Artificial intelligence (AI) is the basis for mimicking the process of human intelligence by creating and applying algorithms created in a dynamic computing environment. In simple terms, artificial intelligence in business attempts to make computers perform activities and make decisions just like a human being.

In order for artificial intelligence to achieve its final purpose, certain minimum conditions are needed, such as: computational systems, data and management of such procedures and advanced codes for its operation.

Our associate lawyer, Rebeca Galdámez, explains that AI technology can improve the company’s productivity thanks to the systematization of processes or tasks that require our effort. Likewise, AI can make sense of data on a scale that no human ever could, generating significant business advantages.

“Artificial intelligence is used in our daily lives. In businesses they leverage this technology such as in financial services, fraud detection, retail purchase prediction and online customer service interactions,” she adds.

Our expert emphasizes fraud prediction, giving as an example the financial services sector that uses AI in different ways such as in the initial classification of credit applications: “Real-time payments require advanced artificial intelligence engines to monitor and detect fraudulent card transactions”.

Currently, the use of AI in fraud detection is in the early stages. However, Galdámez says there is a high chance that it will improve and its application will expand in the coming years. 

“As Internet fraud continues to spread globally, these AI procedures may become a necessity for organizations and even a standard feature in all companies around the world,” says our specialist.

Generally, the process is not very different from how specialist groups have developed inquiries in past decades. However, in fraud prevention, artificial intelligence computing can surpass human efforts in speed, accuracy and handling of large volumes of data.

Another benefit of AI is that call centers are used to predict and answer customer questions without human intervention. Speech recognition combined with human conversation simulation is the first point of interaction for customer service issues.

For more information on this and other New Technology topics you can contact our Corporate Department and the Regulatory and AML Department. We are located at Calle Cuscatlán, #4312, Colonia Escalón, San Salvador, El Salvador.