We’ve spent quite a lot of time talking about Artificial Intelligence (AI) in banking and across other industries. During that time, we’ve noticed there is no universally agreed upon definition of AI. And because of this, the AI space may become cluttered with products that are not fully AI, or even AI at all. So, where should you start with first defining AI and then making it work in your institution?
We’ve compiled a list of five articles every banker should read to get up to speed on AI and walk away feeling empowered for what’s ahead.
Article: The year of Alexa and the coming decade of A.I., CIO.com
Author: Greg Simpson, SVP & CTO at Synchrony Financial, @simpsong00
“I didn’t see A.I. coming”
Ready or not, AI is shaping every industry. Don’t be left behind. This piece is all about preparedness, listing the ways you can stay ahead of the curve and lead the AI revolution at your institution.
Article: The Use of AI in Banking is Set to Explode, TheFinancialBrand.com
Author: Jim Marous, @JimMarous
“Soon, all financial services firms will leverage the power of AI to deliver better experiences, lower costs, reduce risks and increase revenues.”
Jim Marous walks us through where AI is taking the banking industry. After reading, you’ll feel a bit more confident in AI’s capabilities, and possess a newfound knowledge on the advantages it will bring.
Article: Can AI make banks as good as Amazon at knowing customers?, AmericanBanker.com
Author: Penny Crosman, Editor at Large, @pennycrosman
“Every time there’s an interaction with a client, you get smarter about that client and your actions are going to be better.”
Banks often get a bad rap for their approach (or lack thereof) when it comes to customer analytics. In this article, Penny Crosman interviews Alvi Abuaf, SVP & Head of Financial Services Consulting at Capgemini Consulting, on how AI will help banks better serve their customers using the stockpile of data they already have.
We also loved this article by Penny: Bring on the bots.
Article: Cognitive collaboration: Why humans and computers think better together, dupress.deloitte.com
Authors: Jim Guszcza, Harvey Lewis, Peter Evans- Greenwood
“With intelligence augmentation, the ultimate goal is not building machines that think like humans, but designing machines that help humans think better.”
Wondering where and how the AI revolution started? This piece will walk you through the history of AI up to where we stand today, reaching this conclusion: We must continue to develop the partnership between human and computer.
Article: Accenture: The Era of the Intelligent Enterprise, huffingtonpost.com
Author: Vala Afshar, Chief Digital Evangelist at Salesforce, @ValaAfshar
“The focus for 2017-2020 is about ‘how technology can augment and enhance our human skills to listen more closely to customers and employees, connect to them on their own terms and partner with them to achieve personal goals’.”
Accenture published their annual technology prediction, and it’s filled with references to AI, as you might have guessed. In this article, Vala Afshar shares his take the piece, and makes the point that AI is meant to empower people and forge better customer experiences. In other words, AI will create more space for humans to do what they do best – be human.