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Using AI in financial services — the Twitter view

AI machine learning has far-reaching benefits for the finserv industry, from operational efficiency to the fight against financial crime. A recent Twitter chat hosted by Refinitiv answered some of the biggest questions about using AI in financial services.

  1. AI in financial services is chiefly being used to improve efficiency by performing mundane repetitive, manual tasks, as well as to assist with fraud detection.
  2. Experts in a recent Twitter chat hosted by Refinitiv agree that machine learning is gaining traction, but many believe there is still a big gap between the reality and the hype.
  3. To find out more about using AI in financial services, download the Refinitiv report: Smarter Humans. Smarter Machines.

How is artificial intelligence (AI) impacting the financial services industry? The responses from our recent Twitter chat reveal how AI machine learning is being used for both simple, repetitive tasks as well as in more sophisticated — sometimes unexpected — ways.

For some, the largest benefit of AI machine learning is that it forces financial services companies to reinvent themselves and focus more on customer experience. “They either disrupt with AI or are disrupted by AI”, said Helen Yu, founder and CEO of Tigon Advisory.

Other participants in the Twitter chat included Geoff Horrell, Refinitiv Director of Applied Innovation, London Lab, and Alex Jiménez, a U.S.-based chief strategy officer focused on digital transformation, innovation and digital banking.

Find out what they had to say and then join the conversation.

Q1: How is AI being used in financial services?

The discussion found there are currently two main use cases. Firstly, AI is being used for mundane, repetitive and manual tasks, which can help to improve a firm’s efficiency. Yet, there are questions about the effectiveness of this.

The other trend noted by many of our experts was fraud detection.

While many financial institutions would be pleased to hear this, we were reminded that AI is also already used by criminals as well!

Q2: What is the largest benefit of AI/Machine Learning?

The use of AI for monotonous tasks was mentioned again.

But largely the focus was on using AI to help finserv companies to complete tasks quickly, usually those requiring a lot of time due to the amount of data available to businesses.

@yuhelenyu, however, took a different stance.

Helen Yu Quote. Using AI in financial services — the Twitter view

Q3: What is the biggest drawback of having bad data in machine learning in financial services?

Our experts suggested that while bad data is a problem for machine learning, there are other issues like black-box AI and accessible data, which are also of concern.

Q4: What impact has AI/Machine Learning had on talent and technology in your business?

The answer here was clear, with all experts agreeing that the use of AI has forced the talent market to become more competitive, with upskilling of employees being key.

Alex Jimenez Quote. Using AI in financial services — the Twitter view


Q5: How far is reality from the hype in machine learning?

While all of our experts agreed that machine learning is gaining more traction each day, many believed we weren’t there yet when it comes to real AI.

Craig Iskowitz Quote. Using AI in financial services — the Twitter view

Q6: How is your business keeping pace with new AI developments?

Jay Palter said it was the same for any fast-paced tech sector, the key is to attend events, read as much as you can and follow key influencers in the area.

Geoff Horrell also shared how Refinitiv is monitoring and publishing at tech conferences, but more importantly listening to our customers with an open mind, proposing that this may lead to you finding new ways to use existing technology and data.

Q7: Is organizational transformation essential for the adoption of AI across the digital enterprise?

This question got a 50:50 response.

Jeff Marsden Quote. Using AI in financial services — the Twitter view

Q8: How are your customers implementing and using AI/Machine Learning?

To learn more about the use of AI in financial services and how it is evolving, download our report: Smarter Humans. Smarter Machines. and let us know your thoughts.