"The Future of AI in Finance"

by Ng, Chee‐we (2020)

Abstract

Summary Artificial intelligence (AI), a loosely defined set of technologies that try to mimic human judgement and interaction, has been in use in banking and finance since its inception in the 1950s. This chapter investigates the future of finance by exploring three questions: how will AI transform finance, what can AI do and how can we get it to work, and what do we need to do to regulate AI in finance. Today, AI and deep learning have broad ranging business applications in deposits and lending, insurance, payments to investment management and capital markets. Despite having made significant breakthroughs, deep learning nonetheless has limitations. These limitations can present themselves in the form of implementation challenges, unintended consequences and ethical issues. The chapter also highlights the systemic risk involved and the safeguards to be undertaken when AI is used in connected systems.

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Themes

AI and Finance

Links to Reference

• https://onlinelibrary.wiley.com/doi/10.1002/9781119551966.ch1
• http://dx.doi.org/10.1002/9781119551966.ch1

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