Artificial intelligence in financial services

Ana Fernández

Economic Bulletin, 2019, issue JUN, No 07

Abstract: The use of artificial intelligence tools has escalated recently in all sectors of the economy owing, among other factors, to the growing volume of digital data and higher computational capacity. Major benefits may be reaped from applying these tools to the provision of financial services, not only for financial institutions but also for society as a whole. This article describes some of those benefits, and also some of the main uses being made of these tools, both by financial institutions and central banks. It also indicates the main limitations of the technology and its possible implications for the correct functioning of the financial system.

Keywords: artificial intelligence; machine learning; algorithm; automation; chatbots; bias (search for similar items in EconPapers)
JEL-codes: O31 O33 (search for similar items in EconPapers)
Date: 2019
Note: Analytical Articles
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Citations: View citations in EconPapers (3)

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