Deltec Bank, Bahamas says Deep Learning and AI will revolutionize Banking

February 28 11:36 2020
Deltec Bank, Bahamas says Deep Learning and AI will revolutionize Banking

Deltec Bank
Deltec Bank, Bahamas says Deep Learning and AI will revolutionize Banking

Artificial intelligence (AI) is currently one of the hottest topics in technology. The idea that a technological device has the ability to perceive its environment and define a course of action that will maximize its likelihood of achieving its goal is incredible. Yet, the scope of AI has become so broad that it now has types, or subsets, of intelligence that fit within it. One of which is called machine learning in which a machine has the ability to learn how to do a task without being explicitly programmed to do so. Within this type of AI, there is one more subset that is called deep learning. Deep learning mimics the human brain in how it learns. Keep reading to learn more about deep learning and its implications in this field.

Defining deep learning

In deep learning, the tasks that the machine must complete are broken down into various layers which are distributed onto different algorithms. Each layer is built upon the output of the previous layer and together create an artificial neural network just like the human brain. Thus, with this system, deep learning follows the same problem-solving approach that humans do.

There are several types of artificial neural network (ANN) that connect in order for deep learning to occur. Here are the main types:

  • Feedforward: The simplest type of ANN in which the connections do not form a cycle. The input is directly fed to the output. This is used in pattern recognition.
  • Feedback (recurrent): This type of connection forms a loop as the feedback network can move in either direction.
  • Multilayer perceptrons: A specific type of ANN used for deep learning; the most basic feed-forward neural networks.
  • Convolutional neural network: A specific type of ANN used for deep learning; this type of network works well for spatial data, object recognition and image analysis using multidimensional neurons structures. You’ll commonly see these types of networks used in self-driving cars, drones, computer vision, and text analytics.
  • Recurrent neural network: A specific type of ANN used for deep learning; these types of neural networks are significant because they can maintain a memory up until that point and then use that information to predict the next action.

Why is it important to understand the
impacts of deep learning?

Depending on your age, you may not have considered AI when you were going to school or heading into the workforce. Today, job seekers are encouraged to look at positions that “won’t be replaced by AI.” Though, interestingly enough, as artificial intelligence expands nearly every industry, you will be hard fit to find any job that’s impervious to its impacts.

Deep learning is constantly altering the world around you. If you find yourself constantly picking up your cellphone to talk to Siri, playing music with Alexa, using Sync in your car or wishing you could head to the grocery store without having to drive, you’re utilizing deep learning technology a lot more often than you know. Artificial intelligence is all around you. All you have to do is look for it and see how it’s progressing.

How does AI impact banking?

AI has numerous “real world” applications, and it is now entered the financial space as well. Chatbots, fraud detection, and credit scores are just a few ways that AI is making its way into the financial sector. According to Deltec Bank – Bahamas, “AI is providing faster, cheaper, and more effective ways for customers to gain access to the information that they need.” It is also promoting higher security for banks, which means there is no reason not to implement the technology.

When it comes to deep learning specifically, banks can use its techniques to identify erroneous or incomplete data which in turn avoids misleading decisions. Deep learning also helps with anti-money laundering programs, sanctions list monitoring, billing fraud oversight and more.  

Final thoughts

Will there be a day that AI takes over jobs that you never anticipated? Could a restaurant operate entirely without human intervention? Where will it take the financial industry? The technology exists and deep learning is at the root of it.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

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Company Name: Deltec International Group
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Phone: 242 302 4100
Country: Bahamas