Unlocking value from AI in financial services: strategic and organizational tradeoffs vs. media narratives

Gianvito Lanzolla, Simone Santoni and Christopher Tucci

Chapter 4 in Artificial Intelligence for Sustainable Value Creation, 2021, pp 70-97 from Edward Elgar Publishing

Abstract: One of the sectors that AI is expected to transform more radically is financial services. In this Chapter, first, building on the extant literature, we develop a general conceptual model of the strategic and organisational tradeoffs inherent in extracting value from AI. Second, we use a topic modelling approach on two sources of data (a “corpus” of articles published in the global business press and a “corpus” of web articles concerning AI in financial institutions located in the City of London) to identify the narratives about AI in financial services from 2013 to 2019. The comparison between our model of AI value creation and the narratives emerging from our topic models reveals a significant divide. We elaborate on the implications of this divide and we offer suggestions on how to manage AI adoption for value creation.

Keywords: Business and Management; Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2021
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