Future Of Artificial Intelligence In The Banking Sector

Artificial Intelligence is the Intelligence demonstrated by machines, unlike the natural Intelligence displayed by human and animals, which involves consciousness and emotionality.

- Shashi Kant Sharma

About the author

Shashi Kant Sharma Chief Manager (Faculty) Union Bank of India Staff Training Centre Gurugram, Haryana

Swedish philosopher Nick Bostrom, in his book Super Intelligence, says, Machine learning is the last invention for mankind. From electronic trading platforms to medical diagnostics, robot control, entertainment, education, health and commerce, Artificial Intelligence services and digital disruption have hit every sector in the 21st century. AI has made its presence felt across all sectors due to its ability to help consumer innovation. This enables users to make faster and more informed decisions with increased efficiency.

Of late, the banking sector is becoming an active adapter of artificial intelligence - exploring and implementing this technology in new ways. The entry of artificial intelligence into the banking sector was not recognized and slowed down until the era of Internet banking.

1. Artificial narrow intelligence (ANI) :- It has a narrow range of ability, it is basically goal oriented.

2. Strong AI is named as AGI :- Artificial General Intelligence (Hypothetical Ability of an intelligent agent at par with human capability

3. Natural AI is named as ABI :- Artificial Biological Intelligence or Artificial super Intelligence (Property of a machine to understand or self aware and surpass the cognitive ability, memory, learning and decision making, it is more capable than human.

Importance One of the first steps was introducing Ally Bank (USA) -Allie Assistant in 2015, which can respond to voice and text, make payments on behalf of the customer, summarize the account, monitor savings, spend systems and use natural language processing to understand and resolve customer queries.