Artificial intelligence is already transforming the financial sector in many ways, but especially in terms of machine learning, natural language processing and robotics.
Machine learning is a computer’s capacity to understand what is happening in the world around us, to learn about it and to translate that knowledge into algorithms. These algorithms can then be applied to, for example, risk models, fraud detection, or recruitment processes. On the other hand, CaixaBank chatbots, for example, are assistants created from the processing of natural language, spoken or written. These assistants help inform the customer around any CaixaBank product or service. Robotics is a technology that has many possibilities in the future of the financial services sector.
One of the challenges presented by the use of artificial intelligence in the banking sector is the management consumer data. This strategy is based on three axes: cybersecurity, data privacy, and the ethics of algorithms. At CaixaBank, a large investment is made to guarantee the security of customer data and, in particular, to monitor the ethics of the algorithms.
This interview is the fourth episode of the Masterclass with The Banker, “The new rules of digital banking”.
