AI Technology Making its Way into Banking

Some people might say their financial advisors might appear somewhat robotic as they attempt to simplify complex subjects, such as yield spread divergence, but that could soon be literally rather than metaphorically.

An article on MSN recently touched upon large banks starting to incorporate artificial intelligence technology and robotics into the financial industry. The article referenced a Greenwich Associates study revealing that out of 100 executives surveyed within the banking and finance industry, over 50 percent were exploring the idea of using AI technology and 18 percent were already implementing it.

One type of AI technology involves the use of virtual assistants or chatbots in customer service functions. These chatbots have the ability to mimic humans in a one-on-one conversation.

“What we do is really enable conversations,” said Dror Oren, co-founder and chief product officer of Kasisto–a company that helped J.P. Morgan with its AI technology. “But we are seeing a wide range of usage of AI in banking across the board, from planning and advising to fraud detection.”

For more trends in artificial intelligence and robotics, check out the Robotics & AI Channel.