The artificial intelligence handbook for investors, entrepreneurs and finance visionaries.

Get up to speed on the latest industry developments, grasp the market dynamics of the ‘fintech revolution’, realize the sector’s potential, and gain expert insight on investment and entrepreneurial opportunities.

Book editors

Ivana Bartoletti

IVANA BARTOLETTI is the Head of Privacy and Data Protection at Gemserv. Her years of experience in the field span the public and private sectors, including senior roles in the NHS, Barclays and Sky. Ivana works across all sectors, from finance to adtech, and within the energy market. She is passionate about new technology, big data, AI and blockchain and support clients with their digitalisation and innovation programmes.

Susanne Chishti

Susanne Chishti

SUSANNE CHISHTI is the Founder and CEO of FINTECH Circle and the FINTECH Circle Institute, the leading peer-to-peer learning platform providing in-person and online courses across fintech enterprise innovation, wealthtech, insurtech, artificial intelligence and blockchain applications in finance, crypto-currencies and startup methodologies. As Co-Editor of the global Bestseller The FINTECH Book, she has been selected as a “City Innovator – Inspirational Woman” in 2016 and one of the top 100 fintech influencers globally in 2019 after working for 14 years across Deutsche Bank, Lloyds Banking Group, Morgan Stanley Investment Management and Accenture in London and Hong Kong.

Anne Leslie

ANNE LESLIE has 15+ years’ experience experience in customer-facing roles in banking, insurance and related advisory and technology businesses with core expertise in identifying innovation opportunities allowing start-ups to accelerate their scale and incumbents to kick-start their transformation.

SHÂN M. MILLIE

SHÂN M. MILLIE is a Board Advisor, Business Coach and hands-on Growth and Strategic Communications Specialist. Highly-respected in UK General Insurance and InsurTech, she founded her own Growth consultancy Bright Blue Hare in 2016.

About this book

The AI Book is the first crowdsourced book on the application of Artificial Intelligence (AI) across the financial services sector to be published by Wiley in 2020. It brings together top entrepreneurs, investors and AI experts, who exclusively share their visions and unique insights on the nature of AI, machine and deep learning, AI solutions for finance, regulations as well as ethical considerations and projections as to the future of this technology and how it will impact our lives and our jobs. The AI Book is co-edited by a team of four recognised FinTech and AI thought leaders with decades of industry experience. Be the first one to know when the book is published by signing up to our newsletter and following us on Twitter.

Table of contents

The first primitive applications of AI in banking date back to the 1950s and today, AI is being used to great effect across the financial services industry. Financial firms across the globe are increasingly aware of the power of AI to improve the customer experience, reduce operational expenses, enhance compliance efforts and help them enter new markets and gain revenue more quickly. This chapter provides a pragmatic overview of the evolution and impact of the various AI technologies which have made dramatic advances in our ability to use machines to automate and enhance financial services, and which are likely to be further amplified by complementary technologies such as blockchain and quantum computing.
Deposits and lending represent a massive business which directly and indirectly touches almost all parts of the economy. This chapter looks at both the opportunities and challenges of some of the newest and most interesting attempts to use AI in the deposits and lending business, such as:
  • How AI is being used to determine creditworthiness, particularly for those without credit histories, as well as to streamline the lending process
  • How AI is being leveraged in the form of chatbots and in digital advisory
  • How AI is being used to improve the banking experience for customers, and what this means down the line in terms of reliance on personally identifiable information (PII) for financial decision-making

Insurance is cited as the original ‘data-led sector’ — a locus of huge opportunity, and simultaneously at imminent risk of existential disruption, because of AI. Insurers unambiguously recognise AI as game-changer, whilst pointing to here-and-now behavioural pricing (telematics, anyone?), facial recognition, chatbots and sophisticated real-time anti-fraud.


This chapter seeks to show the state-of-play, near-term developments, and the live issues: from Underwriting and Claims to Access to Insurance; from new visions of Customer engagement in Life&Health, to working out new modes of value for the innovating corporate customer; from solving old problems, to working out what ‘disrupted’ Insurance looks like.

Across all sectors, e-commerce and innovative new payment systems are being fuelled by open banking, improved internet access and increased use of smartphones. Artificial Intelligence holds many promises in this field and has the potential to profoundly transform the payment sector leading to better fraud prevention and detection, reduced operational costs as well as leaner processes.


