CRISPIN COOMBS | Reader in Information Systemsand Head of Information Management Group, Loughborough University
RAGHAV CHOPRA | Loughborough University
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.