Technology Awareness: Artificial Intelligence

This report explores the concept of artificial intelligence, its impact on business processes in the banking sector, and its wider effects on society. It defines AI, discusses its developments in business, and examines its benefits in fraud detection and customer service automation. The report also highlights the potential of AI in smart cars and surveillance. Overall, it demonstrates how AI is revolutionizing various industries and its potential to create goods and provide services.

Running head: TECHNOLOGY AWARENESS
Technology Awareness
(Artificial Intelligence-AI)
Name of the student:
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Author Note

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Executive summary
In the following report, the idea of artificial intelligence is defined. Then, the smart developments
within the process of business because of the implementation of the system in the banking sector is
investigated. Lastly, the extensive impact of artificial intelligence on the present day society is
discussed here.

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Table of Contents
Introduction:..........................................................................................................................................3
a. Defining the idea of Artificial Intelligence:.......................................................................................3
b. The developments of business processes due to deployment of AI:.................................................4
c. Wider effects of the technology on the society:.................................................................................5
Summary and Conclusion:.....................................................................................................................5
References:............................................................................................................................................7

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Introduction:
Artificial Intelligence is the area of technology emphasizing on creating intelligent machines.
They are intended to respond and work as human beings. It is further used in problem-solving,
planning, learning and speech recognition.
In this study, the concept of AI is defined first. Next, effective developments under the
process of business due to the deployment of the system at banking is analyzed. Further, the wider
effect of AI on society is analyzed.
a. Defining the idea of Artificial Intelligence:
The artificial intelligence is the capability of computer-controlled robots or digital computers.
This is to undertake activities that are related to intelligent beings. Intelligent beings indicate the
elements that are able to adapt to the changing scenarios. It is seen that AI development is done on
various aims that include the creation of systems thinking the same as human beings. This is
indicated as the strong artificial intelligence. It is helpful to only get the systems working instead of
finding the ways in which human reasoning has been working. This is indicated as weak AI
(Makridakis 2017). Further, it is useful to utilize human reasoning as a model. However, it is not
necessarily the ultimate goal. The artificial intelligence is the task devoted to making machines
more intelligent. Here, the intelligence is the quality enabling the entity as function suitably. This
also includes the foresight to the scenario (Varian 2018). Moreover, it can be seen as the entity of the
collective set of various cooperative entities. They are able to gain inputs from the scenario, learn
and interpret from those inputs. They can exhibit related and various flexible actions and behaviors.
This helps to gain a specific objective or goals in due time.

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b. The developments of business processes due to deployment of AI:
The business has been reacting quickly to the scopes of applying AI. Thus they have benefits
for the future landscape. However, since artificial intelligence has been developing quickly, the
problem is to assure that the businesses consist of needed plans and strategies for supporting the
capabilities of AI. They have turned to be available and proper technical infrastructures are needed
to support the deployment of AI (Castelli, Manzoni and Popovič 2016). However, for many sectors,
this has not been the question and instead the time of adopting AI. Here, monitoring the development
of AI on that basis includes the planning in advance needed to adopt artificial intelligence
successfully.
Here, the optimum strategy lies in the fact of observing, learning and experimenting with
present AI. Here, the investment has been high for AI. This has turned out to be ineffective and
damaging the usage and adoption of business for future solutions that are AI-based (Davenport and
Ronanki 2018). Apart from this, the businesses have been trying to retrieve advantages from AI.
This includes how it can develop the central processes for driving efficient. They must begin with
the results that are needed to gain in modernizing the environment of IT (Lu et al. 2016). Further,
they must begin with the results that they need to gain in modernizing the environment of IT.
Besides, artificial intelligence has never needed to replace the operators of human beings at any time
quickly. However, they can empower companies to perform much more (Moro, Cortez and Rita
2015).
At banking, AI is helpful in fraud detecting. It is seen various banks has been applying
artificial intelligence for finding various types of fraudulent activities. The software of AI has been
providing a huge data sample including fraudulent and non-fraudulent purchases. They are trained
for determining as the transaction on the basis of the data. In due time, the software has been turning

