Artificial intelligence and deep learning are two of the things that are set to change the future of banking. Already, you can see A.I. being included in the newest bank developments, and it is likely that it soon would be taking over many aspects of the financial industries. With A.I. machines learning to perform intelligent tasks that formerly only humans could have done, such as learning, planning, recognizing sounds, problem-solving, and more, we see a fast change in the way banks and customers interact.
Artificial Intelligence vs. Deep Learning
In the banking sector, A.I. based applications are presently used mostly in customer service. But taking after numerous other industries, it can now widely apply to the financial world by replicating different aspects of human intelligence and move to the next stage of evolution. Artificial intelligence and deep learning seem to indicate the same thing, but the latter is the basic form that gives way to A.I. So, what is deep learning?
Deep learning is an essential part of the machine learning approach and method, based on learning data representations, as opposed to algorithms dedicated to a specific task. Deep learning is also called deep structured learning or hierarchical learning. Learning can be supervised, partially supervised or unsupervised.
In deep learning, algorithms are trained to make computing machines to learn how to learn. Deep learning allows to train through massive amounts of data fed into it, which allows the programs to adjust and improve by themselves.
Through deep learning algorithm, the process of developing A.I. based applications becomes a lot easier and quicker than through manual or semi-manual processes. Deep learning is now used in a variety of ways, and it also starts to play a significant role in the banking industry.
The Role of Deep Learning in Banking Industry
More institutions are adapting and using automated processes with A.I. being currently the driving force in some of the biggest industries. According to Mr. Jean Chalopin, Chairman of Deltec Bank and Trust www.deltecbank.com “Deep learning and artificial intelligence usage is driving changes, including in banking and finance. We see the banking sector to embrace these changes first by automating many duties and allowing customer services to re-focus their attention on the customers.”
Deep learning helps to create systems and devices that utilize artificial intelligence, which can be seen in tasks such as document management. A.I. powered systems in banks handles reading through documents such as forms and contracts, freeing employees from minutiae and repetitious tasks. The banking industry can now also utilizes chatbots as customer service representatives, with year after year an improved level of customers satisfaction.
Deep learning can help significantly financial services and insurance industry to become more efficient, save both time and money and deliver better customer service and management. Additionally, artificial intelligence can be used in reducing the friction in workflows as well as key decision processes. It also helps in security, particularly in tracking potential threats, coming from clients or affecting clients.
Overall, deep learning and artificial intelligence are set to improve the banking and financial landscape. With more customers expecting a seamless interaction when dealing with banks and flawless services, A.I is set to gain more and more in the financial industries. Through deep learning, banks will have better security, customer service, and risk management in the banking future worldwide.
The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.