AI & Machine Learning in Finance & Banking

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Artificial intelligence is the mix of three technologies – Machine Learning, Natural Language Processing (NLP) and Cognitive Computing which enables the Artificial Machines to mimic the human intelligence with the assistance of machine learning and natural language processing algorithms. The prime intention in exchanging the knowledge from humans to machines is to beat the very boundary of human intelligence: adaptability. There’s always a limit to the speed with which humans can perform the given tasks. Artificial intelligence hopes to conquer this very challenge with human intelligence by exchanging the human intelligence to cognitive machines with incomparable computational abilities.

Artificial intelligence has brought upon one of the biggest revolutions in the banking industry. Where traditional software was hard-coded with rules to define the area of execution, artificial intelligence allows computers to create their own rules based on the guidelines and data fed into the system. This implies that now computers can take a step further from rule-based working to logical thinking and reasoning.

Artificial Intelligence is taking the financial services sectors to the next level. Almost every organization related to financial technology has already started using AI because of many benefits such as: to save time, reduce costs, and add value. But what make AI revolution more strong and impactful are machine learning algorithms, software that self-improves itself with increasing data, a pattern that the financial industry can benefit from immensely. As a result, Artificial Intelligence in finance is creating a tremendous impact.

Few applications of Artificial Intelligence and Machine Learning in Banking and Finance:
  •        Fraud prevention:
  •       Chatbots:
  •       Risk Management:
  •       Marketing and Support:
  •       Algorithmic Trading:
  •       Improved customer services
  •       Investment Predictions
  •       Personalized Digital Assistant
  •       Network Security

Nonetheless, to be successful and to make an impact, the banks and financial organizations need to make Artificial Intelligence, Machine Learning and Natural Language Processing (NLP) an expansion of their big data and data analytics approach to deal with huge data. It is clearly seen that AI is here to stay, and is impacting many industries, Finance & Banking is an early adopter of this trend.  This trend is likely to grow exponentially in the future. If any Company thrives to become winners in the next 10 years, then the need to embrace this technology today itself.

“Technologies innovations will be the heart and blood of the banking industry for many years to come and if big banks do not make the most of it, the new players from FinTech and large technology companies surely will” – David Brear (Founder and CEO at 11:FS)

“If banks can’t offer something more valuable than Amazon Prime, then we’re probably in the wrong business” – Bradley Leimer (Managing Director, Head of Fintech Strategy)

For more details contact us.
Name: Amelia Smith
Contact:machinelearning@enggconferences.com;
worldmachinelearning@enggconferences.com

Website: https://machinelearning.conferenceseries.com/

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