Barely a day goes by without the launch of a new report extolling the potential benefits of artificial intelligence (AI) and automation in the financial services industry. These reports often refer to the potential for cost reduction, increased operational efficiency, improved customer experience and, ultimately, bottom-line growth. Indeed, analysts predict that AI will deliver a 22 percent reduction in operating costs (a saving of more than $1trn) across the global financial services industry by 2030 as business leaders look to transform both front and back-office functions.
Demand for AI is coming from both ends of the market: established banks are recognising the need to respond to huge sector-wide disruption and to develop more agile operations in order to compete, while smaller fintech firms are looking to AI and automation as a way to scale quickly while keeping costs down.
