Artificial intelligence, commonly known as AI, is a very powerful technology. A thoughtful implementation of AI can do wonders in automating business functions. AI has the power to transform a wide variety of industries through its application. As computer systems have evolved over time, they have become very powerful. Consequently, machines have also become very powerful and can perform many complicated tasks with ease. For example, Optical Character Recognition (OCR) is a task that even personal computers can perform easily with the help of software. However, OCR requires intelligence to translate dots from an image into characters. So, in an ideal case, OCR will be considered an area of AI. However, because of the power of machines, we tend to not consider it as an application of AI.
In this chapter, our focus is to understand what AI is and its application in banking. Banking is an industry...
