What is Artificial Intelligence (AI)?
Artificial Intelligence (AI) is a branch of computer science that develops computers and machines to process tasks that would otherwise be performed by natural (human) intelligence. In order to apply AI, a lot of data is required so that, like an infant, it can learn to process and replicate the information it’s given.
AIs use algorithms to do this, downloading large datasets to identify partners, make predictions, and offer recommendations. All in the way a human would, though significantly faster and more effectively.
We use AI everyday as we go about our lives, from facial recognition to unlock our phones, smartphones to turn up the volume of our favourite songs and asking Netflix what it recommends we should watch tonight.
Artificial Intelligence (AI) in financial services
Financial services firms use AI to handle high volumes of routine work — summarising client meetings, drafting documentation and reviewing interactions for risk — so that people can focus on judgement and client relationships. Because the sector is regulated, how an AI system is tested, explained and supervised matters as much as what it can do.