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Joe Lyske, Partner, Time Machine Capital, pinpoints how artificial intelligence (AI) fits into the payments industry, and which specific areas of banking are receptive to the technology.
An excellent summary of the stage we have reached in respect of AI and a good introduction to the growing dialogue around the value it brings to financial services.
There many definitions of AI but perhaps the key thing is to look at the technology as an application you would use to complete highly complex, intellectual tasks and consider the benefit it brings.
It is certainly the case that building intelligent AI applications is now a quicker, effective option given the availability of cheap computing power. When coupled with the more recent development of algorithms that can train (teach) networks to learn and
intellectualise events and outcomes it becomes a powerful tool.
Equally true is that financial institutions increasingly look to drive value from unlocking the massive amounts of data they host and modern AI techniques are more sophisticated that the predictive, reactive analysis tools in use.
So I think this is the start of a wave of activity and discussions exploring the benefits of AI based applications. One to watch and get involved in.
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