Page 44 - Banking Finance January 2022

ARTICLE

FUTURE OF

ARTIFICIAL

INTELLIGENCE IN

THE BANKING

SECTOR

A rtificial Intelligence is the Intelligence Of late, the banking sector is becoming an active adapter

demonstrated by machines, unlike the natural
of artificial intelligence - exploring and implementing this
technology in new ways. The entry of artificial intelligence
Intelligence displayed by human and animals,
which involves consciousness and emotionality.
Swedish philosopher Nick Bostrom, in his book Super into the banking sector was not recognized and slowed
down until the era of Internet banking.
Intelligence, says, "Machine learning is the last invention for 1. Artificial narrow intelligence (ANI) :- It has a narrow
mankind." From electronic trading platforms to medical range of ability, it is basically goal oriented.
diagnostics, robot control, entertainment, education, health
2. Strong AI is named as AGI :- Artificial General
and commerce, Artificial Intelligence services and digital Intelligence (Hypothetical Ability of an intelligent agent
disruption have hit every sector in the 21st century. AI has at par with human capability
made its presence felt across all sectors due to its ability to
3. Natural AI is named as ABI :- Artificial Biological
help consumer innovation. This enables users to make faster
Intelligence or Artificial super Intelligence (Property of
and more informed decisions with increased efficiency.
a machine to understand or self aware and surpass the
cognitive ability, memory, learning and decision making,
it is more capable than human.
About the author
Importance
Shashi Kant Sharma One of the first steps was introducing Ally Bank (USA) -Allie
Chief Manager (Faculty) Assistant in 2015, which can respond to voice and text,
Union Bank of India Staff Training Centre make payments on behalf of the customer, summarize the
Gurugram, Haryana
account, monitor savings, spend systems and use natural

44 | 2022 | JANUARY | BANKING FINANCE