Making AI a reality in banking

Making AI a reality in banking
#AI #MachineLearning #Fintech #ML #Banking #tech

  • Extensive automation of business processes in international banking using artificial intelligence, robotics and machine learning, which I’m going to collectively call robotic process automation (RPA), is set to transform the way banks and financial services – firms do business – particularly in areas such as trade finance and similar complex…
  • The software robots will need to have access to the hundreds business – processing rules at the bank -the relevant common objects and components, in addition to the specific product-related objects and components.
  • This will be required so that entire business processes, from the relevant portal system for the bank’s customers, – through the mid- and back-office systems inside the bank, further on to the relevant business parties via the relevant channels (SWIFT, clearing houses etc.) around the globe, can be end-to-end automated…
  • To achieve this, banks need to scale back their reliance on legacy core banking systems and implement a modern IT platform built on international standards with all relevant business processing rules available.
  • This should include information and related – business processing rules about the customers, the customer accounts, the customer agreements, the banks, the bank’s accounts, agreements with banks, agreement between involved banks, GL accounts, the products, the commissions, charges and fees, interest, – the pricing rules, the clearing houses and clearing…

Extensive automation of business processes in international banking using artificial intelligence, r…
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AI technology essential to business, transformative to companies, says report

67% of IT departments are using #AI to detect #security breaches:

  • According to IT Pro Portal, a new study, “Getting Smarter by the Day: How AI is Elevating the Performance of Global Companies” from a global consulting group says that’s because AI technology is becoming entrenched into businesses worldwide.
  • In the study, Tata Consultancy Services said close to 85 percent of companies around the world view AI as an essential part of being competitive in the marketplace.
  • In addition, 50 percent of companies surveyed view AI technology as having a transformative effect on business.
  • “As companies begin to gain a better understanding of AI’s application for business, they will realize the significant impact of this transformative force,” said TCS CTO K. Ananth Krishnan.
  • “This is reflected in our Global Trend Study, which shows that forward-thinking companies are beginning to make major AI investments.”

Tata Consultancy Services says in a report that 85 percent of companies view AI technology as essential to their operations.
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