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Nearly every day, there seems to be a new bank adopting artificial intelligence. Yet, if you were to ask 20 different banking professionals on what AI is, you’d get just as many opinions.  The industry’s lack of consensus around a definition stems from the fact that AI is constantly evolving. In fact, artificial intelligence goes back as early as 1956 at the Dartmouth conference.

Did you know that artificial intelligence has been around since World War II? Academics have long attempted to build machines that can process as well as a human. However, today’s AI is still relatively young.

American Banker recently published an interesting article on how some banks are still years away from full adoption of artificial intelligence. The article speaks to the larger challenge of banks trying to adopt AI in all facets of their business, without understanding the potential pitfalls.

Like many other technologies, artificial intelligence has its own share of fears and myths related to its capabilities. As a powerful tool capable of solving a variety of business challenges, it’s only natural for these types of fears to surface.

Most of us engage with artificial intelligence daily and often do not even realize it. Amazon Alexa, Pandora and Netflix, to name a few, all leverage AI technology to learn more about user profiles and preferences. These AI-based systems then use this knowledge to deliver a more personalized experience based on learned patterns of behavior.

As one of the strongest regulations ever to reach Europe, global organizations must grapple with the new reality of data privacy under GDPR.