The emerging role of artificial intelligence in financial services

Artificial Intelligence (AI) was once the domain of fanciful science fiction books and films, but now the technology has become commonplace. From driverless vehicles to virtual assistants like Alexa and Siri, AI has become a part of everyday life. Now AI is having a significant impact on financial services – from algorithmic stock trading applications, to credit card fraud detection and so-called “robo-advisors” providing investment advice.

AI has further applications in financial services – whether it’s using customer service “chatbots,” applying AI to detect signs of market tampering, or financial institutions creating their own virtual assistants. However, while AI holds the promise of significant benefits in the financial world, there are also precautions firms must take.