What is Artificial Intelligence? Is Data Science related to AI? Let us break down the reasons for the much-hyped boom around Artificial Intelligence.
“AI is a tribute to human intelligence power. At every step of history, India has led the world in knowledge and learning.”- Narendra Modi
This quote was part of our Honorable Prime Minister’s Narendra Modi Speech at the RAISE.
RAISE was a virtual summit comprising industry leaders and field experts. This international event was held by the Ministry of Electronics & IT. They shared their ideas of AI’s application for social empowerment, financial inclusion, and various industries’ complete transformation. The hashtag #AIforAll was also promoted in this event.
So, all these events bring us to the fundamental question of What is Artificial Intelligence? and What is its role in financial services? Let’s dive into the discussion.
What is Artificial Intelligence? and What is AI’s role in financial services?
Artificial Intelligence, or AI for short, is a concept where machines possess cognitive skills like perceiving, thinking, and reasoning. In short, the devices will use these cognitive silks to process massive amounts of data. Thereby generating the desired output. There are various subsets of AI like Machine learning, Data Science, Deep Learning, etc.
Unlike every other technology, AI is playing a significant part in transforming financial services. Right from credit risk assessment to trading, AI has provided a more accurate estimate that leads to data-backed decisions. In fact, many fintech companies are actively leveraging AI to offer a wide range of financial products and services to their clients.
The rise of AI in financial services is a marker of how they are transforming the business landscape, even in the most traditionally conservative areas. Given below are some examples of AI’s implication
Artificial Intelligence and Credit assessment:
Credit assessment by AI helps lenders differentiate between high-risk loan applicants and those who are good borrowers but lack a detailed credit history.
Artificial Intelligence and Risk assessment:
AI analyzes data in real-time of any given market or environment; thereby, it produces accurate predictions and detailed projections that help business planning.
Artificial Intelligence and Fraud detection:
Given the recent boom of online transactions, credit card fraud is, particularly on the rise. That is to say, AI can help in curbing them through fraud detection systems. These systems analyze client behavior and buying habits. This data will help trigger a security alert when the system notices a deviation from the usual customer behavior.
Artificial Intelligence and Trading:
AI-driven trading has been on a steady rise these past few years, and it is more commonly known as Algorithmic trading. The AI systems process massive amounts of data within seconds, leading to faster processing and transactions.
What is the future of Artificial Intelligence (AI) in financial services?
With doubtless high expectations, AI is here to bring about a wave of transformation in the financial industry. Increased transparency, thorough due diligence, and personalization, are the key areas where AI will be a trendsetter. Many financial companies and fintech have already embraced this tech and will do so in the near future.
Why should you learn Artificial Intelligence, and why now?
The AI ecosystem will promote a large pool of skilled professionals to handle its development in different segments.- Ravi Shankar Prasad, Union Minister of Electronics & IT, Communications and Law & Justice
Artificial Intelligence is a disruptive tech that is often hailed as the tech of the Century. AI is set to contribute around US$13 Trillion to the world economy by 2030. There will be a vast pool of openings for AI-related sectors. So, in order to take advantage of these opportunities, you need to be part of that revolution. Also, learning AI comes with a whole lot of pros like:
Primarily, Engineering and programming are the two areas where AI is developed. Proper coordination between these two fields will help in the development of AI products. As AI is right now in its nascent stage, it is a great time to start a career. So, a career in AI will award not only a good salary but also promising opportunities.
AI is not only related to tech. It has various other applications in the fields of healthcare, financial services, education, and many others. This is to say there are a ton of prospects for you to explore.
Improved user experience:
The versatility of this tech is that it does not require a separate machine. It integrates with products and devices we use in our daily lives. Technologies like chatbots, virtual assistants are all part of AI, and they focus on improving user experience.
How can we help you learn Artificial Intelligence?
After reading our thoughts on What is Artificial Intelligence?, you might be in a position to take a leap in Artificial Intelligence. GUVI’s commitment to helping you master this upcoming technology is truly appreciatable. By giving you access to the best course instructors and top experts in the field, GUVI enlightens your path to Artificial Intelligence. This course’s highlight is that you can learn from scratch and do not require any previous coding experience. Check out our Artificial Intelligence Course and arm yourself with the in-depth knowledge and practical approach of this tech.
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