 85% of business decision-makers predict that AI will provide an advantage to businesses in the future. Therefore, here are five ways that AI is transforming the banking industry.
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