ARTIFICIAL INTELLIGENCE IN FINANCIAL SERVICES

Charles Kerrigan () and Antonia Bain ()
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Charles Kerrigan: CMS
Antonia Bain: CMS

Journal of Financial Transformation, 2024, vol. 59, 158-169

Abstract: The integration of artificial intelligence (AI) systems within the financial services industry has the potential to transform business operations, improve customer relations, and enhance regulatory compliance efforts. However, its adoption is not without risk; the integration of AI raises significant ethical concerns and threatens market integrity, data privacy, consumer protection, and other modern tenets of law. While these concerns are not necessarily new to the financial services industry, they do present barriers to the incorporation of AI technology.

This article explores both the benefits and risks associated with AI in the context of financial services, discussing the relevant policy considerations and current regulatory landscape. It synthesizes current research and industry invites to provide an overview of the opportunities

and challenges associated with the use of AI within financial services while addressing the lack of certainty currently

observed in formulating an approach for broader incorporation. In doing so, this article offers valuable insights for financial professionals and researchers in navigating the rapidly evolving landscape of AI-driven financial services

Keywords: Financial Services; Artificial Intelligence; Law and Innovation; Developing Technology; Financial Services Regulation; AI Regulation; Innovation and Technology; Ethical AI; EU Law; UK Law (search for similar items in EconPapers)
JEL-codes: G21 G23 G28 K00 K29 O00 O16 O29 O30 O32 O43 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:3474

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