There is no denying that artificial intelligence (AI), while frequently misunderstood, has evolved rapidly as it has been adapted for various functions—as an email inbox spam filter, as the facial recognition option in social media platforms, as a tool for automating the house-hunting process, and as part of the complex algorithms used by financial institutions to detect fraud. It’s found a place in the transportation, surveillance, science, medicine, and education industries. More and more it is commonly used to automate many routine tasks done online, like those in e-learning and e-commerce. By improving data consistency, understanding and addressing problem areas, and embracing collaboration, banks and other financial institutions can turn to AI as a real solution. Wherever there is data, and in particular massive amounts of data, there will be a need to find ways to make it consistent, understood, and actionable, and that’s where AI is a game changer.

One of the great concerns of AI is that it will replace the human factor in a system. Some claim that there will be some job displacement as a result of AI adoption. Yet as AI continues to be applied across industries, there are definite and growing opportunities for helping to implement the technology. There is definitely a possibility of a widespread displacement of humans due to AI, but there is also just as much opportunity for new roles in the AI landscape. Someone has to train the machine, someone has to make sure that the machine evolves, and someone must also address training and evolution if they want to realize the technology’s full benefits. AI can help streamline redundant areas of a job, freeing up more time for workers to focus their energy on other responsibilities. There are growing opportunities for helping to implement the technology into industries, and with educational materials digitized and available on mobile, people can teach themselves in order to keep up with a rapidly changing technology landscape anywhere, at any time.

Implementing AI can be a very simple solution that creates valuable results. An AI component can evaluate employee output. AI can improve a decision-making process by connecting traditionally separated teams, so that they understand what their own policies and reasoning will mean for the overall corporate mission.