Artificial Intelligence: 6 Use Cases within Financial Services
Artificial intelligence is composed of three advanced technologies – machine learning, natural language processing and cognitive computing. The concept of Artificial Intelligence is to simulate the intelligence of humans into artificial machines with the help of sophisticated machine learning and natural language processing algorithms. The prime motive for the idea of transferring the intelligence from humans to machines is to overcome the very barrier of human intelligence: scalability. There’s always a limit to the speed with which humans can perform the given tasks. Artificial intelligence looks to overcome this very challenge with human intelligence by transferring the human intelligence to cognitive machines with supreme computational capabilities.
In recent years, if Artificial Intelligence has impacted one industry more than any other, it’s the Banking industry. For organizations working in the banking industry, it has become increasingly crucial to keep up with competition, and increase their standing as an innovative company.
Here are 6 use cases of artificial intelligence within financial services: