Banking Industry Opens The Doors To Artificial Intelligence

Foteini Agrafioti, head of the Artificial Intelligence research division at Royal Bank of Canada, has recently stated that it is a misconception to believe that humans and machines can perform at the same level.

Going the distance, banking seems to be adopting a more reassuring discourse for its staff, from the moment they pose the irruption of artificial intelligence and emerging technologies as tending to cover more mechanical or systematic tasks.

The use of AI systems in the banking sector is still incipient and has a long way to go (for example, when serving customers or gathering information that allows the design of new products and services or the reduction of fraud).

A study by The Economist Intelligence Unit (EIU) indicates that the three main functions that are being used in banking, in relation to AI, are in this order: customer interaction (30%), risk and compliance (28%) and financial analysis (26%). This without counting on 87% of the banks that assure that they have implemented chatbots in customer service, according to Business Intelligence analysis.

One of the main benefits of emerging technologies is the detailed analysis of huge amounts of data, which allows bank managers to design new products, more personalized and tailored to their clients. In addition, artificial intelligence is also present in banking applications downloaded to mobiles, tablets and laptops by thousands of customers; They analyze the data, design behavioural patterns, generate predictions and measure the risk of default, based on information collected by the devices themselves.

This customer trail is spreading fast on social media and ultimately anything that is digitized and connected. Until relatively recently, 80% of this data was invisible to business computer systems, and that percentage includes everything that humanity communicates orally, plus everything it captures with sight, hearing, or movement; Millions of “unstructured” data are multiplying at enormous speed and according to some calculations will amount to 44 zettabytes in 2020.

To process such a large amount of information, Logicalis has cognitive technology capable of digesting millions of unstructured data in all its forms and “reasoning” from them, in short, adding logic to them. Thus, it is possible to have a robot portrait of customers, learn from each interaction and maintain a closer and deeper relationship with them, “more human”.

Based on this enormous knowledge, banks will be able to define new products and services that are more tailored to each client, more quickly and tested, and in ways that until now they did not even imagine. Perhaps for this reason, and by way of the forecast, it is estimated that in 2020, the investment of the financial sector in this technology amounts to 10 billion dollars. But it is also risky to make forecasts with such disruptive technologies. It’s will be better to ” wait and see “.