Budget Season for Banks, Part 3: Budget for FinTech

Posted by Mikki Ware on August 9, 2017


Banks and credit unions looking to grow relationships with Millennials and Gen Z must embrace chatbot technology. With AI evolving at an exponential pace, the adoption of automated chatbots is set to take off.

Simply mentioning artificial intelligence may evoke thoughts of the malevolent HAL 9000 from “2001: A Space Odyssey.” But this isn’t sci-fi; AI is going mainstream.

Most of us have already encountered AI, but probably didn’t realize it. Google’s hallowed search algorithm is pure AI. Same thing for Facebook. Apple’s Siri and the Amazon Echo are virtual assistants built on AI backbones that can respond to a robust range of voice commands. AI has many different shades, flavors, variants and alternate names. Some call it “machine learning.” Others think of “predictive analytics.” Me personally, I like TechTarget’s simple definition of artificial intelligence: giving computers the ability to learn without being explicitly programmed.

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