A third of companies adopt AI in the past year
More than a third of companies have adopted some form of AI in the past year, according to an MHR Analytics poll.
The poll revealed 38 per cent of companies have made the leap to AI or machine learning by adding the technology to their analytics approach in the past 12 months.
Almost a fifth (19 per cent) of the 500 professionals polled on Twitter said their company had made ‘significant’ progress with adopting AI, and a further 19 per cent said their company had ‘steadily’ been adding the technology to their analytics strategy.
“We are now seeing a clear shift in focus in the way companies operate their analytics, with AI capabilities like NLP (natural language processing), machine learning and conversational analytics becoming a reality,” said MHR Analytics’ SVP Nick Felton.
“With widespread awareness about advances in AI, we wanted to explore current levels of actual uptake as we approach the next decade. It’s unsurprising that a significant number of organisations have this year stepped up and begun to invest in AI or machine learning of some kind,” he said.
Jumping on the AI bandwagon, Andreas Burner, CIO of SmartStream Technologies said “In the banking sector, it’s quite new to use machine learning and AI, but it’s a great place to apply it. The reason why it is so great for banks is if you look at how much data is processed and stored it’s absolutely enormous. By law, banks must keep all data for audit purposes for many years. In that data there is a lot of knowledge, not only the application data but also the counterparties data.
Furthermore there are recorded user actions, for example, what is considered to be a regular situation or what is an exception and requires a manual intervention. Also there is data for how a user specifically reacted to a certain exception. And that’s great when applying AI to the banking sector as machine learning needs lots of data and it is stored and ready to use because of these audit requirements.”
Source: The Fintech Times