Banking Bots: The Good, The Bad And The Ugly

“Worldwide spending on security systems is projected to hit $131 billion by the end of 2020, and $174 billion over the next two years.
A recent survey found that the industry needs at least 4 million new cybersecurity personnel to effectively fight digital fraud worldwide on top of the 2.8 million people already employed by the industry.”

How AI usage is attracting customers towards digital Banking

“According to Mckinsey Panorama, almost 80% of financial institutions have partnered with a financial technology services provider in their efforts to adapt digitization & artificial intelligence.
artificial intelligence is widely perceived as that catalyst that could help banks strengthen relationships with their customers.
With a year on year growth of 6 percent, global payments revenue totaled $1.9 trillion in 2018.”

“At the time the survey was conducted, 65% of shoppers using Amazon said they couldn’t get everything (32.75%) or anything (32.25%) they really needed from the retailer. Less than a week later, it was reported that Amazon Prime delays reached the one-month mark,
If an item is out of stock, 40.55% of consumers will turn to a less familiar brand to help meet their nee
It’s no surprise that 43.2% of respondents plan to do more of their shopping online, but 31.7% are shifting to completely buying online rather than shopping in physical stores.”

“The market for advanced technologies including AI and ML will continue its exponential growth, with market research firm IDC projecting that spending on AI systems will reach $98 billion in 2023, more than two and one-half times the $37.5 billion that was projected to be spent in 2019. Additionally, IDC foresees that retail and banking will drive much of this spending, as the industries invested more than $5 billion in 2019.
Through real-time monitoring, companies will be given visibility into the “black box” to see exactly how their AI and ML models operate. In other words, explainability will enable data scientists and engineers to know what to look for (a.k.a. transparency) so they can make the right decisions (a.k.a. insight) to improve their models and reduce potential risks (a.k.a. building trust).”

“The Oxford Internet Institute (OII), the social and computer science department of the U.K.’s University of Oxford, has partnered with Google to launch a portal with a series of explainers outlining what AI actually is — including the fundamentals, ethics, its impact on society, and how it’s created.
https://atozofai.withgoogle.com/intl/en-US/
At launch, the “A-Z of AI” covers 26 topics, including bias and how AI is used in climate science, ethics, machine learning, human-in-the-loop, and Generative adversarial networks (GANs).”

Google and the Oxford Internet Institute explain artificial intelligence basics with the ‘A-Z of AI’