Artificial intelligence (AI) 'transforms financial services'

Financial firms have always been early adopters of new technology, including relational databases and the mainframe computer. Now, artificial intelligence (AI) is helping the sector by applying methods derived from human intelligence to improve results and engage with customers in new, technical, ways. More and more financial services are using AI to process information on customers; save time and money; monitor behaviour patterns; assist money making decisions; asses credit quality; automate client interaction; analyse the market; and asses data quality as well as fraud detection. "AI will have an impact as big as electricity and will transform every single industry", said Terry Cordeiro, Head of Product Management at Lloyds Banking Group at London Tech Week. "It has completely transformed how the finance industry works, with the vision at Lloyds being to use smart machines for extending human capabilities while using data to respond."