The innovation of software and data availability using up a large amount of data has been a substantial increase in the practical application of artificial intelligence. From experience you can see that artificial intelligence already being applied in most fields to perform specific functions thereby rendering human labour to naught. In the medical field for instance you can see artificial intelligence performing task such as medical diagnosis, remote sensing; you can also see electronic trading and robot control.
The financial institutions have longed used an artificial neutral network to detects system changes and abnormal claims while alerting and flagging them for human to investigate. Most banks are currently using artificial intelligence system to maintain book keeping.
Artificial intelligent is a theory and development of computer system to perform the task that are meant for human beings, such as decision making, visual perception and speech recognition which has been in existence for long now.
With the advancement in computational hardware, big data and machine artificial intelligence has become more powerful and useful every day. Recent advances in technology, artificial intelligence have ushered in a new era in finance and within a short period of time, big data and machine learning have yielded breakthrough that resulted in improved customer experience and productivity.
Software plays a huge role in this breakthrough and there still remain a lot of challenges solve. There is a need for software to be designed and optimized to fully take the advantages of the features of the underlying hardware to improve performance. There is also need for libraries, framework and other tools to be stream lined in other to accelerate the development process. Below are some of the areas artificial intelligence has taken the place of man in financial institutions.
1. Financial services providers and banks are deploying artificial intelligence to help predict and plan the way customers manage their money and thereby making artificial intelligence an integral part of business development model or strategy.
2. The capability of smart machines; this has become a customer delight. This has improved services by transforming the digital experience by utilizing complex algorithms and machine learning. Artificial intelligence can process thousand structured and unstructured data points and because finance professionals depend on data, this capability can significantly impact how they do their jobs.
3. Auditors no longer have many jobs due to automation potential provided by artificial intelligence. They are using artificial intelligence to automate time consuming and manual activities, giving them time to focus more on important jobs. Artificial intelligence can help auditors to review contract and document faster by employing machine learning technology that can find key phrases from documents.
In conclusion, businesses organization should implement this strategy in running their affairs, taking advantage of the trend, to improve their work. Though it impacts negatively on labour supply by man but improve and reduce cost on the side of entrepreneurial management.
Featured image is from google image.