Thoughts on Artificial intelligence from The World’s Biggest Banks

Thoughts on Artificial intelligence from The World’s Biggest Banks When we think of companies that are at the forefront of technological innovations, global financial institutions do not necessarily recall.

Instead, giant tech giants like Amazon, Apple, and Alphabet dominate the conversation around innovation and attract more attention.

However, with Artificial Intelligence (The Power of AI & ML Technologies in the Banking & Financial Sector) becoming mainstream, even the classic gatekeepers of the financial sector cannot ignore them.

Now, the biggest banks around the world are doubling down on their AI dramas.

Sberbank - Russia Also, in 2018, Forbes Global 2000 is Russia’s largest financial institution, Sberbank. Sberbank is no stranger to AI and has previously hosted competitions

to promote innovation in space. In 2018, the Russian Bank hosted its "Classic AI Competition," where teams from across the country were invited to use AI to compose a poem equivalent to the author's claim of 1,000,000 rubles.

Most recently, Sberbank hosted a demo-day event in Moscow, showing some of the top AI innovations in Russia. The event was featured on the Sberbank and 500 Startups Accelerator Program, and as a result, seven finalist teams will go to the 500 Startups Startup Launch Program in San Francisco. In addition to the finalists, Sberbank continues to collaborate with all 30 teams competing in the accelerator batch and helps integrate and integrate with the bank ecosystem.

The finalists include a project that uses AI to create tools for labeling large data sets, Mishka AI, a smart soft toy that incorporates AI to automatically deliver child-centric content, and an excellent Healthcare AI Play that promotes AI and neural networks. For the medical imaging field.

Bank Happolim - Israel Continuing on the Forbes Global 2000 list is Israel's largest financial institution, Bank Hapolim, which does not let the AI trend overtake it. The Bank of Israel opted not only for financial opportunities but also for business activities to invest and share with AI teams.

Over the summer, Bank Hapolim participated in a $ 30-plus million funding round for Teatare, a cybersecurity solution provider using AI to help financial institutions detect fraud and other irregularities in banking practices. As companies continue to grow and businesses expand operations to include more diverse customers, the amount of data that needs to be analyzed is much greater.

Conclusion: Nowadays, there is no knowledge of buzzwords in the technology space. From 2017’s Blockchain Mania to the Internet-of-Things (IoT), Virtual Reality (VR) and Augmented Reality (AR), there’s plenty to keep track of. If buzz-worthy trends are the key to staying here and analyzing what another flash is in the pan, the world's most important financial institutions can make a strong case for what they're betting - and what AI sees. Such a big bet.