Tech Time: Artificial intelligence awaits
With a disciplined approach, CUs can successfully leverage this technology today.
In the last two years, most technology companies have started using the terms machine learning and artificial intelligence. In fact, there has been a 1,400 percent increase in the mention of these two terms during earnings calls of public companies during the same period.
Artificial intelligence in its essence is analogous to an army of statisticians building predictive models or algorithms in order to make decisions or recommendations. Machine learning techniques could in theory create this artificial intelligence without human intervention or, more realistically, with fewer humans. In this discussion, we are going refer to machine learning-powered artificial intelligence as intelligent algorithms.
Financial institutions can already leverage the power of intelligent algorithms. There is no need to wait for some magical and massive scientific breakthrough. Success in this pursuit is directly correlated to hypothesis-driven methodology and use cases. As boring as “hypothesis” and “use cases” may sound, they drive success at the firms that have successfully implemented such algorithms.
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