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to be adapting the spotting transactions that are fraudulent on the basis of what has been learned
previously. AI is highly beneficial in terms of customer service automation (Skilton and Hovsepia
2017). The developed abilities from the part of voice and various chatbots for solving the issues with
customers in spite of human intervention. Rising number of banks are using biometric data such as
fingerprints for replacing or augmenting passwords and different types of client verification. Then, it
is useful for fraud prevention and pattern recognition. Here, the capability of AI for shifting across a
huge quantity of information and determining patterns elude various human viewers (Swan 2018).
c. Wider effects of the technology on the society:
In the broader society, AI can be implemented effectively on smart cars. At the current age,
the self-driving cars are turning to be a reality having every passing moment. Then, it is helpful for
surveillance. The conventional monitoring of security cameras is done by human operatives. The
wired detailed are able to fetch various flashes of color. This refers to the intruder and anyone
loitering where they must not be. Here, more sober misbehaviors such as determining the effective
shoplifters have been beyond the ability currently. It is likely to alter very fast as the technology is
found to be improving (Tkáč and Verner 2016). Apart from this, there is a detection of fraud.
Organizations with financial services have witnessed various interesting deployments of artificial
intelligence. As one holds any type of bank card and credit card. One can possibly possess the
effective fraud message of any type. For the case of predictive purchasing AI comes with various
formats. This includes sending coupons, providing discounts, stocking warehouses and targeting
advertising that is nearby with products that the buyers tend to like (Wright and Schultz 2018).

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Summary and Conclusion:
The above study shows how the stretch is that AI is been found in all kinds of industry. This
includes how this can be for simple tasks like suggesting products and delivering clients with
fundamental primary customer service. This is beneficial for different complex measures running
software and finishing huge processes of problem-solving for various industries. The above study
demonstrates how AI is found to be revolutionizing in all type of industries and has been continuing
to do that. It is understood how the technology is applicable in terms of system, tool, process,
product and knowledge to create the goods and provision of services.

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References:
Castelli, M., Manzoni, L. and Popovič, A., 2016. An artificial intelligence system to predict quality
of service in banking organizations. Computational intelligence and neuroscience, 2016.
Davenport, T.H. and Ronanki, R., 2018. Artificial intelligence for the real world. Harvard Business
Review, 96(1), pp.108-116.
Lu, X.Y., Chu, X.Q., Chen, M.H., Chang, P.C. and Chen, S.H., 2016. Artificial immune network
with feature selection for bank term deposit recommendation. Journal of Intelligent Information
Systems, 47(2), pp.267-285.
Makridakis, S., 2017. The forthcoming Artificial Intelligence (AI) revolution: Its impact on society
and firms. Futures, 90, pp.46-60.
Moro, S., Cortez, P. and Rita, P., 2015. Business intelligence in banking: A literature analysis from
2002 to 2013 using text mining and latent Dirichlet allocation. Expert Systems with Applications,
42(3), pp.1314-1324.
Skilton, M. and Hovsepian, F., 2017. The 4th Industrial Revolution: Responding to the Impact of
Artificial Intelligence on Business. Springer.
Swan, M., 2018. Blockchain for business: Next-generation enterprise artificial intelligence systems.
In Advances in Computers (Vol. 111, pp. 121-162). Elsevier.
Tkáč, M. and Verner, R., 2016. Artificial neural networks in business: Two decades of research.
Applied Soft Computing, 38, pp.788-804.

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Varian, H., 2018. Artificial intelligence, economics, and industrial organization (No. w24839).
National Bureau of Economic Research.
Wright, S.A. and Schultz, A.E., 2018. The rising tide of artificial intelligence and business
automation: Developing an ethical framework. Business Horizons, 61(6), pp.823-832.