- “Artificial intelligence is reshaping how we work, interact and share information and content. AI technologies are increasingly being incorporated into many of our daily activities. AI opportunities in financial services are broad-based
addressing needs in risk assessment, financial analysis, portfolio management, credit approval process, know your client (KYC) & anti-money laundering (AML) systems, various operational and customer interaction processes and system/data security.
AI can present a threat to incumbent financial firms as well as create opportunities. A competitive challenge is that technology firms (Alibaba, Amazon, Apple, Baidu, Facebook, Google, IBM, Microsoft, Tencent and others) could expand their reach into financial services by leveraging their global presence, technical expertise, innovative platforms, customer data sets and brand loyalty.
Momentum for AI will continue to build as data becomes more available, algorithms improve, developer skill sets broaden and computing power accelerates . However, concerns about AI include limited transparency about how systems work, bias in application logic, data quality and negative impact to employment.
Our report includes: AI use cases in finance; perspectives from market participants; survey results with business decision makers and informational videos.”