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Deep Dive into AI: Are You Ready for Disruption in 2017? (2017)

Panel, Artificial Intelligence, Real Machine |

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Join the Brightest Minds in AI at REAL MACHINE Meetup in San Francisco. This event will take a deep dive into the current state-of-the-art in machine learning and financial services.

REAL MACHINE is the only event series dedicated to understanding machine learning and its application to financial services. If you are a leader in the fintech space and you spearhead your organization’s efforts in reducing fraud and risk or digital loss prevention in banks, ecommerce, or retail, it is imperative to attend this event. It will focus on use cases and solutions that help you get started on tackling these issues. You will find out how you can capitalize on the cognitive AI revolution that is happening now and come back better prepared to drive success throughout your enterprise.

This event will start by an exclusive 15 minutes presentation from Wells Fargo to explain how Artificial Intelligence and Machine Learning can be used in a very large bank infrastructure.

Adoption of AI in Banking

Most banks and credit unions are in the early stages of adopting AI technologies. According to a survey conducted by Narrative Science in conjunction with the National Business Research Institute, 32% of financial services executives surveyed confirmed using AI technologies such as predictive analytics, recommendation engines, voice recognition and response.
For those firms not adopting AI, challenges such as fear of failure, siloed data sets and regulatory compliance were cited. Based on the Narrative Science survey, 12% of the overall group weren’t using AI yet because they felt it was too new, untested or weren’t sure about the security.
Another key challenge for many organizations was that there is no clear internal ownership of testing emerging technologies — only 6% of those surveyed having an innovation leader or an executive dedicated to testing new ideas and processes. Not having a person or department assigned to testing new ideas is obviously a problem.

Data, Data, Data

Data is being collected, analyzed and applied to solutions more extensively and faster than ever before. AI makes it possible to automate vast amounts of data, analyzing and applying it at record speeds.
New cognitive-based solutions also enables a more pro-active and personal customer experience at a lower cost than was ever possible before. This is driven by AI’s ability to build knowledge at high speed, understand natural language, and run operational processes in a fully compliant fashion.
Two of the biggest challenges that remain in banking is the absence of people experienced in data collection, analysis and application and the existence of data silos. This was reflected in the research done by Narrative Science. The good news is that many data firms now have the capability to do a ‘workaround’, collecting data from across the organization.


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