DIGITAL BANKING Tips - Tip 30: ARTIFICIAL INTELLIGENCE

As of today banking industry has been experiencing most challenging times in its history because of Digital Disruption. Every banker agrees that there is a great risk of losing market share against new Fintech players, which means losing customers, profit and staff soon. Artıficial or not, we all need intelligence for sure – as soon as possible. As described by Stephen Hawking “Intelligence is the ability to adapt to change” and this is what banks need desperately. Then the question is: how can Artificial Intelligence (AI) help banks to be and stay more competitive?

It might be good to start with the definition of Artificial Intelligence (AI) – in the simplest terms it means the intelligence shown by machines or software. You probably heard about more fantastic names given to AI like “machine learning”, “smart machines” or “cognitive computing” – broadly speaking they all refer to the same efforts coming from 1950s to make smarter machines in the form of smart algorithms.

This is the short version of the post. 

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