In a world full of exciting new financial technology, it’s hard to keep up with all the buzzwords. Right now, five buzzwords in particular are gaining a lot of attention in the digital banking space: artificial intelligence, chatbots, machine learning, deep learning, and data science. At Abe AI, these five buzzwords play an instrumental role in the AI banking technologies we build.
But do you know what these words mean? We’re breaking down these buzzwords into simple definitions anyone can understand.
Here are our simplified, jargon-free definitions of each of these industry buzzwords:
Artificial intelligence (AI) is when computers do things that normally only humans could do (things like pattern recognition, reasoning, and speech). AI technology can be used to build virtual agents like chatbots.
A chatbot is an AI-powered software program that mimics human conversation with users in chat interfaces like Facebook Messenger and SMS. Chatbots are often used as intelligent assistants; they can be used to automate simple tasks and answer user questions in place of a live agent.
(Check out our banking chatbot infographic for a handy visual guide to chatbots.)
Data science is a field that processes, analyzes, and interprets data sets to extract meaningful insights, usually to better understand human behavior.
Machine learning (ML) is when computers learn and improve from experience. Machine learning enables computers to recognize patterns in data and predict future outcomes.
Deep learning is a specific branch of machine learning. It uses layered networks of artificial “neurons” to simulate the structure and function of the human brain.
(To learn more about deep learning, check out this intro to deep learning from our chief data scientist, Francesco Gadaleta.)
Now that you know the definitions of these words, let’s take a deeper dive into what they mean. Watch the video below as our COO, Keith Armstrong, discusses artificial intelligence, chatbots, and machine learning.