Wednesday , August 17 2022

3mn – Banks, Machine Learning and Artificial Intelligence: ongoing work



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Pymnts.com publishes a study to measure the difference between Perception and reality of artificial intelligence (AI) and machine learning (ML) in banks. Please note that this is a US-only study, but we think you might be interested.

First enter the technical data that Pymnts.com was studying:

Artificial intelligence is different from other techniques by thatis autonomous (after the design, development and implementation, there is no need for human intervention).

How these technologies are used by banks (depending on bank size):

AI, which is the techno that requires the greatest investment (and above all human abilities …) is actually deployed only by financial institutions with the necessary resources / capabilities.

In which functions the bank uses these technologies:

Detail of technos usage by function:

In general, AI is often confused with other forms of unverified and supervised learning technologies such as Machine Learning and Deep Learning (DL). These technologies must be human-led to analyze specific data sets that reveal the difference between technologies: AI is not monitored / controlled while ML and DL are. The actual AI system has these three functions:

Though a small part of banks have systems that provide these 3 capabilities, all institutions could benefit from one of the most sophisticated AI applications: intelligent agents (aka Smart Agents).

Intelligent Agents Technology is a personalization technology that creates a virtual representation of every entity it works with, including customers, banks, and others, and learns by creating profiles from actions and activities of this entity.

Intelligent agents are also highly adaptable and can be used in many different contexts to improve customer-oriented operations and servicesIn the payment industry, intelligent agents collect and store online information about customers, POS stores, business and other entities, and use them to personalize the services they provide.

What are the goals assigned by banks to these intelligent agents:

Return on investment to establish IA, ML and DL technologies:

And tomorrow? What banks are planning:

AI and ML systems represent a huge opportunity for growth and development. Although the area is young and talent is scarce, it seems that there is a common consensus among banks of all sizes and sizes to invest in these technologies. Even if time still hesitates between reflection and action.

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