- “IBM, for example, estimates that it has realized “almost $1 billion in savings” since 2011 by integrating artificial intelligence and other modernization efforts in its HR department, according to global head of talent Obed Louissaint.
- The technology giant has more than 350,000 employees, and receives up to 10,000 job applications every day. Machine learning helps IBM sort through the applicant deluge for the best matches”
- “Most banking transactions require little human intervention. However, in cases where items are flagged (for example, AML, fraud or screening checks), this requires human intervention. Given the high volumes involved this comes at significant cost to the organisation. It is therefore an excellent place to deploy new AI technologies such as Intelligent Process Automation (IPA). This streamlines processes and automates steps usually performed by people.
- Look at the typical ATM infrastructure that must be managed daily. Transactions and GL account balances must be reconciled to ensure machines are working correctly, that no fraud is taking place, and there is always the right amount of cash available for banking customers without over exposure of capital reserves. Using people to reconcile and investigate discrepancies is slow and inefficient. But using AI toolsets mean these tasks can be managed consistently, at high speed and with full auditability. Volume or capacity constraints are then no longer an issue.”
- “According to a survey conducted by the Bank of England last year, machine learning tools are now in use at two-thirds of UK financial institutions
- The newly-formed ‘AI Public Private Forum’ (AIPPF) will be co-chaired by Sir Dave Ramsden, deputy governor for markets & banking, BofE”
“This is about capturing the next great pool of wealth in technology,” says Craig Le Clair, an analyst at Forrester Research, the tech analytics firm. He compares A.I. to electricity in its potential impact. Sundar Pichai, [Microsoft CEO Satya] Nadella’s rival CEO at Alphabet, has gone further, calling A.I. the most important project humanity would ever work on, “more profound than fire.”