How artificial intelligence affects financial consumers

Artificial intelligence (AI) technology has transformed the consumer financial services market and how consumers interact with the financial services ecosystem. This paradigm shift has been driven by the accelerated maturation of the algorithms; the historic level of investment flooding the financial services market; the competition for market share between incumbents and new entrants; and rapid changes in consumers' preferences for digital financial products. From AI-driven chatbots to sophisticated wealth robo advisors, AI applications have clear potential to expand opportunities for consumers living at the margin. However, experts have yet to discuss the relevance of AI for consumer financial protection in earnest, including the implications of AI solutions that could better protect consumers. With traditional banks vying to maintain market share and maximize shareholder values, it's safe to say that the gold rush toward AI will only intensify.