Page 11 - Risk Management Bulletin April -June 2021
P. 11

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
   6   7   8   9   10   11   12   13   14   15   16