Artificial Intelligence And Intelligent Banking

Is artificial intelligence less than our intelligence? - Spike Jonze

- Biswajit Sen

Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving.

The ideal characteristic of artificial intelligence is its ability to rationalize and take actions that have the best chance of achieving a specific goal. It was in the mid-1950s that John McCarthy, widely recognized as the father of Artificial Intelligence, coined the term Artificial Intelligence which he would define as the science and engineering of making intelligent machines.

Researchers, scientists, engineers, linguists, domain experts are working continuously and passionately to evolve the A.I. As technology advances, previous benchmarks that defined artificial intelligence become outdated. For example, machines that calculate basic functions or recognize text through optical character recognition are no longer considered to embody artificial intelligence.

AI is continuously evolving to benefit many different industries. Machines are wired using a cross-disciplinary approach based on mathematics, computer science, linguistics, psychology, health care, sales retails, operations, e-commerce and more. Coming to financial industry, where it is used for fraud detection, trade and sales forecasting ease of operation, voice-assisted banking.

Artificial Intelligence (AI) Overview

A thorough and hype-free review of AI in business was published recently by Deloitte, Demystifying Artificial Intelligence, suggesting the term cognitive technologies to encourage focus on the specific, useful technologies that emerge from the broad field of AI.