What is Artificial Intelligence

[Audio] What is Artificial Intelligence Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think and learn like humans. The goal of AI is to enable machines to perform tasks that typically require human intelligence, such as problem-solving, understanding natural language, speech recognition, visual perception, and decision-making..

[Audio] Main Use Cases of AI for Banking Industry. AI assesses credit risk and streamlines the loan underwriting process by analyzing various data sources, including financial history, transaction patterns, and credit scores. AI is used to detect and prevent cybersecurity threats by analyzing network traffic, identifying anomalies, and responding to potential security breaches in real-time. AI-powered chatbots provide instant responses to customer queries, handle routine tasks, and offer personalized assistance. AI algorithms analyse patterns in transactions and user behavior to detect unusual activities that may indicate fraud..

[Audio] Main Advantages of AI to grow Banking industry Efficient Fraud Detection. Ability to provide 24x7 customer service via AI powered Chatbots. AI enhances cybersecurity by identifying and preventing potential security threats. AI enhances AML efforts by analyzing large volumes of transactions and identifying suspicious activities. This ensures compliance with regulatory requirements and minimizes the risk of financial crimes. AI-driven robots automate routine and rule-based tasks, reducing manual efforts and operational costs..