03/15/2019

What Every Banker Needs to Know Today About Artificial Intelligence

Gonzo Banker

In the last two years, almost every technology company has started using the terms artificial intelligence and, related to that, machine learning. In fact, there has been a 1,400% increase in the mention of these two terms during earnings calls of public companies during the same period. Gonzo readers who follow fintech companies know that they rely heavily on these capabilities.

First, some definitions:

• An algorithm is simply a defined series of steps or tasks to be performed. For those of us who don’t hang out with the IT wonks, a simple non-technical example would be a cooking recipe.
• Artificial intelligence is essentially the process of taking pre-defined algorithms, applying them to your data, and using the results to make decisions or recommendations.

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