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Artificial intelligence in financial services

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  • Ana Fernández

Abstract

The use of artificial intelligence tools has escalated recently in all sectors of the economy owing, among other factors, to the growing volume of digital data and higher computational capacity. Major benefits may be reaped from applying these tools to the provision of financial services, not only for financial institutions but also for society as a whole. This article describes some of those benefits, and also some of the main uses being made of these tools, both by financial institutions and central banks. It also indicates the main limitations of the technology and its possible implications for the correct functioning of the financial system.

Suggested Citation

  • Ana Fernández, 2019. "Artificial intelligence in financial services," Economic Bulletin, Banco de España, issue JUN.
    • Handle: RePEc:bde:journl:y:2019:i:6:d:aa:n:7
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    Cited by:

    1. De Obesso Arias, María de las Mercedes & Pérez Rivero, Carlos Alberto & Carrero Márquez, Oliver, 2023. "Artificial intelligence to manage workplace bullying," Journal of Business Research, Elsevier, vol. 160(C).
    2. Ritu Srivastava & Anupama Prashar & S.Veena Iyer & Piyush Gotise, 2024. "Insurance in the Industry 4.0 environment: A literature review, synthesis, and research agenda," Australian Journal of Management, Australian School of Business, vol. 49(2), pages 290-312, May.
    3. Nadia Ayed & Khemaies Bougatef, 2024. "Performance Assessment of Logistic Regression (LR), Artificial Neural Network (ANN), Fuzzy Inference System (FIS) and Adaptive Neuro-Fuzzy System (ANFIS) in Predicting Default Probability: The Case of," Computational Economics, Springer;Society for Computational Economics, vol. 64(3), pages 1803-1835, September.
    4. Canhoto, Ana Isabel, 2021. "Leveraging machine learning in the global fight against money laundering and terrorism financing: An affordances perspective," Journal of Business Research, Elsevier, vol. 131(C), pages 441-452.
    5. Victor Anderson Hodibert & Adriana Narkwa Anderson (PhD) & Kate Neequaye, 2024. "AI/Robotics in the Tourism and Hospitality Sector: Technological Realities and Imaginaries in the Ghanaian Context," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(1), pages 2471-2480, January.

    More about this item

    Keywords

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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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