We live in the digital age, enjoying the benefits of streaming services, cloud gaming, and powerful smartphones which are now stronger than some of the PCs which were released less than a decade ago.
In recent years the development and use of artificial intelligence have become quite popular as many companies seek to improve their capabilities and the quality of the services provided to the public. While some fear that relying completely on AIs could lead to disastrous consequences in the vein of popular dystopian movies, others argue that they have the potential to offer great benefits.
It is important to take into account that many companies have decided to use artificial intelligence for tasks which tend to be quite repetitive, allowing the human resources to focus on aspects like decision making and direct interactions. Across the world, many AIs handle a variety of tasks like process automation, fraud prevention, and data processing.
Some voices have stated that AI-based solutions are overhyped, but that doesn’t seem to be the case. A major factor is the complexity of specific tasks and their value. For example, data collection may seem profitable, but that is not always the case.
Many bankers are interested in the opportunity of using powerful AIs to analyze market data and learn more about possible shifts and tendencies. However, the transition between such a concept and a functional solution is filled with bums and issues which can be quite daunting. And the costs required for the implementation may not seem to be worthwhile in the long run.
As with any business, bankers will tend to analyze and compare the potential benefits of an investment along with the negative consequences which could appear. Most financial institutions have to weight their decisions and prioritize the one which promises valuable benefits, which could be used to attract new customers and increase profits.
The potential is out there, but further advancements are needed before the banking world will embrace artificial intelligence with both hands.