Machine Learning and Artificial Intelligence in Banking
DOI:
https://doi.org/10.18034/ei.v5i2.490Keywords:
Machine Learning, Artificial Intelligence, Financial SectorAbstract
Machine Learning and Artificial Intelligence applications in the financial sector have been thriving in the recent past. Their immense power has been harnessed in these institutions to offer business solutions in front end and back end processes to create efficiency and improve customer experience. This article will lay bare the applications of Machine Learning and Artificial Intelligence and evaluate their utility in different banking industry functional areas and frame how these institutions effectively use computational intelligence to improve their business. While traditional banking institutions are quickly catching up with the computational intelligence technologies with products like Chatbot, fintech companies, which seem to have embrace A.I. a long time ago, plays a critical role through its innovation and contribute substantially to financial intelligence. In conclusion, we can aptly say that Machine Learning and Artificial Intelligence technologies are taking over the banking sector, and it seems like there's nothing we can do about it.
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