# Artificial Intelligence in Banking: Where to Start?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-09-02
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Unlocking Value: Evaluating AI Technologies in Banking
Meta Description: Learn how AI technologies can enhance your banking operations and which tools to prioritize for implementation. Stay ahead in the competitive banking sector.
URL: https://financedigest.com/artificial-intelligence-in-banking-where-to-starthtml

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[**Daniel Latimore**](https://www.celent.com/analysts/daniel-latimore)

**Artificial Intelligence takes many forms in banking, but most firms have yet to begin implementing the technology. Learn where AI can add value to your bank and which specific technologies you should evaluate first.**

Artificial Intelligence (AI) is extraordinarily popular when judged by today’s banking headlines, but those headlines have outpaced today’s practical banking reality. Relatively few banks have begun production or even full-blown research at this stage, so Celent seeks to provide an introduction and path forward for banks studying this hot topic. We take a pragmatic [approach that defines AI in banking](https://www.financedigest.com/britains-co-op-bank-confirms-tsb-approach.html "Britain’s Co-op bank confirms TSB approach") as technology that makes inferences and decisions that used to require direct human involvement. A series of fundamental and interrelated [technologies around machine](https://www.financedigest.com/the-medical-device-technologies-market-to-stick-around-based-on-organic-expansion.html "The Medical Device Technologies Market to stick around based on organic expansion") **learning** and **natural language** underpin all of AI. Crucially, AI is not just automation or better technology. It is not faster processing, bigger data sets, or even thousands of [rules rigidly applied](https://www.financedigest.com/britain-to-be-among-first-to-apply-new-climate-disclosure-rules.html "Britain to be among first to apply new climate disclosure rules"). These [advances have yielded powerful results](https://www.financedigest.com/asia-stocks-advance-as-investors-await-u-s-midterm-election-results.html "Asia stocks advance as investors await U.S. midterm election results"), but they’re performing old tasks better. That AI can [respond to ambiguous real-world inputs probabilistically is one of its critical](https://www.financedigest.com/pm-rishi-sunak-sets-out-priorities-for-britain-responds-to-critics.html "PM Rishi Sunak sets out priorities for Britain, responds to critics") features. Building off the fundamental technologies to apply them in a [banking context yields four main AI applications today: analytics;](https://www.financedigest.com/stress-testing-why-did-my-bank-go-bust-today.html "STRESS-TESTING – WHY DID MY BANK GO BUST TODAY? ") **bots; robotic process automation (RPA); and report generation.**

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We’ve been hearing a lot about [artificial intelligence](https://www.financedigest.com/machine-learning-in-artificial-intelligence.html "Machine learning in artificial intelligence"), and the headlines are full of it, so we wanted to investigate what’s really happening today. Celent’s recent survey of bankers showed that there’s very little being done in the way of actual AI projects, so we wanted to give bankers a way to think about AI, its impact on the business, and what they should do next. AI is a term that’s being misused a lot. True AI has great potential, but [firms need to think carefully about where to invest](https://www.financedigest.com/toshiba-in-talks-with-four-investment-firms-for-strategic-ideas-sources.html "Toshiba in talks with four investment firms for strategic ideas -sources") their scarce resources. As we drew the landscape, we concluded that there’s a surprise [technology that’s often overlooked but that can provide](https://www.financedigest.com/inmobi-wins-gold-silver-bronze-mma-smarties-mena-awards-named-technology-provider-of-the-year-for-fourth-consecutive-year.html "InMobi Wins Gold, Silver, Bronze MMA SMARTIES MENA Awards, Named “Technology Provider of the Year” for Fourth Consecutive Year") great value with relatively little effort


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