The Societal Impact Of AI In Financial Services

Financial services isn't ordinarily what anyone would consider a trend-driven industry. But it's a data-intensive industry, and that puts it directly in the path of disruption from artificial intelligence (AI). Wherever their strategies take them, it's becoming increasingly apparent that financial institutions will have to come to grips with AI–along with the implications AI has for safety, inclusion, employment, and the financial services value chain. AI exposes the industry to broader risks of contagion as it demands ever-tighter connections across domestic and cross-border systems. Even in today's environment, financial markets are vulnerable to herd behavior.