This chapter aims to unlock the potential of AI in the digital payment sector, showcase the possible uses and opportunities while presenting the challenges and issues to enable leaders to understand how to leverage the opportunities and mitigate the risks.

Automated trading has been happening for a long time and, like in many other sectors, has the potential to reduce costs, increase efficiencies and help gain competitive advantage by humans delegating tasks to machines for decision making in fast-moving financial markets.


This chapter will provide an understanding of the potential of AI beyond the trading floor, explore to what extent financial sector players are ready to hand over decisions to machines, and with what degree of human intervention and judgment call. In particular, the chapter will analyse the opportunities of AI deployment in investment and asset management, and what are the key challenges and skills gap that may be needed to keep up with a fast-paced sector where the market moves at rapid speed.

AI’s impact on and in Capital Markets is proposed as a democratizing force for access to capital across the global economy, through unlocking greater efficiencies, safety and security, and performance. Firms are engaged today in testing out AI technologies to cut costs and streamline process and speed up trading.

This Chapter explores current use cases and ideas further, and seeks to show where next steps in adding Value (for clients, colleagues and other stakeholder)may come — in front-, middle or back-office, from active investment to capital flows. When will we see full automation of sales and trading? What is the business case for AI, and what questions (or obstacles, depending on your viewpoint) must be answered?

Finance may well be a test for the trust consumers place in Artificial Intelligence. Data is essential for the AI industry to flourish but what steps do financial services need to take to ensure customers trust the sector to innovate through AI? And what is the tradeoff between consumer benefits and privacy? E-commerce, PSD2 and the rapid increase of smartphone ownership mean consumers demand efficient services alongside strong security and privacy protections.


This chapter will focus on the key issues of transparency and trust, and will outline what digital ethics mean for the financial sector. As ethics is becoming mainstream in the debate around AI, contributors will outline what are the ethical challenges facing fintech players and institutions alike, from creditworthiness to algorithmic bias and fairness, and use of personal data and transparency.

Globalisation, technological progress and demographic change are having a profound impact on labour markets, affecting both the quantity and quality of jobs that are available, as well as how and by whom they are carried out. The talent shifts we are already witnessing are likely to be amplified and further accelerated by AI-driven talent transformation, creating the so-called ‘AI-advantage’ and the ‘Augmented Human’.


This chapter examines different facets of the talent transformation phenomenon, including:


  • The impact of national industrial strategies in the context of global mega-trends
  • The dynamics of workforce disruption and systemic social solutions such as Basic Income
  • The ‘new leadership imperative’ and the primacy of renewed corporate purpose in driving culture change
Adoption into the ‘business as usual’ of AI creates both new risks, and yet more of existing risks, for financial services firms, and Regulators of all kinds. This Chapter aims to map out the landscape, and hub thinking on key issues and developments. Who is ultimately responsible for AI decision-making? What does ‘Liability’ mean? What does regulating the development and use of AI look like, and who are the actors involved — governments, industry, tech firms, academia, consumer bodies? Where do the common standards for identity, audibility, data-sharing etc. come from and how are they enforced? Is RegTech the answer?
Adoption into the ‘business as usual’ of AI creates both new risks, and yet more of existing risks, for financial services firms, and Regulators of all kinds. This Chapter aims to map out the landscape, and hub thinking on key issues and developments. Who is ultimately responsible for AI decision-making? What does ‘Liability’ mean? What does regulating the development and use of AI look like, and who are the actors involved — governments, industry, tech firms, academia, consumer bodies? Where do the common standards for identity, audibility, data-sharing etc. come from and how are they enforced? Is RegTech the answer?

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Fintech solutions require collaboration between startups and large organizations. Our Authors show how they made it work.

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Three best-selling books and counting.

the fintech book
The FINTECH Book is your primary guide to the financial technology revolution, and the disruption, innovation and opportunity therein.

The definitive compendium for the Insurance Digital Revolution. Essential updates, critical thinking and actionable insight from this evolving ecosystem.

The WEALTHTECH Book is the only comprehensive guide of its kind to the disruption, innovation and opportunity in technology in the investment management sector.

The PAYTECH Book is your primary guide to the future of global payments. Publication Date: February 2020

The AI Book is your primary guide to applications of artificial intelligence to the financial industry. Publication Date: March 2020

The LEGALTECH Book is your primary guide to the legal technology revolution, and the disruption, innovation and opportunity therein. Publication Date: April 2020

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