- “Data mining is not true AI (more about that in just a bit), but how it is used illustrates another important trend involving AI and ML: the correlation between a bank’s size and the sophistication of its learning systems, with larger banks typically using more sophisticated systems than smaller ones. When it comes to data mining, for instance, 95 percent of large banks and 79 percent of mid-sized banks use it, the report found. Meanwhile, just 61 percent of small banks reported using data mining technology — a majority, but not nearly as prevalent as it is among larger FIs.
- True AI systems, by contrast, are used by only 5.5 percent of financial institutions, as their interviews were used to help construct the report’s findings. Far more popular — besides data mining — were less sophisticated technologies, including BRMS, which enables companies to easily define, deploy, monitor and maintain new regulations, procedures, policies, market opportunities and workflows.”