The term artificial intelligence (AI) often conjures thoughts of talking robots or flying cars, but the reality can be much simpler. The core of this concept is machines exhibiting intelligence and capabilities previously specific to humans – in short, machines doing human tasks. Though coined more than 60 years ago, artificial intelligence can still seem futuristic and inaccessible until you consider ways it already exists in our daily lives. Some examples of modern robotics include:
With robotics and artificial intelligence becoming more mainstream, it’s no surprise this technology has permeated the financial industry as well.
We’re seeing a variety of artificial intelligence concepts gain traction in our industry, and they can be grouped into the following four categories:
Natural language processing and computer vision are ideas you’ve likely seen in practice already. We use these in call centers and other functional areas to better capture customer data and then analyze that data to predict trends, share information across technology platforms and even set up transactions. Advanced process automation performs one single human task with advanced effectiveness and low margin error. An example of this is an integrated inbox, creating efficiencies in email exchange across multiple users. Machine learning allows us to automate repetitive tasks, such as mass uploading of documents, thereby freeing employees to focus their energy on the more complex functions of their job.
Artificial intelligence offers numerous benefits for your business. Robotic intervention has the capacity to increase speed of productivity by a significant percentage. Additionally, robotic functions are available 24/7, so work can be continuously completed.
Every employee has tasks they don’t particularly enjoy, and artificial intelligence, with its single-minded focus, can potentially remove the monotonous, repetitive tasks from your employees’ to-do lists. It also creates a more collaborative environment between your technology and operations groups. Artificial intelligence requires human development, and your technology partners understand what that entails. As the brains behind the machine, they must work with internal and external partners to develop strategy and functionality to accomplish tasks that enhance your business. In this modern environment, technology employees have the potential to become part of the operations team rather than siloed, back office support.
Artificial intelligence and robotics may seem like they’re trying to replace humans, but this advancement isn’t a humans vs. machines battle. It’s simply about finding the balance between what people are good at and what technology is good at and merging the two for optimized efficiency. Robotics and artificial intelligence systems can take on the single-minded, repetitive tasks people are currently doing. However, no artificial intelligence can exist unless someone develops it. This dynamic is paving the way for employees to take on more strategic and complex roles, with the confidence that the day-to-day minutiae is being handled.
Financing for artificial intelligence development has been on the rise. Our general access to data has increased, computers have more power to operate in real time than ever before, and research and development have expanded beyond a solely academic focus. Global technology giants are investing in this advancement, and the effects are trickling down into most industries. We’re seeing traditional information and technology teams transition from manual, SLA-driven and siloed divisions to automated, self-service and operationally integrated teams.
Artificial intelligence and robotics will no doubt change the traditional landscape of our industry. That change will allow us to keep up with our peers and service our clients who are becoming familiar with robotics technology in many facets of their lives, including business. If your organization is willing to foster a culture of growth and creativity while allocating resources to these enhancements, this technology can help you improve productivity and efficiency and move your business forward.
At U.S. Bank, we’re continually investing in technology to provide our clients with the best solutions for their needs. Visit us at usbank.com/investmentservices to learn about our investment service solutions.