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Artificial intelligence in financial services

Author

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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
    Note: Analytical Articles
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/ArticulosAnaliticos/19/T2/descargar/Files/be1902-art7e.pdf
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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. 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.

    More about this item

    Keywords

    artificial intelligence; machine learning; algorithm; automation; chatbots; bias;
    All these keywords.

    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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