Page 11 - Risk Management Bulletin April -June 2021

RMAI BULLETIN APRIL TO JUNE 2021

ARTIFICIAL

INTELLIGENCE (AI) -

"AN INEVITABLE

TRANSFORMATION

IN BANKING

SECTOR"

Introduction: Dartmouth Conference in summer of 1956. However
intelligent robots and artificial intelligence made their
Artificial intelligence (AI), sometimes called machine
intelligence, is an area of computer science that first appearance in the ancient Greek myths of
emphasizes the creation and development of Antiquity. Aristotle's development of the syllogism and
intelligent machines that works and reacts like humans. its usage of deductive reasoning were presumed to be
So, when a machine mimics a human mind by thinking a key moment in mankind's quest in understanding its
own intelligence. While the roots penetrate longer and
for itself, it is known as Artificial Intelligence. Some of
deeper, the history of artificial intelligence as we think
these activities are - Learning, Speech Recognition,
Perception, Planning, Reasoning, Problem Solving and of it today spans less than a century.
also the ability to operate and move objects around.
Artificial Intelligence is now used in various fields,
providing an accurate, efficient and performance
John Mc Carthy is considered one of the founding
oriented system. Agriculture and farming, security and
fathers of artificial intelligence along with Alan Turing,
Marvin Minsky, Allen Newell and Herbert A Simon. It surveillance, production and manufacturing, banking,
is Mc Carthy who had coined the term Artificial healthcare and supply chain management are some of
Intelligence in 1955 and organized the famous the areas where AI has made significant impact.

Disease mapping and prediction tools, conversational
About the author bots for marketing and customer services, spam filters
on emails, social media monitoring tools for dangerous
Mohit Mishra content of false news, Siri, Alexa and other personal
Faculty, RBMD (Senior Manager) assistants, self-driving cars, drone and robots etc are
Union Bank of India some of the most popular and appropriate examples
Staff Training Centre, Gurgaon of Artificial Intelligence.

9