Artificial Intelligence vs. Augmented Intelligence in financial services

There are a number of technological trends simultaneously impacting the development of artificial intelligence (AI). Those seen as drivers include increasing internet penetration, exponential growth in computer processing capability, the open source revolution, big data analytics capabilities, machine learning capabilities and scalability of cloud platforms. While these drivers spur development and growth of AI, a key enabler of AI in the financial services sector is digitization. Digitalization includes integration of sensor enabled data acquisition across siloed modules and personalization/customization of digital fulfilment via online and cloud. In the past, limited progress in digitization translated into limited impact of AI on the financial services sector. Realization of this bottleneck has resulted in increased focus on the digitization of financial services. Digitization is now seen as necessary by companies to ensure overall success of an AI strategy and financial institutions are at different stages of completion. Once fully digitized, the financial services sector will reap full benefit from the implementation of intelligent machine learning systems or AI. Recent research by Frost and Sullivan uncovered that on the overall scheme of things, the majority of today’s AI software more commonly resembles Artificial Narrow Intelligence (ANI). Industry progress so far has been within this…


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