Artificial Intelligence: How Modern Financial institutions Use AI?

March 28, 2019

This article was written by Graham Ellinson, a Financial Analyst at I Know First.

How Modern Financial institutions Use AI?

“Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we'll augment our intelligence.” — Ginni Rometty

Summary

The original use of AI by Banks was for fraud detection.
Aside from fraud detection many financial institutions have been slow to implement AI.
The UK bank Barclays have started experimenting with AI after becoming the flagship customer of AI simulation firm Simudyne Technology.
I Know First are unique: providing an AI product that boasts successful performance in daily market forecasting and wealth management solutions.

Artificial Intelligence is a word that gets thrown around a lot these days. Especially with the entrance of AI into the home with the likes of Amazons Alexa and Apples Siri it is now something that regular consumers interact with on a day-to-day basis. What this means is that it can lead to common misconceptions about AI and its uses. To some it is a smart assistant to others it is that annoying machine who answers the phone when you call customer services. However, AI has a wide range of uses and surprisingly in some cases still limited.

Source: www.iqlect.com