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AI in Analytics: Oh, It’s Just Getting Started

October 31, 2017 | Cheryl Cross

Artificial Intelligence, In the Big Picture, Is In Its Infancy

In American Banker, Peter Memon, Head of Emerging Technology at Synechron, was asked which emerging technologies in financial services are most exciting. On artificial intelligence being used for analytics, Memon says:

“I have individuals who want to ask maybe very sophisticated, complicated analytical questions of maybe a relatively small dataset, and all of a sudden they can start doing that. That, I think, is going to be a true game-changer. The tools out there now are the first generation; you’re going to continue to see them evolve.”

The savvy user is familiar with the potential of this evolution. Anyone who says different is too cynical to envision what we know about our own, measurable technology. The average consumer who benefits from lightning fast credit checks and loans approved in seconds is also sitting at home in his pajamas checking the analytics of his own clever Twitter jokes. We are a data-rich generation, and–here’s the thing–we know it.

There are platforms in the playing field, right now, that offer instant risk decisioning, responsive UX, and simple, configurable tools that’ll make you nearly as scalable as the technology Tom Cruise uses to fight crime in Minority Report (Shameless plug: Provenir does). That’s what everyone’s predicted, right? Massive shifts in the tectonics of our technology shouldn’t be alarming: It should inspire. Why? This kind of loan origination software, the instant decisioning with machine-learning kind, can cut costs and reduce human error. If technological advancement is as sure as the predictions we hear every day, then there’s no reason for lenders and borrowers not to innovate.

One of the primary themes in a Ray Kurzweil novel, author of The Singularity is Near and How to Create Mind, is optimism in the face of technological advancement. It’s not all doom and robotic revenge. We’ve already invented the platforms that can make our everyday lives better, whether it’s getting the approval for the money it takes to make a major life decision or purchasing the iPad that allows you to do so from anywhere, and it’s not all bad to expect more.  

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