CHAPTER 42AI, Machine Learning and the Financial Service Industry: A Primer
By Hamza Basyouni1
1Digital Analyst, Innovation Lead and Transformation Advisor
According to the AT&T Foundry, artificial intelligence (AI) has been a research focus for over 50 years, but only in the last decade has it become popular for enterprise and consumer use.1 The market for AI has grown in recent years, with approximately 1500 companies in North America developing AI applications including leading companies such as Microsoft, IBM, Google and Amazon.2
This advent in the development and uses of AI, machine and deep learning is affecting the potential future direction of the Financial Services Industry and emphasizing the importance of human and machine collaboration. Accenture reports that 62% of senior bankers said the proportion of roles requiring people to collaborate with AI will rise in the next three years.3
AI has evolved from being a potential disruptor into a key component of digital and business transformation for long-term sustainable operational benefits. Deloitte reports that AI advances have unlocked new horizons within the Financial Services Industry, through numerous applications that are already being implemented, potentially changing business activities across operations, risk, finance, and compliance.4 Deloitte also reports that the rise of AI-based applications, such as robo-advisors, pattern recognition, AI/virtual agents and intelligent automation,5 such as robotic/intelligent ...
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