AI and Robotics in Banks and Financial Institutions
The world of Artificial Intelligence and Robotics are not just things that you saw in sci-fi movies of the past. The beginnings of those heady future landscapes are starting to happen now in business and commerce. Some examples of this can be found in the robotic vacuum and the advent of self-driving cars. More examples are already in the pipeline and will see the light of day in the next few years.
Banks have used Artificial Intelligence over the last few years with little fanfare. One reason for that is because most of the applications were of an internal nature that involved investments, financial risk indicators, selecting the right locations for opening up new branches. Customers have experienced AI more and more in recent years in relation to banks via automated “operators” who use voice recognition software to help route calls to different departments or offering information to the caller without the need for a live agent.
Banks are looking towards a future with more AI and robotics involved on both the internal side and the customer-facing side of the equation. They are also looking to reduce fraud and protect consumer data in the process. Banks are already using AI in this instance alone in the last few years to bolster their security departments. The future looks to integrate humans and machines even more with financial institutions implementing deeper and more complex AI and learning algorithms within their frameworks.