Future of Report
A special edition for NextGen:AI 2024
Artificial intelligence (AI) has the ability to revolutionise the financial industry making id more efficient, enhance customer experiences, reduce costs, and create new products and services.
AI is transforming how institutions manage risk, intercept fraud or crimes, personalise customer experiences, improve efficiencies across their operations, make investment decisions, and many more use cases which are still being developed.
Some industries have already started to embrace AI and banks can be included in that, but financial services still has room to learn from the developments of other ecosystems. At the same time, the innovation in AI is now being driven by legislation. The EU AI Act came into effect in 2024 and is the most concrete piece of legislation, but other jurisdictions are developing their own and will continue to watch how the EU progresses.
With the new possibilities AI is opening for financial services, there are new risks. Biases, model issues, cyber security, and compliance issues are among some of the hurdles which AI presents to financial institutions. Adding to this are the serious sustainability issues which AI can create for financial institutions planning to use it long term.
This report has been written in collaboration with Box, Innovate Finance, and RedCompass Labs, and contributions from Globant, the United Kingdom House of Lords, ING, NatWest Group, Sumsub, and Smarsh. It explores:
How financial services can embrace AI;
Some of the key emerging AI use cases;
Global legislative outlook for AI;
AI sustainability and energy efficiency;
How AI can transform financial services metadata extraction.
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