New technologies such as data analytics, deep machine learning and Artificial Intelligence (AI) have the potential to become significant drivers of change across the UK economy and society. McKinsey have recently estimated the combination of AI and robotics to be worth $50 trillion globally by 2025. techUK sees the overall economic impact of AI technologies will come from both direct GDP growth from sectors that develop or manufacture AI technology, and indirect GDP growth through increased productivity in existing sectors that could utilise AI.
For financial services, the adoption of AI technologies could mean rapid advances in services available to all players - users and providers. AI could allow better fraud prevention through the use of advanced behaviour-tracking; the development of real time language processing to allow voice-enabled e-commerce; solutions for compliance with complex financial regulation and the availability of virtual assistants to help customers manage their personal finances. In financial markets, AI has already enabled high-frequency trading and, with the advancement of distributed ledgers and smart contracts, its use could have even greater impact.
Yet have we considered what we want this AI-driven future to look like and what it could mean for the financial services sector? Are organisations ready, able and maybe willing to take advantage of what AI has to offer?
techUK is bringing together leading experts in machine learning and Artificial Intelligence to explore the opportunities and benefits to the finance sector that could come from the adoption and implementation of AI. The session will also consider possible risks, challenges and barriers that could stand in the way, and how these might be overcome.
Key issues to be discussed will include:
- Which are the key areas where AI technologies could make a difference in the financial services sector? And what will new services look like?
- How could AI technologies enable organisations to reduce costs and increase efficiencies?
- What services do consumers need and could AI be used to increase the personalisation of services to citizens?
- What are the possible challenges (skills, data security) and barriers that may prevent financial institutions from gaining the full value from AI and how should these issues be overcome?
- Are there specific legal, ethical and social questions that need to be addressed to enable the adoption of AI?
- Michael Veale, PhD researcher on responsible public sector machine learning at UCL STEaPP
- Chris Bushnell, CFO, Artificial Solutions
- Dr Maya Dillon, PhD Head of Data Science, Luxoft