Aion The Brink Of Revolutionising Banking And Insurance Of The Future

Mankind’s quest for Artifical Intelligence (AI) has driven development from times immemorial.

- Snehal Desai

Mankind’s quest for Artifical Intelligence (AI) has driven development from times immemorial. It dates back to the architectural astronomy instruments in India to Abacus of Mesopotamia; from mechanical triggering of medieval cannons in China to the emergence of the big World Wide Web; and finally to the 21st century when Internet of Things (IoT), Blockchain, Robotics and AI are finally a reality. It’s a marvel to construe that machines of today can actually learn, improve over a period of time with an in-built self-learning capability.

AI not only refers to a specific software algorithm but a broad spectrum of capabilities of machines that have cognitive functions, which include speech recognition, machine translation, file reading from a machine, fraud detection prediction, learning and predicting trends and natural language processing. A recent report suggests that globally over $1 trillion of today’s financial services cost structure could be replaced by machine learning and AI.

Financial institutions worldwide have always been at the forefront of adopting new technology. Closer home, in India, recent reports published by Accenture suggest that around 83% of Indian bankers believe that AI will work alongside humans in the next two years, which is higher than the global average of 79%.