Baker & McKenzie – The use of AI technology has seamlessly shifted from science fiction to everyday fact. Financial institutions are leading the way, as AI and machine learning technology has come to play an integral role in a range of operations.
The opportunities and challenges as we edge closer to an AI-centric world are highlighted in our global survey of 355 senior executives from financial institutions and fintech companies, as well as from interviews conducted with leading experts in the field.
By comparing data across our 2016 study, we have been able to derive unique insights on the development of AI in financial markets to date and its potential for the future.
While the futuristic notion of businesses filled with robotic workers is worlds away, AI, in all its forms and variations, is already helping to transform the financial services sector. However, it’s clear that institutions, from banks to insurers, asset managers to payment operators, are still feeling their way forward rather than racing towards an AI-enabled future.
There is a widespread recognition that forward-thinking organisations that step into the future with their eyes open, focusing on the risk and the possibilities of the new technology, could well gain a competitive edge.
Yet, while some organisations have their eyes on the prize, others have yet to formulate how AI might help their business and how to implement it to best effect.