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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. 

Starting from Tip 2 to Tip 30 only short versions of my posts are available at Finextra. From Tip 31, full (long) versions of my posts can be read here.

 

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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