According to the report analysis, ‘Artificial Intelligence (Ai) In Retail Banking – Thematic Research’ suggests that some of the major companies which are currently working in this sector in an auspicious manner for the betterment of the customers and for the security in bank transaction includes Alphabet, Amazon, Apple, Baidu, Cognex, Facebook, IBM, iFlytek, Intel, Nvidia, Salesforce, SAP, Splunk, Darktrace, Descartes Labs, Mobvoi, Palantir, Sentient Technologies, Vicarious, Ayasdi, Blue Yonder, FinGenius, Ipsoft, Kabbage, Kensho, LendUp, DataFox, MetaMind, Numenta, Preferred Networks, Quid, Sentient Tech, Uber, Viv Labs, Zephyr Health, BBVA, Commonwealth Bank of Australia (CBA), Danske Bank, DBS Bank (Digibank), Garanti, ICBC, La Caixa, Nordea, N26, USAA, Wells Fargo and others. Moreover, for many investors, Machine learning is equal to the artificial intelligence, machine learning is an artificial technology that allows machines to learn by using algorithms to interpret data from connected ‘things’ to predict outcomes and learn from successes and failures.
Artificial intelligence is an area of computer science which performs functions of computers with artificial intelligence which include planning, learning, problem solving, speech recognition and others. Moreover, artificial intelligence include traditional problem or goals which includes knowledge representation, natural language processing, perception, reasoning and others. Many tools are used in artificial intelligence which includes versions of artificial neural networks, methods based on statistics, mathematical optimization, probability and economics and others. In the ancient era the artificial intelligence is not much updated but in the modern ear this field have much prevalence in banking as well as corporate sector with the development in the technology. Moreover, artificial intelligence helps in improving customer personalization, patterns that cannot be quickly figure out by humans, identify connections and provide answers to several banking issues in real-time. Not only has this, artificial banking in retail banking provide more benefits in fraud detection, improve personalization and others. Therefore, in retail banking the role of artificial intelligence is vital and has lead to the significant growth in the current scenario.
For six decades machine learning was poised to take off because members of the ‘artificial intelligentsia’ had already come up with the theoretical models that could make it work. There are many other artificial intelligence technologies which is very much helpful in the gesture control, context awareness but the machine learning is where most of the investment community’s funding has flowed in recent years. With all the applications of artificial intelligence banking and financial service sector is showing significant interest in this technology. In recent trend there are more than a hundred well-known applications for different industries but the retail banking is dominating the market with the highest share as in the bank it is probably used in the observation & sense, interpret and evaluate, big data & analytics and others.
With the transformation in retail banking the setup of artificial intelligence is done and which make the working of bank more effective as the banks can now access millions of transactions and non-traditional data source to identify suspicious activity and fraud. Whereas, fraud detection and prevention is one of the popular use cases for big data in banking. Therefore, the market of the artificial intelligence in retail banking is expected to grow in the coming years.
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Ankur Gupta, Head Marketing & Communications