Transforming Paradigms: A Global AI in Financial Services Survey

Ryll, Lukas; Barton, Mary Emma; Zhang, Bryan Zheng; McWaters, R. Jesse; Schizas, Emmanuel; Hao, Rui; Bear, Keith; Preziuso, Massimo; Seger, Elizabeth; Wardrop, Robert; Rau, P. Raghavendra; Debata, Pradeep; Rowan, Philip; Adams, Nicola; Gray, Mia; Yerolemou, Nikos

doi:10.2139/ssrn.3532038

Cited by 38 publications

(22 citation statements)

References 17 publications

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“…AI implementations in finance require specialist skills across various disciplines, including computer science, domain knowledge and advanced methods. This finding stands in line with conclusions reached by two other studies (( Bschor and Budworth 2018 ) and ( Ryll et al, 2020 )). The challenge is further increased as for financial service providers, the competitive landscape of the future will include many entities and geographies.…”

Section: Results and Analysissupporting

confidence: 94%

Audience-Dependent Explanations for AI-Based Risk Management Tools: A Survey

Misheva¹,

Jaggi²,

Posth³

et al. 2021

Front. Artif. Intell.

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Artificial Intelligence (AI) is one of the most sought-after innovations in the financial industry. However, with its growing popularity, there also is the call for AI-based models to be understandable and transparent. However, understandably explaining the inner mechanism of the algorithms and their interpretation is entirely audience-dependent. The established literature fails to match the increasing number of explainable AI (XAI) methods with the different stakeholders’ explainability needs. This study addresses this gap by exploring how various stakeholders within the Swiss financial industry view explainability in their respective contexts. Based on a series of interviews with practitioners within the financial industry, we provide an in-depth review and discussion of their view on the potential and limitation of current XAI techniques needed to address the different requirements for explanations.

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Section: Results and Analysissupporting

confidence: 94%

Audience-Dependent Explanations for AI-Based Risk Management Tools: A Survey

Misheva¹,

Jaggi²,

Posth³

et al. 2021

Front. Artif. Intell.

View full text Add to dashboard Cite

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“…In recent years, finance has become increasingly interactive with new-generation data science and artificial intelligence (DSAI) techniques [2,7,15,27,48,49]. In particular, FinTech (or Fintech) [13,44] is at the epicentre of synthesizing, innovating and transforming financial services, economy, technology, media, communication, and society broadly driven by DSAI techniques [8].…”

Section: Introductionmentioning

confidence: 99%

Data science and AI in FinTech: an overview

Cao

Yang

2021

Int J Data Sci Anal

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Financial technology (FinTech) has been playing an increasingly critical role in driving modern economies, society, technology, and many other areas. Smart FinTech is the new-generation FinTech, largely inspired and empowered by data science and artificial intelligence (DSAI) techniques. Smart FinTech synthesizes broad DSAI and transforms finance and economies to drive intelligent, automated, whole-of-business and personalized economic and financial businesses, services and systems. The research on data science and AI in FinTech involves many latest progress made in smart FinTech for BankingTech, Trade-Tech, LendTech, InsurTech, WealthTech, PayTech, RiskTech, cryptocurrencies, and blockchain, and the DSAI techniques including complex system methods, quantitative methods, intelligent interactions, recognition and responses, data analytics, deep learning, federated learning, privacy-preserving processing, augmentation, optimization, and system intelligence enhancement. Here, we present a highly dense research overview of smart financial businesses and their challenges, the smart FinTech ecosystem, the DSAI techniques to enable smart FinTech, and some research directions of smart FinTech futures to the DSAI communities.

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“…Based on a survey of 151 firms from 33 countries, including both fintech and incumbents, Ryll et al (2020) depict a global financial services sector undergoing profound digital transformation underpinned by the advancement in AI. The study results reveal an increase in the perceived strategic importance of Artificial Intelligence in key financial services sectors over time.…”

Section: Literature Reviewmentioning

confidence: 99%

A General Profile of Artificial Intelligence Adoption in Banking Sector

Öztürk

Kula

2021

J. corp. gov. insur. risk manag.

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Artificial Intelligence (AI) is rapidly transforming the global financial services industry. The new digitalization model is powered by artificial intelligence technology, and AI has the potential to disrupt and refine the existing financial services industry. The increasing amount of data in banking has revealed the need for fast and reliable service. Banks are financial service organizations that have used AI effectively in recent years. This paper reveals the general profile of artificial intelligence adoption by banks. Based on the evidence from all 17 banks operating in the Afyonkarahisar province of Turkey, it is concluded that AI technologies are applied in almost every area of the banking sector to improve the overall service offered. Moreover, the use of AI is evaluated as a potential that provides ease of use and reduces costs. As for the operations in future, the participants think AI will provide high levels of benefit to banks in their financial services in the incoming years. Given no similar study, this study appears to provide an original contribution to the literature regarding the use of AI in banking services within the Turkish context.

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Transforming Paradigms: A Global AI in Financial Services Survey

Cited by 38 publications

References 17 publications

Audience-Dependent Explanations for AI-Based Risk Management Tools: A Survey

Audience-Dependent Explanations for AI-Based Risk Management Tools: A Survey

Data science and AI in FinTech: an overview

A General Profile of Artificial Intelligence Adoption in Banking Sector

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