How the rise of artificial intelligence will affect the FS industry

Earlier this year, it was reported that an artificial intelligence (AI) robot called Libratus won $1.5m worth of chips from four of the world’s top poker players in a three-week challenge. Whilst this might be seen as a crushing defeat for mankind, it is a huge leap for AI. Machine learning isn’t a brand new concept and when we look specifically at the financial services (FS) sector, its noticeable that it has always been one of the lead drivers of new technology trends with data analytics, mobile banking and new payment methods. However, with the next wave of technology disruption set to come from AI, how can banks and FS providers ensure they exploit the benefits? Understanding the landscape Despite the FS market being generally seen as leaders when implementing new technology, some are still struggling with legacy tech such as cloud platforms and applications. However, for some, large-scale analytics platforms on trading floors and mobile payments for consumers are starting to become the norm. In fact, even though AI is being pegged as the big trend this year, smart machines and connected devices have been used by FS organisations for around a decade. The difference now is that the…

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