Artificial Intelligence is a reality today and is impacting our lives in every sphere be it the voice assistant SIRI in our smartphones or the Netflix recommendations we receive. AI is a blend of three advanced technologies- machine learning, natural language processing and cognitive computing. Banking is one industry that has been impacted by AI more than any other. The key application of AI that revolutionizes the banking industry over the last 5 years includes:
1. Anti- Money Laundering (AML) pattern Detection:
2. Chatbots for better customer interaction 24x7.
3. Algorithmic Trading
4. Fraud Detection using Machine Learning algorithms
5. Customer recommendation using recommendation engines
For smaller banks, AI can make a greater impact in differentiating them against intense completion from larger banks where they can benefit from operational efficiency.

 Read more at https://www.analyticsvidhya.com/blog/2017/04/5-ai-applications-in-banking-to-look-out-for-in-next-5-years/

Over the last two years, Big Data and technological advancement have transformed the way industries operate and compete. Financial Services industry, in particular, has adopted big data analytics to inform better investment decisions with consistent returns. It is widely used by investment banks, asset management firms, insurance firms and stock exchanges, to name a few.

The Investopedia article by Trevir Nath, talks about 3 V’s of Big Data i.e. volume, variety and velocity, how they are applied by financial services industry, algorithmic trading and the challenges faced by this industry in the increasing embrace of big data. In the nutshell, this article explains that despite the challenges, the financial services industry is trending towards Big Data and Automation.

Read more at:

http://www.investopedia.com/articles/active-trading/040915/how-big-data-has-changed-finance.asp