What is AI?

By its technical definition, Artificial Intelligence (AI) is a multidisciplinary field of study that centres around the development of computational systems capable of performing tasks typically associated with human intelligence.

While standard software programs follow a predefined set of rules and procedures, AI is capable of learning from data and improving its decision-making and choices over time without explicit programming. At its core, when creating AI algorithms, developers seek to imitate and extend human cognitive abilities, enabling machines to act autonomously in complex and uncertain environments.

For example, imagine you are applying for a bank loan. Traditionally the bank uses a rule-based system to check if you meet specific criteria such as credit score and income, and if these are met the loan is approved, if not it is denied.

With AI, the same bank could use technology to analyse a broader set of data, including social media activity, spending habits and economic trends to asses your credit worthiness. This brings a more informed decision, and the AI continuously learns and increases its capabilities over time.

Watch now: How has AI helped business to create efficiencies?

In this video we speak to local experts including Digital Jersey as well as several Member firms on how they define the term and how it is helping their business to create efficiencies and why Jersey has all the components for artificial intelligence industry to thrive here.

They discuss how AI implementations in financial institutions, such as machine learning and Robotic Process Automation (RPA) are being applied in cybersecurity, analytics, fraud detection, decision-making, and customer service.

AI in Finance

Looking specifically at finance, AI powers algorithmic trading, fraud detection, credit scoring, risk management, customer service and regulatory compliance. AI has assisted those working in financial services in providing personalised recommendations, demand forecasting, inventory management and supply chain optimisation. We also see the growing use of AI-driven chatbots and virtual assistants to streamline customer interactions.

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