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A transformational journey: Artificial intelligence in financial services

Author

Listed:
  • Lau, Theodora

    (Unconventional Ventures, USA)

Abstract

New technologies hold promise for both improving the relationship between financial services institutions and their customers and strengthening the financial outcomes for larger swathes of our society if this is done responsibly. Despite the heightened interests of artificial intelligence (AI) in financial services, however, there still exists a significant gap between expectation and reality. Through examples from customer service, personal finance and wealth management to credit decisioning and risk management, this paper highlights recent developments where AI has been employed to drive business outcomes. The paper also challenges the reader to dig deeper into ethics and trust — the very values that are uniquely human — and to reflect on the safeguards that need to be in place to ensure accountability, transparency, fairness and auditability, as more use cases move from pure research and development into real-world applications in our daily lives. The paper concludes that the industry must move beyond efficiency and cost savings to an era where AI-driven applications are more intentional and purposeful in transforming human lives.

Suggested Citation

  • Lau, Theodora, 2021. "A transformational journey: Artificial intelligence in financial services," Journal of Digital Banking, Henry Stewart Publications, vol. 6(3), pages 202-210, December.
    • Handle: RePEc:aza:jdb000:y:2021:v:6:i:3:p:202-210
    as

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    More about this item

    Keywords

    artificial intelligence; financial services; FinTech; ethics; AI;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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