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AI steering the banking ship ARTIFICIAL INTELLIGENCE
Artificial intelligence in the wrong hands can be dangerous and devastating. But AI used the right way will be a huge benefit to the banking system, both for institutions and customers, which is why its adoption is inevitable
Senior Editor Bill Boyle
A
rtificial intelligence (AI) is bad, isn’t it? Of course, our big bosses are using machine learning to track customer preferences and use that knowledge to manipulate them – the whole
Cambridge Analytica problem. AI is not just doing evil things on its own but is in the hands of evil people doing things that are evil. Or is it?
This is a very real-world concern, given some of the concerns voiced today. Vinod Peris, senior vice president of the Central Software Group at CA Technologies, says: “At CA we’ve been working many years with our enterprise customers. We have a lot of data and we use data to make decisions to measure ourselves, our metrics. But if you think about it, data has typically been something like hindsight; it’s something that you look at after the quarter you look at your results, or if you are doing
your program management you look at milestones that you’ve missed. Or you have static thresholds that you’re measuring your operations against. What we are doing with AI is changing this to be more predictive. We’re looking not just at what has been missed as red flags, but alerting you that you’re likely to miss this milestone in your program.
“We are using AI in payment security and I’m sure many of you use credit cards and are really annoyed when your credit card company denies your transaction. But really it’s the bank that’s trying to balance the friction in your payment and their risk. By doing behavioural analytics, you can remove that friction just because you know what to expect without increasing the risk for the banks. So these are all the aspects in which AI is really changing the game for the enterprise.”
www.ibsintelligence.com | © IBS Intelligence 2018
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