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ROLE OF AI AND TECHNOLOGY IN RETAIL BANKING
What is Artificial Intelligence (AI) in the context of retail banking?
AI refers to the simulation of human intelligence by machines to perform tasks such as decision-making, pattern recognition, and language processing, enabling banks to automate and enhance retail banking services.
What is the role of edge computing in retail banking technology infrastructure?
Processes data locally near source, reducing latency and improving speed.
How does Machine Learning (ML) differ from traditional rule-based banking systems?
Unlike rule-based systems that follow fixed programmed rules, ML systems learn from historical data and continuously improve their predictions and decisions without being explicitly reprogrammed.
What is Explainable AI (XAI) and why is it important for banking regulators?
AI that explains its decisions transparently, enabling regulatory compliance and auditability.
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