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

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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.

Suggested Citation

  • Coombs, Crispin & Chopra, Raghav, 2019. "Artificial Intelligence and Data Analytics: Emerging Opportunities and Challenges In Financial Services," Journal of Financial Transformation, Capco Institute, vol. 50, pages 54-59.
    • Handle: RePEc:ris:jofitr:1635
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    More about this item

    Keywords

    artificial intelligence; financial services; data analytics; decision-making; benefits; success;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • L84 - Industrial Organization - - Industry Studies: Services - - - Personal, Professional, and Business Services
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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