- Artificial intelligence is not one technology but rather a group of related technologies – including natural language processing (improving interactions between computers and human or “natural” languages); machine learning (computer programs that can “learn” when exposed to new data) and expert systems (software programmed to provide advice) – that help machines sense, comprehend and act in ways similar to the human brain.
- Artificial intelligence can help banks’ finance teams reimagine and restructure operating models and processes.
- Artificial intelligence provides banks, capital markets firms and insurers with an enormously powerful set of tools to transform and streamline some of their most fundamental financial processes.
- The challenge for many, however, is not only to identify and adopt the best AI technologies but to reshape and rethink their operating model and talent development to take advantage of AI’s transformative capabilities.
- Artificial intelligence can help banks dramatically improve operational efficiency and gain a much clearer understanding of where they are going, but it is still up to humans to make the big strategic decisions and set the course for AI and related technologies to help deliver profitable growth.
AI has the potential to fundamentally transform banks’ finance function within the next decade – if not sooner.
@Forbes: Artificial Intelligence is becoming a major disruptive force in banks’ finance departments
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