Artificial Intelligence can be a dizzying technology to understand. While the term gets tossed around everywhere you turn, it's important for financial institutions to have a strong baseline of knowledge on the different types of AI, in order to better leverage the technology.
Understand the Different Types of AI
Understanding the different types is important for FI's, as each type has different use case that they can leverage to build AI diversity for their platform. An article at The Enterprisers Project does a great job defining and explaining the interconnected roles of machine learning, deep learning, natural language processing, computer vision, and explainable AI.
Artificial intelligence (AI) is redefining the enterprise’s notions about extracting insight from data. Indeed, the vast majority of technology executives (91 percent) and 84 percent of the general public believe that AI is the “next technology revolution,” according to Edelman’s 2019 Artificial Intelligence (AI) Survey. PwC has predicted that AI could contribute $15.7 trillion to the global economy by 2030.
AI, in short, is a pretty big deal. However, it’s not a monolithic entity: There are multiple flavors of cognitive capabilities. Understanding the various types of AI, how they work, and where they might add value to the business is critical for both IT and line-of-business leaders.
The article illustrates five types of AI:
So now that you have a baseline knowledge of different types of AI, it is important to identify which technologies are the ones that you need for your platform. For check processing and fraud detection, OrboGraph developed OrbNet AI, leveraging machine learning and deep learning technologies for image recognition and image-analysis. as these technologies were the best choice for the needs of our clients.
Importance of Partnerships
Unless FI's and technology vendors get a "blank check" and have a large amount of internal resources, it is impossible to develop all the technologies needed to create an all encompassing modernized platform that addresses all its needs. That is why it is important for both to partner with specialized technology companies that have developed their AI tech to meet their needs.
These partnerships will allow FI's and vendors to incorporate AI technologies to diversify their AI portfolio, each addressing certain needs and integrating within their platforms. AI technologies like OrbNet AI are available for integration with FI's and vendors -- such as services bureaus -- in their environments or in the cloud. Check out our Anywhere Fraud Direct/Partner Brochure below.