In these highly competitive times and with so many technological advancements, it is impossible for any industry to remain isolated and untouched by innovations. In this era of digital economy, the banking sector cannot exist and operate without the various digital tools offered by the ever new innovations happening in the field of artificial Intelligence (AI) and its subset technologies.
New technologies have enabled incredible progression in the finance industry. Artificial intelligence (AI) and machine learning (ML) have provided the investors and customers with more innovative tools, new types of financial products, and a new potential for growth.
According to Cathy Bessant (the chief operations and technology officer, Bank of America), AI is not just a technology discussion. It is also a discussion about data and how it is used and protected. She says, “In a world focused on using AI in new ways, we’re focused on using it wisely and responsibly."