Many technology pundits have hailed 2016 as “The Year of Artificial Intelligence.” However, in the interest of full disclosure, about a year ago many technology pundits – perhaps the same technology pundits – similarly hailed the coming of 2015.

If the pundits are finally right, it will have been a long time coming. The term artificial intelligence, or AI, was first coined by computing pioneer John McCarthy in 1955. McCarthy simply defined AI as “the science and engineering of making intelligent machines.”

Even if this doesn't prove to be a watershed year of AI as a broad discipline, it does seem to be making some significant inroads into the financial services industry. And while the technology is still relatively rare (translation: expensive) in financial services, like all other worthwhile technologies, AI is bound to become more pervasive (and less expensive). That means, if nothing else, AI is worth keeping an eye on.