The Opportunities and Challenges for Artificial Intelligence in Financial Services

Recent advances in Artificial Intelligence are creating huge opportunities for process improvement in the Financial Sector but do have some challenges. The financial services industry in Australia has not been without it's challenges in the last few years. Downward moving real-estate and investment markets in Australia, increased competition from global players and the recent high degree of inspection and intervention from Australian regulators has forced Financial Services companies to on the one hand focus more on customer service and doing the "right thing' for their customers. Whilst on the other hand this same environment is pushing these same companies to deploy new technologies to improve costs and to increase efficiencies to offset the additional burdens that new regulation is bringing. In an era of big data with large volumes of transactions the deployment of AI represents an opportunity for Financial Services organisations to improve their operations through increased cost efficiencies whilst at the same time providing better services to their customers.