The benefits of Artificial intelligence in Banking – A focus on machine learning
Ever since the movie ex machina demonstrated the power of Artificial Intelligence (AI) to the world in 2015, it generated an exciting buzz of what the future of technology holds, as well as how chillingly scary it can be. The power of AI has already boosted productivity in multiple sector, thus machine learning will definitely be a major area of investment in the near future.
Within the financial services sphere, established institutions are struggling to compete as legacy systems have become outdated and inflexible, reducing efficiency. In order to maintain competitiveness, machine learning holds the key to the future. As the machine continues to learn and analyse data, financial institutions can capitalise in various areas to enhance productivity and ultimately increase profitability.
· Advanced data analytics
Through machine learning, artificial intelligence can effortlessly consume and process large amounts of data at an expedited level. Its immense speed brings efficiency to financial services and as it continues to learn and become even more efficient, it can identify more patterns than before, providing scope for customised offerings to customers.
· Combat fraud and improve compliance
Closely linked to its advance data crunching, it has the ability to detect fraud by flagging unusual transactions, and whilst it spots the anomaly, it also learns from this and feeds back into the customer’s profile. Subsequently, this builds trust as it creates a secure environment for customers, something which could be of major importance for a number of customers.
With such advantages, it is almost certain that majority of financial services will adopt machine learning algorithms to stay competitive; however there are fears as to how this could play in the future. As it continues to learn and improve, the decision making capabilities which it holds can create problems, one of which, suggested by Sir Tim Berners-Lee is its dominance can potentially take over the majority of the industry, and when that happens, how fair can a financial system without human involvement can be?
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