Within financial services there have been many innovations that have changed traditional banking over time, reimagining the way the industry operates, as well as the nature of jobs. The financial services industry has a history of using quantitative methods and algorithms to support decision making. These are a foundation of AI systems, and the industry is therefore primed for AI adoption, positioning it at the forefront of adopting and benefiting from AI technologies.
AI can build on human intelligence by recognising patterns and anomalies in large amounts of data, which is key in applications such as anomaly detection (e.g. fraudulent transactions). AI can also scale and automate repetitive tasks in a more predictable way – including complex calculations, for example for determining risk.