ARTIFICIAL INTELLIGENCE AND THE BANKING SECTOR


Artificial Intelligence came to our lives from the pages of tales and fiction books just as many other technological advancements. People dreamt about machines being able to solve problems for them.



From the day the term Artificial Intelligence came into existence, it has gradually become an integral part of the most demanding and fast-paced industries.
Forward-thinking businesses like UBA, actively explore the AI use in finance and other areas to get a competitive edge on the market.

More often than not, we don’t realize how much Artificial Intelligence is involved in our day-to-day life. In this article, UBA’s Group Head, Online Digital Banking, Austine Abolusoro explores Riding The Wave Of Artificial Intelligence In The Banking Sector.


Ever since the term Artificial Intelligence was coined by John McCarthy, the field of Artificial Intelligence has moved through many phases. The subject of Artificial Intelligence actually predates personal computing, it all started with "an ancient wish to forge the gods." as Pamela McCorduck would put it.

In 1950, Alan Toring, the English Mathematician published a paper in which he deduced the possibility of creating a machine that ‘thinks’.  This laid the foundation for the Dartmouth College conference in 1956 during which John MacCathy; an Assistant Professor of Mathematics would suggest a name for the field of computer science that would focus on the ability of computer systems to simulate learning.
Beyond the University Walls Today, advancement in AI has moved fast beyond the University walls into the business world and into our everyday lives. From the personal assistant on our mobile devices to the autonomous vehicles on the streets of San Francisco, AI is advancing it’s course in our spaces. However, experts in this field would argue that all we have seen so far still fall within what is called ‘Narrow AI”. Artificial Intelligence is the development of machines that would think and act as humans. We do not have anything near that today, but there is a possibility that in less than twenty years, we may have such machines that could be as intelligent or even more intelligent than humans.

Banking and AI The current wave of AI as we have seen, has not left any field untouched. AI is now a multi billion - dollar industry and will be a major contributor in GDPs of major economies of the world in just less than ten years.
The Banking Industry has not lagged behind in this technology advancement.  With the transformation of banking business from traditional to digital, banks now jump at any technology that could create opportunities for differentiation and deliver unique customer experience.

As competition amongst banks get stiffer and customer’s needs and choices become more complicated, the winners are those that will be able deliver personalized experience to their customers based on accurate analysis of data and deployment of intelligent solutions.

This article was originally featured in the April edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers, advancing and providing fresh insight into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge-sharing.

Share on Google Plus

About UBA Group

20 comments:

  1. This laid the foundation for the Dartmouth College conference in 1956 during which John MacCathy; an Assistant Professor of Mathematics would suggest a name for the field of computer science that would focus on the ability of computer systems to simulate learning. 5V0-31.19 exam dumps

    ReplyDelete
  2. Simply leave the diagnostic and bolster part to the AI motor that will give customized answers to your inquiries with respect to the most ideal methods for moving toward clients dependent on your own specialists' conduct. ai courses

    ReplyDelete
  3. I really love your blog.. Great colors & theme. Did you develop this web site yourself? Please reply back as I’m hoping to create my own site and would love to know where you got this from or exactly what the theme is named. Kudos! onsite mobile repair bangalore I like it when individuals get together and share opinions. Great blog, stick with it! asus display repair bangalore Good information. Lucky me I came across your website by accident (stumbleupon). I have book-marked it for later! huawei display repair bangalore

    ReplyDelete
  4. This blog was... how do I say it? Relevant!! Finally I have found something that helped me. Thanks! online laptop repair center bangalore Everything is very open with a precise explanation of the issues. It was definitely informative. Your website is useful. Thanks for sharing! dell repair center bangalore

    ReplyDelete
  5. I have to thank you for the efforts you have put in writing this website. I am hoping to see the same high-grade content by you later on as well. In truth, your creative writing abilities has motivated me to get my own, personal site now ;) macbook repair center bangalore I was extremely pleased to find this great site. I need to to thank you for your time for this wonderful read!! I definitely loved every part of it and i also have you saved to fav to look at new information on your blog. acer repair center bangalore

    ReplyDelete
  6. PLEASE READ!!Hello Guys!!! I am Caro I live in Ohio USA I’m 32 Years old, am so happy I got my blank ATM card from Adriano. My blank ATM card can withdraw $4,000 daily. I got it from Him last week and now I have withdrawn about $10,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it because it is blank just your PIN will be on it, it is not traceable and now I have money for business, shopping and enough money for me and my family to live on.I am really glad and happy i met Adriano because I met Five persons before him and they could not help me. But am happy now Adriano sent the card through DHL and I got it in two days. Get your own card from him right now, he is giving it out for small fee to help people even if it is illegal but it helps a lot and no one ever gets caught or traced. I’m happy and grateful to Adriano because he changed my story all of a sudden. The card works in all countries that is the good news Adriano's email address is adrianohackers01@gmail.com

    ReplyDelete
  7. Are you looking for the best essay help ? we here for your writing help and you can really save up your money.you can visit: nursing essay help

    ReplyDelete
  8. Such a very useful article. Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.
    360DigiTMG Data Science Institute in Bangalore

    ReplyDelete
  9. I feel very grateful that I read this. It is very helpful and very informative and I really learned a lot from it.
    Data Analytics Course in Pune
    Data Analytics Training in Pune

    ReplyDelete
  10. Excellent Blog! I would like to thank for the efforts you have made in writing this post. I am hoping the same best work from you in the future as well. I wanted to thank you for this websites! Thanks for sharing. Great websites!
    Data Science Course in Bangalore

    ReplyDelete
  11. I like viewing web sites which comprehend the price of delivering the excellent useful resource free of charge. I truly adored reading your posting. Thank you!
    Data Science Training in Bangalore

    ReplyDelete
  12. How is artificial intelligence utilised in banking? Man-made reasoning uses profound Dissertation Assistance learning, prescient examination, and ai for an improved financial encounter.

    ReplyDelete
  13. Really fine and interesting informative article. I used to be looking for this kind of advice and enjoyed looking over this one. Thanks for sharing. Thank you for sharing.Learn best Ethical Hacking Course in Bangalore

    ReplyDelete
  14. I'd love to thank you for the efforts you've made in composing this post. I hope the same best work out of you later on too. I wished to thank you with this particular sites! Thank you for sharing. Fantastic sites!
    Data Science Course in Bangalore

    ReplyDelete
  15. This is a great post. This post gives a truly quality information. I am certainly going to look into it. Really very helpful tips are supplied here. Thank you so much. Keep up the great works
    Data Science Training in Bangalore

    ReplyDelete

  16. Very wonderful article. I liked reading your article. Very wonderful share. Thanks ! .
    Data Science Course In Bangalore With Placement

    ReplyDelete
  17. Honestly speaking this blog is absolutely amazing in learning the subject that is building up the knowledge of every individual and enlarging to develop the skills which can be applied in to practical one. Finally, thanking the blogger to launch more further too.

    360DigiTMG Python Course

    ReplyDelete
  18. Through this post, I realize that your great information in playing with all the pieces was useful. I tell this is the primary spot where I discover issues I've been looking for. You have a shrewd yet alluring method of composing.
    360DigiTMG data science training in hyderabad

    ReplyDelete