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AI is the hot topic in today's world, changing how we do business in so many different industries. But perhaps the novelty and remarkable accuracy of AI bots like ChatGPT has obscured just how much AI is already a huge part of our lives, and already a huge part of many industries we already take for granted.
AI-powered chatbots use machine learning algorithms and natural language processing (NLP) to interact with users in a way that simulates a conversation with a human. These bots can be designed to perform a wide range of tasks, such as answering customer queries, providing personalized recommendations, automating repetitive tasks, and more.
The digital transformation of the banking industry is one of the more important stories of the 21st century. Just as cash payments themselves are essentially a thing of the past, so too are physical branches and in-person banking. In modern banking, digital technology is utilized to improve the customer experience, to increase operational efficiency, and to innovate a system that has been largely unchanged since the Medici family was running Italy in the 15th century.
The overall global economy has experienced quite a few shocks in the last few years – shocks that have reshaped every single industry in the world, and the financial industry in particular. Perhaps still the most important of these shock is the gradual digitalization of the banking sector, along with every other sector. This digitalization has continued apace for much of the last decade.
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