The Evolution of Financial Services in the Face of Artificial Intelligence

The use of AI in financial services will continue to grow across the board. Djamila Amimer talk about the evolution of financial services in the face of AI.

The Evolution of Financial Services in the Face of

The use of AI in financial services will continue to grow across the board. Djamila Amimer talk about the evolution of financial services in the face of AI.
The Evolution of Financial Services in the Face of Artificial Intelligence By Djamila Amimer (@mind_senses) The use of AI in financial services will continue to grow across the board. The most prominent AI applications are expected to be in the areas of customer engagement with chatbots deployment, fraud detection and investment and stock markets prediction. However, artificial intelligence will have far more reaching impacts as it has the potential to radically change the face of financial services as we know it today. The competitive landscape of financial services is changing; the future competitor or peer will no longer be a traditional bank or a financial institution with physical assets. The combination of AI and other technologies will continue to give rise to fintech start-ups who offer competitive advantage by putting customer experience at the heart of their services. Data driven intelligence will be critical to the operations and profitability of financial services with it tailored products could be offered and new markets could be disrupted. Also, financial services workforce will be changing as AI will accelerate the rate of automation. Several jobs such as back office roles, cashiers and customer services will be impacted by AI so there is a need to re-skill the workforce. The impact will be disproportionally felt among workforce; women are expected to be the most impacted as they tend to mostly occupy financial roles that have repetitive tasks. However, for AI to be part of the DNA financial services operations there are several issues that need to be addresses including: data privacy and explainable AI. Indeed, financial services is a heavily regulated sector, decisions made by AI algorithms will increasingly need to be transparent and explainable. Thus, giving rise to new types of AI algorithms and a new wave of AI techniques in the future. Like this content? Sign up to our weekly fintech roundup for more industry news and updates.