Banks are looking to use artificial intelligence in almost every part of their business: Here's how it can boost profits

Sophia, a robot integrating the latest technologies and artificial intelligence developed by Hanson Robotics is pictured during a presentation at the "AI for Good" Global Summit at the International Telecommunication Union (ITU) in Geneva, Switzerland June 7, 2017. LONDON -- Banks are getting excited about the potential of artificial intelligence in finance, with hopes that AI could both cut costs and boost revenues. Artificial intelligence has advanced in recent years and financial services companies are now looking at its potential applications in both investment banking and retail banking. Advocates tout AIs potential in everything from bond markets to savings accounts. "Based on our UBS Evidence Lab survey of 86 banks, an optimal scenario of limited disruption suggests AI technology could potentially lead to a 3.4% revenue uplift and cost savings of 3.9% over the next three years," UBS strategist Philip Finch wrote a recent note titled "Is AI the next revolution in retail banking?" "I think the future of financial services is AI," Barnaby Hussey-Yeo told Business Insider. Hussey-Yeo is the CEO and founder of Cleo, a "chatbot" app that uses artificial intelligence to give people advice on how to optimise their finances.