Artificial Intelligence Applications in Financial Services
Artificial Intelligence (AI) is a powerful tool that is already widely deployed in financial services. It has great potential for positive impact if companies implement it with sufficient diligence, prudence, and care. However, the use of AI is not without its pitfalls – especially if that diligence and care is not properly exercised.
A collaborative effort between Marsh, Oliver Wyman, Bryan Cave Leighton Paisner LLP (BCLP), and Hermes Investment Management, this paper looks at the pros and cons of AI applications in three areas of financial services: asset management, banking, and insurance. It also reviews the issue of cybersecurity.