EMOTIONAL AI IN BANKING

"I believe that at the end of the century, the use of words and general educated opinion will have altered so much that one will be able to speak of machines thinking without expecting to be contradicted." - Alan Turing (23 June 1912 - 7 June 1954)

- Gautam Bose

These lines are from English mathematician Turing's "Computing Machinery and Intelligence" article published in 1950. Turing is mostly credited as father of theoretical computer science. In 1950 Alan Turing developed 'Turing Test' to determine if machines can also think like human. It's interesting to observe how his forecast has come true in the modern era given the pervasive application of AI and machine learning in many spheres of our lives.

What is Emotional Artificial Intelligence (Emotional AI):

People are known to be emotional creatures. Therefore, a lot of what influences their decisions is also influenced by the emotions and feelings they are going through. A person's everyday activities, decision-making, and the course of their life are greatly influenced by their emotions. Businesses must therefore be able to understand and recognize human feelings or emotions to appropriately position their goods or services. Herein lies the relevance of the concept of "emotional artificial intelligence" (Emotional AI), an interdisciplinary field of study that investigates the extent to which robots are able to understand and respond to human emotions.

Emotional AI, a branch of artificial intelligence recognizes human emotions and reacts accordingly using advanced machine learning techniques. Thanks to advances in technology, machines are now easily able to recognize characteristics such as age, gender, race, personality, intentions, hobbies and mood.

Some of the basic techniques are face reading and speech recognition. Emotional AI or artificial emotional intelligence is the ability of machines to recognize, understand, quantify, and even mimic human emotions. Emotional AI is also referred to as human-centered artificial intelligence.

Techniques for Developing Emotional AI

A. Natural language processing (NLP)