CTO Corner: Artificial Intelligence Use in Financial Services - Financial Services Roundtable

CTO Corner is BITS's monthly publication covering emerging trends and technologies in the financial services industry. Artificial Intelligence (AI), defined as the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages, has been around for over 60 years.1 In his 1950 paper "Computing Machinery and Intelligence," Alan Turing opens with: "I propose to consider the question'can machines think?'"2 He proposed a test of a machine's ability to exhibit intelligent behavior, equivalent to, or indistinguishable from, that of a human being, which is now known as the Turing Test.3 AI as an academic discipline began at the famous 1955 Dartmouth conference organized by John McCarthy from Stanford University and Marvin Minsky from MIT.4 This CTO Corner explores both the potential for AI to transform the financial services industry and challenges it presents.