Published 09-08-2023
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Abstract
Artificial intelligence (AI) uses the power of data to make decisions about the future. It processes large historical data repositories and deduces the patterns established in the data. It then uses the deduced patterns to predict future data points, often to a very high level of accuracy. One subset of AI is called machine learning (ML). ML can be classified as supervised, unsupervised, partially supervised, and reinforcement learning, based on the pattern that ML maps or learns. ML and AI have been revolutionary in the ever-increasing big data world. AI and ML have been used interchangeably with sufficient background that they fall under the technological paradigm currently shaping modern businesses, including the current and future business of banking.
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