Five contributions of artificial intelligence the financial sector

The traditional banking business is undergoing an exciting period of disruption. Big data, blockchain, an eruption of new competitors of all shapes and sizes … With so much that is new, we run the risk of overlooking how artificial intelligence is already beginning to change the core of the financial business. Its impact is clearly manifest in five areas: Credit scoring (or creditworthiness or rating), market research, personal assistants, asset management, and fraud detection. Startups like Kensho, recently acquired for $550 million, and Dataminr use artificial intelligence algorithms to improve the management of financial assets. Dataminr is specifically focused on identifying patterns and indexes via social networks, whereas Kensho stands out for its ability to establish correlations between news – from Brexit to natural catastrophes – and the markets.