Artificial Intelligence
In order to achieve operational efficiencies, reduction in cost of operations and better financial control, banks in India are adopting the latest technologies. After the adoption of central banking system (core banking), Indian banks are heading towards implementation of emerging technologies like big data, analytics, machine learning, artificial intelligence (AI)
Artificial intelligence (Al) is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of Al include expert systems, natural language processing (NLP), speech recognition and machine vision and various other facets Al programming focuses on three cognitive skills: learning, reasoning and selfcorrection.
Learning Processes- This aspect of Al programming focuses on acquiring data and creating rules for how to turn the data into actionable information. The rules, which are called algorithms, provide computing devices with step-by-step instructions for how to complete a specific task.
Reasoning Processes - This aspect of Al programming focuses on choosing the right algorithm to reach a desired outcome.
Self-correction processes - This aspect of Al programming is designed to continually fine-tune algorithms and ensure they provide the most accurate results possible.
CHATBOT
Gone are those days where people have to stand in Banks for availing basic services. Artificial intelligence is dramatically changing the world. It is leading to better experience and assistance to customer .As a result marketers understand the importance of those applications which help in conversing with customers and help in providing better assistance.
This story is from the August 2022 edition of BANKING FINANCE.
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This story is from the August 2022 edition of BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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