According to the
report analysis, ‘Artificial Intelligence (Ai)
In Retail Banking – Thematic Research’ suggests that some of the
major companies which are currently working in this sector in an auspicious
manner for the betterment of the customers and for the security in bank
transaction includes Alphabet, Amazon, Apple, Baidu,
Cognex, Facebook, IBM, iFlytek, Intel, Nvidia, Salesforce, SAP, Splunk, Darktrace,
Descartes Labs, Mobvoi, Palantir, Sentient Technologies, Vicarious, Ayasdi, Blue
Yonder, FinGenius, Ipsoft, Kabbage, Kensho, LendUp, DataFox, MetaMind, Numenta,
Preferred Networks, Quid, Sentient Tech,
Uber, Viv Labs, Zephyr Health, BBVA, Commonwealth Bank of Australia (CBA), Danske
Bank, DBS Bank (Digibank), Garanti, ICBC, La Caixa, Nordea, N26, USAA, Wells
Fargo and others. Moreover, for many investors, Machine learning is equal to
the artificial intelligence, machine learning is an artificial technology that
allows machines to learn by using algorithms to interpret data from connected
‘things’ to predict outcomes and learn from successes and failures.
Artificial
intelligence is an area of computer science which performs functions of
computers with artificial intelligence which include planning, learning,
problem solving, speech recognition and others. Moreover, artificial
intelligence include traditional problem or goals which includes knowledge
representation, natural language processing, perception, reasoning and others.
Many tools are used in artificial intelligence which includes versions of
artificial neural networks, methods based on statistics, mathematical
optimization, probability and economics and others. In the ancient era the
artificial intelligence is not much updated but in the modern ear this field
have much prevalence in banking as well as corporate sector with the
development in the technology. Moreover, artificial intelligence helps in
improving customer personalization, patterns that cannot be quickly figure out
by humans, identify connections and provide answers to several banking issues
in real-time. Not only has this, artificial banking in retail banking provide
more benefits in fraud detection, improve personalization and others.
Therefore, in retail banking the role of artificial intelligence is vital and has
lead to the significant growth in the current scenario.
For
six decades machine learning was poised to take off because members of the
‘artificial intelligentsia’ had already come up with the theoretical models
that could make it work. There are many other artificial intelligence technologies
which is very much helpful in the gesture control,
context awareness but the machine learning is where most of the investment
community’s funding has flowed in recent years. With all the applications of
artificial intelligence banking and financial service sector is showing
significant interest in this technology.
In recent trend there are more than a hundred well-known applications
for different industries but the retail banking is dominating the market with the
highest share as in the bank it is probably used in the observation &
sense, interpret and evaluate, big data & analytics and others.
With
the transformation in retail banking the setup of artificial intelligence is
done and which make the working of bank more effective as the banks can now
access millions of transactions and non-traditional data source to identify
suspicious activity and fraud. Whereas, fraud detection and prevention is one
of the popular use cases for big data in banking. Therefore, the market of the
artificial intelligence in retail banking is expected to grow in the coming
years.
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