Posts

Showing posts from March, 2022

Artificial Intelligence and Indian Banking sector

What is Artificial Intelligence (AI) According to WIXEncyclopedia “ AI is a branch of computer science that develops machine systems capable of demonstrating behaviours linked to human intelligence. AI programs use data collected from different interactions to improve the way they mimic humans in order to perform tasks such as learning, planning, knowledge representation, perception and problem-solving ”   Thus, AI is the science of making a computer or a software think intelligently just like a human brain, towards learning how to solve a problem. In a way it helps personalise interaction between a human being and a machine. AI tools are based on three main cognitive skills of learning, replicating and reasoning. AI makes a machine, generally a computer, capable of thinking and responding like a human being. The tasks involving a set of algorithms become automatic through intelligent programming based on learning through experience. Artificial Intelligence (AI) has been stea...
SWIFT and RUSSIA   In recent days, the term SWIFT has been heard a number of times, in context with sanctions imposed on Russia by western countries, in retaliation for Russian invasion of Ukraine. Here an attempt is being made to explain SWIFT to the uninitiated, its importance and usage. We shall also briefly touch upon Russia’s position.   SWIFT stands for Society for the Worldwide Interbank Financial Telecommunication . When I joined the banking industry in early eighties, financial messages viz. opening of letters of credit were effected through tele printer (telex) machines The system was slow and over a period of time it was unable to handle increasing number of transactions. Therefore a need was felt for establishment of a an advanced secure messaging system that would facilitate cross-border financial transactions. SWIFT was born in 1973 with its headquarters at Brussels, Belgium. The organization started with 500 member institutions in 22 countries and ...