ARTIFICIAL INTELLIGENCE AND THE BANKING SECTOR

ARTIFICIAL INTELLIGENCE AND THE BANKING SECTOR

Must Read

Lagos Embarks On “Operation Show your Planning Permit” (Photos)

In a bid to curb the menace of illegal building construction and building collapse, the Lagos State Government, through...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -
- Advertisement -

Artificial Intelligence came to our lives from the pages of tales and fiction books just as many other technological advancements. People dreamt about machines being able to solve problems for them.

From the day the term Artificial Intelligence came into existence, it has gradually become an integral part of the most demanding and fast-paced industries.

Forward-thinking businesses like UBA, actively explore the AI use in finance and other areas to get a competitive edge on the market.

More often than not, we don’t realize how much Artificial Intelligence is involved in our day-to-day life. In this article, UBA’s Group Head, Online Digital Banking, Austine Abolusoro explores Riding The Wave Of Artificial Intelligence In The Banking Sector.

Ever since the term Artificial Intelligence was coined by John McCarthy, the field of Artificial Intelligence has moved through many phases. The subject of Artificial Intelligence actually predates personal computing, it all started with “an ancient wish to forge the gods.” as Pamela McCorduck would put it.

In 1950, Alan Toring, the English Mathematician published a paper in which he deduced the possibility of creating a machine that ‘thinks’.  This laid the foundation for the Dartmouth College conference in 1956 during which John McCarthy; an Assistant Professor of Mathematics would suggest a name for the field of computer science that would focus on the ability of computer systems to simulate learning.

Beyond the University Walls Today, advancement in AI has moved fast beyond the University walls into the business world and into our everyday lives. From the personal assistant on our mobile devices to the autonomous vehicles on the streets of San Francisco, AI is advancing its a course in our spaces. However, experts in this field would argue that all we have seen so far still fall within what is called ‘Narrow AI”. Artificial Intelligence is the development of machines that would think and act as humans. We do not have anything near that today, but there is a possibility that in less than twenty years, we may have such machines that could be as intelligent or even more intelligent than humans.

Banking and AI The current wave of AI as we have seen, has not left any field untouched. AI is now a multi-billion – dollar industry and will be a major contributor in GDPs of major economies of the world in just less than ten years.

The Banking Industry has not lagged behind in this technology advancement.  With the transformation of banking business from traditional to digital, banks now jump at any technology that could create opportunities for differentiation and deliver unique customer experience.

As competition amongst banks get stiffer and customer’s needs and choices become more complicated, the winners are those that will be able to deliver a personalized experience to their customers based on accurate analysis of data and deployment of intelligent solutions.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Bishop Sam Zuga To Raise 100 Millionaires Before the End of 2020, Unveils Plans

Bishop Sam Zuga of House of Joy Ministry has unveiled his vision 0202-2020 agenda. The philanthropic cleric who was recently...

Dangote Fertiliser Commences Pre-Testing Of $2bn Plant Ahead Of Inauguration

Dangote Fertiliser Limited has begun the countdown to the inauguration of its $2 billion Granulated Urea Fertiliser complex located in the Dangote Free Zone. With...

British Airways Launches Summer Routes to Newquay

As Spring starts to creep into Britain and with summer on the horizon, the days grow longer, and the beautiful, incredibly diverse islands invite...

Sage Announces New Official Distribution Partners for Southern African Development Community (SADC), East Africa and West Africa

Sage the market leader in cloud business management solutions, has appointed three Authorised Sage Distributors in the SADC, East Africa and West African regions to...
%d bloggers like this: