Artificial Intelligence In Banking Case Study
Artificial Intelligence in Banking: Applications
1. Enhanced Customer Insights using robo-advisors/Pattern Recognition
Understanding your customer involves moving beyond common place demographics. Instead of looking at basic information such as age, gender or income, AI can give a deeper analysis of customers’ behaviours, patterns and financial history. This sort of customer insight combined with the speed of AI is in part what lead to an increase in robo-advisors.
AI can really be leveraged to take advantage of amazing pattern recognition to churn through data and discover things that humans either couldn’t, or would take far too long to be effective. The customer expectation of real-time insights and recommendations is only optimized with
…show more content…
Artificial Intelligence in Banking: Case Studies
State Bank of India
Emotion Intelligence using image processing
SBI is embarking on its AI journey from the point of view of both employees and customers. To fuel, it launched national hackathon, “Code For Bank”, focusing on technologies such as predictive analytics, fintech/blockchain, digital payments, IoT, AI, machine learning, BOTS and RPA.
At present, SBI is using AI-based solution developed by Chapdex. It scans cameras installed in the branch and captures the facial expressions of the customers using image processing techniques. Thus it is effectively reports whether the customer is happy or sad to provide real-time or near real-time feedback. The bank is also in process of building a dashboard that will gauge the effectiveness of representatives or tellers based on customer feedback.
Keeping in view ethical considerations, SBI has sent a disclaimer to customers stating that this is for internal training and quality purposes only.
Addressing enquiries using
…show more content…
Robotic software is a kind of software generally focused on automating office work. Software robots at ICICI now perform more than 1 million banking transactions per working day. They have reduced the response time to customers by up to 60 percent and increased accuracy to 100 percent at ICICI thereby sharply improving the bank’s productivity and efficiency. It has also enabled the bank’s employees to focus more on value-added and customer-related functions.
The software robots at ICICI Bank are configured to capture and interpret information from systems, recognize patterns and run business processes across multiple applications to execute activities, including data entry and validation, automated formatting, multi-format message creation, text mining, workflow acceleration, reconciliations and currency exchange rate processing among others.
The bank has created the software robotics platform mostly in-house, leveraging AI features such as facial and voice recognition, natural language processing, machine learning and
A Rhetorical Analysis Of The Big Question By Patrick Lin
812 Words | 4 PagesPatrick lin makes the reader think and analyze the possible outcome of the robotic industry. As stated in the essay “With the new development of robotics, it almost makes you do some soul searching on what really makes us human.” His humorous idea about robots overthrowing the world is funny, but, when you think about in a real standpoint and how technology is being made to have a mind of its own, it’s not a far-fetched
Advancement In Health Care
1383 Words | 6 PagesThe advancement in science and technology has helped to improve the healthcare services tremendously; beyond what even doctors thought was impossible years ago. Technology has also improved the understanding of illnesses and the development of new treatments. Up to date, healthcare scientists and doctors are still working hand in hand in trying to develop new technologies in order to improve the healthcare services as well as offer the best and most appropriate treatment to patients in the future. Advancement in healthcare has been observed fields such as pharmacology, oncology, neurology, psychology, however, for the purpose of this assignment, part one will focus on advances in medical diagnostics, bioinformatics and reproductive health.
Better Than Human Analysis
982 Words | 4 PagesIn “Better than Human”, Kelly mentions that it will be a trend for robots to replace humans on most, or even every working position in the near future as a outcome of the development of automaton-related technology. “We need to let robots take over”, Kelly assures, “they will do jobs we have been doing, and do them much better than we can (Kelly 311)”. With his observation of the invention of Baxter, he is persuaded in a great extent that humans will acquire new jobs as their old jobs get replaced by automatons. This newly invented robot surprisingly contains several epochal features, disregarding its extremely low price compared to its predecessors. With its benefits, Baxter can be promoted easily and applied to many industries, decreasing the costs of production and even re-generating the market eventually.
Douglas Eldridge's Rhetorical Analysis Essay
1367 Words | 6 PagesBased upon the analysis, Parnas’ article is geared more towards people involved in the field of Artificial Intelligence where Eldridge’s article is geared towards people who are not necessarily knowledgeable about Artificial Intelligence yet are interested to learn more about the topic. Throughout the article, Parnas maintains the skeptical attitude towards Artificial Intelligence, literally ending with “Devices that use heuristics to create the illusion of Intelligence present a risk we should not accept” (Parnas, 6). Eldridge on the other hand, maintains a positive attitude throughout the article despite the shortcomings of AI. Together, both authors provide compelling arguments for and against Artificial
A Rhetorical Analysis Of The Robot Invasion
616 Words | 3 PagesThe author's purpose in writing “Robot Invasion” was to represent the effectiveness and relevance of robots in today’s society. The author is able to persuade the reader that robots are beneficial to society by stating statements such as “the robots will be able to unleash a productive boom”. This statement from the author really exemplifies the positive impact that robots have on our everyday lives by making our everyday tasks easier and having robots be the productive
Artificial Intelligence: Annotated Bibliography
1008 Words | 5 PagesHector Garcia Professor Sullivan English 102 2 November 2015 Artificial Intelligence: Annotated Bibliography Wallace, Brian. " The Economic Impact of Artificial Intelligence [INFOGRAPHIC]. " Social Media Today. Social Media Today, 21 May 2013.
Advantages Of Samsung Pricing Strategy
1561 Words | 7 PagesSamsung implements the strategy of “ Red Ocean;” which shows that a firm gains competitive advantage by venture into the current market and constructing on the weaknesses of other competitors in the field of similar products. Thus, Samsung“floods the market with many products” which are made by other companies within short duration of time ( Travos,2002). It seems that Samsung made these new products through developing many of manufacturing products of its Smartphones. However, such attitude is considered to be as a massive cost advantage over other firms that make such product. Samsung has improved its “competition position internationally through developing its present competitive strategies” , through depending on the other manufacturers`
Barclays Competitive Advantage
1910 Words | 8 PagesBased on the products offered by Barclays most of the customers seem to be getting what they envisioned while contracting the services offered by Barclays. Though the profits have dipped, the continued increase in the number of customers to approximately 48 million worldwide, is a major indicator of a firm offering value for their client’s money. Rarity is another way to evaluate the strength of the strategy. With the growing financial market and increased spending on research, many competitors, have found methods to be at par with institutions like Barclays in technology and management. In products provided, there is no unique product setting Barclays apart from the rest.
Artificial Intelligence In The Workplace Essay
1212 Words | 5 Pages— Bill Gates Bottom Line Artificial intelligence was once a sci-fi movie plot but it is now happening in real life. Humans will need to find a way to adapt to these breakthrough technologies just as we have done in the past with other technological advancement. The workforce will be affected in ways difficult to imagine as for the first time in our history a machine will be able to think and in many cases much more precisely than
The Negative Effects Of Artificial Intelligence
1681 Words | 7 PagesFurther defined, artificial intelligence are computer systems that are able to proceed tasks and obtain abilities that originally require human knowledge or intelligence. These abilities and tasks include speech recognition, translation of languages, quick and efficient decision making skills, environmental or global locations, and much more beyond the average level of intelligence. Even though many individuals believe artificial intelligence can enhance society, the negative effects of these high-tech computers and machines is that people could become insignificant, completely lose their positions in the workplace, and overall, this leads to the inclusive problem of artificial intelligence. Artificial intelligence may be ‘cool’ in the eyes of many
Salespeople: Primary Roles
810 Words | 4 PagesSalespeople play three primary roles? What are they? The three primary roles salespeople play, according to Principles of Marketing by Tanner and Raymond (2010), are “creating value for their firms’ customers, managing relationships, and relaying marketing and sales information back to their organization.”
Essay On Robots Replace Jobs
742 Words | 3 PagesAs technology and robotics progress, people continue to debate how jobs and careers could be affected. Robotic replacement might not have a negative effect , especially since it has helped our development to be able to survive. The process of the robotic development started in the industrial age. The industrial age is known for “a period in which fundamental changes
Literature Review Of The Rise Of Artificial Intelligence And Ethics
1773 Words | 8 PagesRise of Artificial Intelligence and Ethics: Literature Review The Ethics of Artificial Intelligence, authored by Nick Bostrom and Eliezer Yudkowsky, as a draft for the Cambridge Handbook of Artificial Intelligence, introduces five (5) topics of discussion in the realm of Artificial Intelligence (AI) and ethics, including, short term AI ethical issues, AI safety challenges, moral status of AI, how to conduct ethical assessment of AI, and super-intelligent Artificial Intelligence issues or, what happens when AI becomes much more intelligent than humans, but without ethical constraints? This topic of ethics and morality within AI is of particular interest for me as I will be working with machine learning, mathematical modeling, and computer simulations for my upcoming summer internship at the Naval Surface Warfare Center (NSWC) in Norco, California. After I complete my Master Degree in 2020 at Northeastern University, I will become a full time research engineer working at this navy laboratory. At the suggestion of my NSWC mentor, I have opted to concentrate my master’s degree in Computer Vision, Machine Learning, and Algorithm Development, technologies which are all strongly associated with AI. Nick Bostrom, one of the authors on this article, is Professor in the Faculty of Philosophy at Oxford University and the Director at the Future of Humanity Institute within the Oxford Martin School.
Statement Of Purpose For Artificial Intelligence
896 Words | 4 PagesI do not believe the field has been developed to its potential in any regard, and feel that considerable progress can be made to improve the interactive experience that users have with an artificial intelligence application. This genuine intrigue combined with my curiosity for the subject matter and the limitless potential of the field are the reason why I wish to pursue a greater depth of knowledge in artificial
Essay On Smart Home Technology
819 Words | 4 Pages= The future of Smart Home Technology A smart home is where two physical devices interconnected to each other by remote controllers. A smart home technology called as Home automation, which provides security, comfort and energy efficiency by allowing a smartphone. The smart home hub is a device which acts as central part of the smart home and is able to sense data with wireless communication.
More about Artificial Intelligence In Banking Case Study
A Rhetorical Analysis Of The Big Question By Patrick Lin
812 Words | 4 PagesAdvancement In Health Care
1383 Words | 6 PagesBetter Than Human Analysis
982 Words | 4 PagesDouglas Eldridge's Rhetorical Analysis Essay
1367 Words | 6 PagesA Rhetorical Analysis Of The Robot Invasion
616 Words | 3 PagesArtificial Intelligence: Annotated Bibliography
1008 Words | 5 PagesAdvantages Of Samsung Pricing Strategy
1561 Words | 7 PagesBarclays Competitive Advantage
1910 Words | 8 PagesArtificial Intelligence In The Workplace Essay
1212 Words | 5 PagesThe Negative Effects Of Artificial Intelligence
1681 Words | 7 PagesSalespeople: Primary Roles
810 Words | 4 PagesEssay On Robots Replace Jobs
742 Words | 3 PagesLiterature Review Of The Rise Of Artificial Intelligence And Ethics
1773 Words | 8 PagesStatement Of Purpose For Artificial Intelligence
896 Words | 4 PagesEssay On Smart Home Technology
819 Words | 4 Pages