The future is (already) here: what FIs need to know about artificial intelligence

Artificial intelligence used to be something unimaginable, a futuristic science fiction trope. But in 2021, it’s not a matter of when the future will get here. The future is already here. Artificial intelligence is not something from the movies, but a practical, helpful tool that businesses can integrate into existing processes. Think of voices such us Apple’s Siri and Amazon’s Alexa, or chat boxes that pop up on websites asking how they can help. These are all well recognized examples of AI being used in a mainstream environment to answer questions, provide a service, or enhance  customer support.

Financial institutions aren’t excluded from the shift to integrate artificial intelligence tools. These tools can help institutions thrive on connecting with their consumers by sharing and informing on products and services that meet their financial needs.

So, What is Artificial Intelligence?

Artificial intelligence (AI) is the development and deployment of systems that are able to perform human tasks, such as decision-making, predicting outcomes, assessing efficiencies, and automating adaptions to complete a specified task. AI includes a spectrum of tools that range from basic automation to machine learning and cognitive processing.  Gathered data helps pinpoint when, where, and how these tools can be the most effective and impactful.


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