Implementing Artificial Intelligence in Retail Credit Centers: Research Proposal for a Leading UAE Bank

Portfolio of Tasks Template (6,000 words)
INSTRUCTIONS:
TASK 1 Research Proposal
Student Name: Rajesh Dhingra
Student ID: 1911345
Provisional Topic Title:
“Risk Assessment, Future Opportunities and Benefits of Implementing Artificial
Intelligence within Retail Credit Center and Disbursal Units – An Impact Study at a
leading UAE Based Bank, Dubai”
Proposal structurally approved by workshop tutor: Yes/No
Aims/objectives of the research followed by research questions:
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Introduction
Computerized reasoning (AI) is software engineering that accepts manual command
and interprets it accordingly to arrive at a solution, because of AI there is success in
the field of data analysis and other digital platforms. A portion of the AI exercises is
Machine Learning, Speech recognition, Planning, Problem Solving, Ability to
manipulate with data. It is composed with man-made efforts by coding, structuring
and implementing it within an IT system, the fundamental part of AI is designing and
processing of knowledge. It is certain that machine could frequently act and respond
like people but it does not hold the capabilities that a human could possess.
Moreover, the consciousness which is man-made must approach objects, classes as
well as relation between every one of them to utilize designed learning. Following are
the applications of Artificial Intelligence, which can be used in the banking sector
a) Anti-money laundering (AML) - It is basically a set of procedures or laws
managed to cease the act of income generation which occurs illegal platforms it
refers to a set of procedures, laws, and regulations implemented to stop the act
income generation through illegal activities. In several cases, money launders
tend to hide their activities by using a complex steps
b) Chatbots- Automated chat system, which communicates with the end user and
the source.
c) Algorithmic trading, such as trading online.
d) Fraud detection- This field has received much of the attention in providing
accurate results with the implementation of artificial intelligence.
e) Suggested engines are a significant contribution to development of Artificial
Intelligence in baking industry
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According to the UAE based website (Livescience, 2019), on the October 19th of the
year 2018, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime
Minister of the UAE and Ruler of Dubai declared that the implementation of AI would
be applied in the field of Banking Industry.
Background to the research
The platform of AI was not officially founded until 1956 at a meeting at Darmouth
College in New Hampshire. This meeting enabled the expression of man-made
consciousness (Russell et al. 2016).MIT intellectual researcher Marvin Minsky and
other people who went to the meeting were amazingly idealistic about AI's future. It
has been identified that after a few attempts of scrutinizing the progress, the
governments have taken the initiatives of financing the field of Artificial Intelligence.
The period of 1974 to 90 was the time when governments observed the first
breakthrough in the AI development. The platform was later reformed in 1980 when
British Government started to subsidize the process to contend with the approach of
Japanese. The field experienced another breakthrough in 1987.
Problem Statement
It is highly expensive, and such implementation requires a periodic basis check-up.
The periodic cost may not always result in the favourable side, sometimes the cost is
huge. Critical failures and bugs take place very often in the system. Hence, an expert
is required to always monitor the well being of such a system. Besides, it has the
potential to distribute the authority. There exists a constant fear regarding the fact
that, if the person in charge of operating a particular system somehow get access to
the hold of AI could take over the entire control and steal the necessary data. Thus,
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leading to cause breach of data. There also exists a fear that AI in the coming time
will replace the human workforce with the entry of AI robots. AI is designed in terms
of algorithms and coding and fails to understand human feelings and emotions.
How would this research benefit the researcher’s organization?
This research will intend to understand the nature of AI and its benefits within the
banking industry. Moreover, the effectiveness in terms of usage of such platform in
the region of UAE is also to be evaluated in order to understand the AI. Beside there
are opportunities there are a number of risk also. Each of the alternative prospects
needs to be evaluated in order to arrive at a justified proposal.
Research Aim
The major aim of this proposal is to analyse the level of risk. To measure the impact
of the automation process that relies on the different services offered by the banks.
The strategic moves that will be implemented in overcoming with the new rival firm
named as Fintech Counterparts.
Research Objectives
a) To understand the risks that might arise due to the implementation of automation
b) To understand the impact that the automation process would be having upon the
different services and the ways of competing with the new Fintech who have
entered the market.
Research Questions
a) What are the risks associated with the implementation of the artificial
intelligence?
b) How can the AI implementation help the bank in remaining strategic?
c) How can the AI implementation impact the process and the customer services of
Emirates NBD bank?
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Research Significance
AI plays a very vital role in the banking industry. The use of AI helps in tracking,
monitoring and carrying out the task at convenience of time. It is because of the AI
field that the number of fraud activities has been decreased over time and smart
actions regarding the banking functions are exercised within a fraction of time. The
AI platform has brought about innovation with the introduction of cloud computing,
big data, data science that are now implemented within the banking industry.
Moreover, it is because of AI the geographical gap and the time barrier fails to exist,
transactions take place whenever it is convenient. The implementation of the AI field
in the banking industry serves to care for the society as a whole. The coming days AI
will bring about more security features and convenience as the banking industry
and the banking industry will be more secure as compared to the present state. AI
keeps track of every activity within the banking industry which eliminates much of the
burden of manual labor work that is required to be done. It is because of AI the huge
number of transactions takes place at a glimpse of a click and that too safely. The
gateway channel of the banking industry is secured by the AI field which makes
secure that the transactions takes place at a safe pace. However, there are many
defaults which are being introduced by AI science and that leads to the occurrence
of techniques in terms of hacking and fraud activities. On the other hand, as the day
passes by, the AI science is being utilised to hamper the banking industry (Benjamin
et al., 2018)
Benjamin, D.J., Berger, J.O., Johannesson, M., Nosek, B.A., Wagenmakers, E.J., Berk, R., Bollen,
K.A., Brembs, B., Brown, L., Camerer, C. and Cesarini, D., 2018. Redefine statistical
significance. Nature Human Behaviour, 2(1), p.6.
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Brief Literature Review:
AI faces a reproductive crisis
According to author Hutson (2013, p.3) Artificial Intelligence faces a reproductive
crisis, much like those that have afflicted psychology, medicines over the past
decade. As much of the algorithms rely upon code, it doesn't mean that experiments
are easily replicated. However, it is claimed by another author, that Artificial
Intelligence (AI) based technology is being designed and distributed in worldwide in
respect of a variety of IT applications, because of reliability and stability to handle to
the complexity of the input-output relationship. However, another author (Cristianini
et al. 2014) proposes that Artificial Intelligence is broadly known for its long tradition
as scientific platform with great achievement encountered in the decades passed on.
In addition, in last few decades, there was an increasing popularity of interactive
computer games as well as multi-user virtual platform which results in the acquisition
of millions of users.
Hutson, M., 2018. Artificial intelligence faces reproducibility crisis.
AI innovation in the human life cycle
Beside it is also claimed by the author (Makridakis et al. 2017), that within the
coming years AI will hugely impact our life in manner as we work, our lifestyle, will
play important role in wage discussion, to seek a mate, to educate our youngsters,
and to take care of our elder citizens. Ai will play a great role in the growth of our
wealth. However, it may even change the perspective in terms of how we use to see
our surrounding as machines are only designed to attain their implemented
objectives. However, as proposed by the author (Dapp et al. 2015)
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