Simply mentioning the topic of artificial intelligence in finance usually elicits a mix of excitement (“AI is amazing and can solve every problem”) and fear (“Will we all lose our jobs? Will robots cause the next market crash?”).
What a huge advance it is that the financial sector now has robots to relieve the ever-growing pressure of regulation. Almost everyone handling or processing personal data now faces vastly increased compliance requirements once the European Union’s General Data Protection Regulation
Can a humanoid banker do everything that a human banker can do, only better; and if so, is unemployment the future for the human banker? The threat of robots and AI displacing their creator has been a concern since their conception, yet life goes on much as before; this doesn’t mean, though, that radical change is not at the threshold.
Banking across the globe has been going through a major transformation over the last few years, and this evolution looks set to continue well into 2018, and indeed beyond.
Financial services firms face a range of headwinds. The last thing they need is a regulatory tornado blowing the house down due to data integrity and reporting errors.
It’s the year 2027 and you need some cash. You go to the closest ATM but you don’t need to look around for your bank card. All you need is yourself because this machine can look you in the eye. It scans your irises for a match before a 3D
Artificial intelligence is gaining increasing recognition among bankers as not only an investment opportunity but a very useful tool within their own operations toward the goal of maximizing efficiency and cutting costs. Beyond that, though, forward-thinking bank managers recognize the technology as a double-edged sword, with strong potential to improve the customer value of their product and service offerings.
The tidal wave of banking regulations during the aftermath of the last financial crisis has given a boost to an unlikely beneficiary: artificial intelligence. Regtech along with AI, ML and NLP are the new warriors employed by many forward-thinking banks to get a handle on the massively costly compliance workload, and many are witnessing a return to profitability as a result.
“Plan for radical change, or prepare for obsolescence” was the recent message from former Apple CEO John Sculley in reference to the banking sector’s latest digital innovation: the chatbot. As part of the ongoing fintech revolution, mobile-messaging applications are now being adopted around the world at an astronomical rate.
For banking and financial institution executives – and for their investors – 2016 has begun on a sour note. From the largest money center banks to small local institutions, double-digit earnings declines were commonplace in the first quarter, as