Artificial Intelligence and Data Analytics: Emerging Opportunities and Challenges In Financial Services

Crispin Coombs () and Raghav Chopra ()
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Crispin Coombs: Loughborough University, Postal: School of Business and Economics, Loughborough University, Loughborough, Epinal Way, LE11 3TU, https://www.lboro.ac.uk/departments/sbe/staff/crispin-coombs/
Raghav Chopra: Loughborough University, Postal: School of Business and Economics, Loughborough University, Loughborough, Epinal Way, LE11 3TU, https://www.lboro.ac.uk/sbe

Journal of Financial Transformation, 2019, vol. 50, 54-59

Abstract: Artificial Intelligence (AI) systems are providing a new opportunity to financial services firms to develop distinctive capabilities to differentiate themselves from their peers. Key to this differentiation is the ability to execute business in the most effective and efficient manner and to take the smartest possible business decisions. AI systems can process large amounts of data with levels of accuracy and consistency that is not possible for humans to achieve, providing a route to more accurate predictions and data-driven analytical decision making. In this paper, we discuss the benefits of AI for improving data analytics and decision making, current and potential applications of AI within financial services, operational challenges and potential solutions for AI adoption, and conclude with requirements for successful adoption of AI systems.

Keywords: artificial intelligence; financial services; data analytics; decision-making; benefits; success (search for similar items in EconPapers)
JEL-codes: G20 L84 M15 O14 O32 O33 (search for similar items in EconPapers)
Date: 2019
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