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Artificial intelligence (AI) (Types of AI (Reactive machines ((Basic form…
Artificial intelligence (AI)
Implementation
OCBC
AI
Lab@TOV
‘Test bed’ for all new AI technologies
Experiment with real-life anonymous customer data in a secure environment
Benefits:
demonstrate feasibility of new technology before integrating into OCBC’s systems.
Bank of America
New digital assistant “Erica”
Benefits:
help customers make payments,
check balances,
save money and
pay debt
Uses:
artificial intelligence
predictive analytics
cognitive messaging
JPMorgan Chase
Contract Intelligence (COiN) platform
Benefits:
eliminates about 360,000 hrs of work each year
analyze legal documents and extract important data points
identify clients for equity offerings
machine learning to review and interpret commercial loan agreements
Bank of NY Mellon Corp
Deployed 220 web robots
software applications designed to run automated tasks
Benefits:
Save $300,000 annually
Eg. Humans have to manually sift through large data to reply auditors’ request on financial statements
With bots, time taken reduced from 6-10 days to 24hrs
Types of AI
Reactive machines
Basic form of AI
Perceives environ/situation directly & act on what it sees
Can’t form memories or use past experience to affect decisions
Eg. IBM’s Deep Blue beat Kasparov at chess
Limited memory
Considers past info & adds them to memory
Just enough experience to make decisions
Eg. Self-driving vehicles, chatbots
Self-aware
Aware of their internal states
Can predict others’ feelings & make inferences
Eg. Eva in 2015 movie Ex Machina
Theory of mind
Yet to be built
Comprehend emotions & interact socially
Eg. Star Wars universe robots
Disadvantages
High Cost
Complex machines
Repair and maintenance require high cost
Unemployment
Replacing human jobs
Advantages
Automate repetitive processes
basic of AI
Reduce fraud
AI can identify anomalies and fraud attempts
Prevent criminals from breaching bank’s data or systems
No Breaks
Machines don’t need frequent breaks
They can perform for long hours without compromising work performance
.
Reduce error
Studies show that AI is more accurate than humans
Small human error can result to huge losses
Impacts
Transport
Nowadays autopilot vehicles are in trend
Tesla dominating market, with autopilot that has driven over 300 miles
Save society time & reduce transport cost
Advertising
Currently, advertisers can predict what types of ads impact your purchasing behavior
Use algorithms to build personality profiles on every human to tailor to their needs