We are living in the midst of a surge of interest and research into Artificial Intelligence (hereby A.I.). It can seem like every week there is a new breakthrough in the field and a new record set in some task previously done by humans. Not too long ago, A.I. seemed a distant dream for especially interested researchers. Today it is all around us. We carry it in our pockets, it's in our cars and in many of the web services we use throughout the day. As this technology matures, every business must ask itself the central question: how will this disrupt my industry? Throughout this research paper, we will investigate the possible implications of the rise of A.I. on the banking industry.
What is Artificial Intelligence?
If we ask Wikipedia; Artificial Intelligence (AI) is "the intelligence exhibited by machines or software. It is also the name of the academic field of study which studies how to create computers and computer software that are capable of intelligent behavior". While this seems like a reasonable definition, a lot of people struggle with identifying the difference between AI and ordinary software. This is a fair point, as there is no clear line
No easy definition of what is AI and what is just normal IT.
between the two concepts. For the purpose of this paper, it is best to avoid the technical definitions used by academics in the field, and instead think of AI technology as the sort of technology you would use to do tasks that require some level of intelligence to accomplish. With the added feature that AI systems often are the kind of systems deployed in domains where there is a lot of uncertainty. The simplest example of this is a chess computer vs. a calculator. Both chess and arithmetic requires some level of intelligence, but whereas in chess there is a lot of uncertainty with regards to the opponents next move, the routine calculations performed by a calculator contains no uncertainty.