AI is no longer a rocket science. With only a little bit of study, it can be set up even by novices and non-tech people. Components of AI for speech recognition, image recognition, face recognition, etc, are readily available in the cloud from multiple companies.
The use cases of AI are exploding. AI is helping find patterns in varied areas such as marketing, recruitment, fraud detection, operations, etc. Current AI models are designed to mimic the human brain. Future AI models will surely explore models beyond the human brain.
A recent research report published by Banking Frontiers in association with Accenture, titled Digital Directions & Transformation 2018, reveals that an emerging challenge for AI is the test of morality. Financial sector is especially meaningful for testing morality of AI, as most moral abnormalities are likely to be caught very quickly by human beings.
AI & ML are getting embedded into everything, including marketing, cross-selling, recruitment, underwriting, fraud control, etc. However, risk management will be the core application. Of course, AI tools are not all uniform and each AI will do well in certain aspects and weakly on some other aspects.
The report is available at https://www.payumoney.com/webfronts/#/index/Bankingfrontiers
