Super intelligent financial services

Leila Fourie and Thomas Bennett

Journal of Payments Strategy & Systems, 2019, vol. 13, issue 2, 151-164

Abstract: Banking and payment services have become fertile ground for the implementation of artificial intelligence (AI) solutions to commercial problems. Financial services providers are already utilising AI to reduce costs, handle compliance pressures, and improve their relationships with customers. Nevertheless, given the extent to which AI could change financial services’ operations, it is essential that organisations consider the implementation of AI technology from a holistic perspective. This paper provides a contextual overview of the rise of AI and aims to frame AI as not simply a cost-saving automation tool, but as a fundamental shift with many potential considerations, for which the organisation must take account.

Keywords: artificial intelligence; ethics; responsible innovation; transformation; data; automation (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2019:v:13:i:2:p:151-164

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