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Artificial intelligence and data analytics: Emerging opportunities and challenges in financial services

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journal contribution
posted on 27.01.2020, 11:59 authored by Crispin CoombsCrispin Coombs, Raghav Chopra
Artificial Intelligence (AI) systems are providing a new opportunity to financial services firms to develop distinctive capabilities to differentiate themselves from their peers. Key to this differentiation is the ability to execute business in the most effective and efficient manner and to take the smartest possible business decisions. AI systems can process large amounts of data with levels of accuracy and consistency that is not possible for humans to achieve, providing a route to more accurate predictions and data-driven analytical decision making. In this paper, we discuss the benefits of AI for improving data analytics and decision making, current and potential applications of AI within financial services, operational challenges and potential solutions for AI adoption, and conclude with requirements for successful adoption of AI systems.

History

School

  • Business and Economics

Department

  • Business

Published in

Journal of Financial Transformation

Volume

50

Pages

54 - 59

Publisher

CAPCO Institute

Version

AM (Accepted Manuscript)

Rights holder

© The Capital Markets Company (UK) Limited.

Publisher statement

This paper was accepted for publication in the journal Journal of Financial Transformation and the definitive published version is available at https://www.capco.com/Capco-Institute/Journal-50-Data-Analytics/AI-and-Data-Analytics-Emerging-Opportunities-and-Challenges-In-Financial-Services.

Acceptance date

01/11/2019

Publication date

2019-11-27

Copyright date

2019

ISSN

1755-361X

eISSN

1755-3628

Language

en

Depositor

Dr Crispin Coombs. Deposit date: 24 January 2020

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