
Artificial intelligence. Fourth Industrial Revolution. What are all these new buzzwords? What does it all mean? Why are they important?
Artificial intelligence (AI) has become a critical aspect of what is known as the “Fourth Industrial Revolution.” Simply put, unlike the prior industrial revolutions, the fourth is not linear, but instead it is disrupting almost every industry in every country. It is becoming known as a fusion of technologies that blurs the lines between the physical, digital and biological.
In the Finance industry, there is a mix of enthusiasm and fear towards AI. Large institutions are making large-scale investments in AI while governments and regulators are trying to deal with significant concerns of AI taking hold as a significant growing element in institutions and global markets.
While AI hasn’t been clearly defined, there is one consensus: AI is not a specific technical approach, but instead it is a set of capabilities that allow organizations to run their business in a new way.
According to the World Economic Forum Report, “The New Physics of Financial Services,” the core AI capabilities must always include:
- Pattern detection
- Foresight
- Customization
- Decision-making
- Natural Language Interaction (NLP/NLU)
Several financial institutions have started to dip their toes into the water and claim that they have AI services/functionalities. However, there hasn’t been an institution that has captured all of the capabilities listed just yet.
But that’s all about to change. At Fintel Labs, our solution, the Fintel Cloud, provides AI-powered microservices to global financial institutions. The solution offers services such as conversational intelligence, machine learning, sentiment analysis and intentions-as-a-service that can be utilized by Financial Institutions to build exciting AI-powered solutions across various domains like Retail Banking, Capital Markets, Wealth Advisory, Asset Management, and more.
We are democratizing AI in banking. Interested? Click here to contact us.
