AI in banking: Where artificial intelligence and machine learning may take us

With an aim to separate hype from reality in Day 4 at Sibos, I was on a mission to understand what the existing and near-term applications of Artificial Intelligence (AI) were in banking.  With machine learning described as “table stakes” now, Richard Harris (Feedzai) during The Ethical Side of AI panel, suggested that the closest we have to understanding the impact AI will have is by looking at the internet – knowing the internet would change everything but twenty years ago, we didn’t know how – describes the state of AI today.

Risk mitigation appears to be an active area for current AI application. For example, with a worldwide impact of money laundering estimates between 2% to 5% of global GDP (upwards of $2 trillion USD), Heike Riel, IBM (Sensemaker: The interconnectedness of everything and advanced AI) cited a case where they found a reduction in false positives of 95% to 50%, along with a reduction of 27% in manual effort by using AI/ML to help discover the undefined unknowns in the data. Using AI to help triage fraud for human interpretation and action is considered ‘narrow’ AI – the application of AI to one particular task.  

Broadening the scope of AI beyond a single task may be on the horizon. In the future I can see a time when an AI would become a new hire to the bank, employed to derive new, company-wide insights to improve processes, identify efficiencies or ways to improve customer experience.

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WSTA panels cover emerging technologies and cloud for financial services

The financial services sector is ramping up investments in next-generation technologies, including both private and public cloud. It’s not just cloud, of course. Artificial intelligence (AI), machine learning, blockchain, advanced data analytics – the list goes on.

Red Hat’s Alessandro Petroni and Bill Lathram each participated in panels at recent Wall Street Technology Association events. The following are their first-hand perspectives of the events.

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MWC 2018 – Are we there yet? How long until we get to 5G?

It was quite the hectic but extremely successful week here at Mobile World Congress 2018 – the world’s largest mobile industry gathering with more than 100,000 attendees, which added to the hubbub of cultural, sporting, entertainment, industry and gastronomical diversity that is Barcelona.

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Mobile World Congress 2018: 5G, IoT, artificial intelligence, and connecting with the moon

This year’s Mobile World Congress began with a challenge and opportunity for operators to push the boundaries of today’s mobile ecosystem and help drive the future of the digital economy through innovation. A focus on 5G permeated the event every day, from keynotes and presentations, to demos and announcements, all the way down to the exhibit floor. The internet of things (IoT), artificial intelligence, connected cars, new devices, and blockchain were also highlighted throughout the week. Keep reading for some of the highlights we captured from this year’s Mobile World Congress.

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The AI Ocean: How AI applications will travel and thrive in mobile networks

It’s been the stuff of science fiction and our imagination for years, but artificial intelligence (AI) is finally getting its due. Already used to express and understand human speech, drive autonomous cars, and interpret highly complex data, AI has the potential to revolutionize all aspects of our lives. But that’s only half the story. While there has been considerable attention paid to the algorithms and analytics that will comprise these applications, the question remains – what ecosphere will support this new form of life?

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