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Artificial Intelligence In Financial Services

Author

Listed:
  • Kerrigan, Charles

    (CMS)

  • Bain, Antonia

    (CMS)

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

Suggested Citation

  • Kerrigan, Charles & Bain, Antonia, 2024. "Artificial Intelligence In Financial Services," Journal of Financial Transformation, Capco Institute, vol. 59, pages 158-169.
    • Handle: RePEc:ris:jofitr:3474
    as

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    More about this item

    Keywords

    Financial Services; Artificial Intelligence; Law and Innovation; Developing Technology; Financial Services Regulation; AI Regulation; Innovation and Technology; Ethical AI; EU Law; UK Law;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K29 - Law and Economics - - Regulation and Business Law - - - Other
    • O00 - Economic Development, Innovation, Technological Change, and Growth - - General - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O29 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Other
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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