Artificial intelligence is expected to revolutionise the financial services industry with an unprecedented depth and breadth of insight and the ability to act on information and learn from its actions. However, many executives acknowledge a degree of risk surrounding the use of AI, according to a research from global law firm Baker & McKenzie. Trading, financial analysis and IT are expected to be changed the most over the next three years according to respondents, but the impact is expected to be wide ranging with machine learning to affect risk assessment, credit assessment and portfolio management. Survey respondents were clear that machine learning will have a positive impact on competitiveness in financial markets yet believe the most negative effects of AI will be in the makeup of the work force and market stability. Like with all technology, the introduction of AI in financial services will largely depend on how it is employed that will ultimately determine the risk and reward. It also raises important questions and concerns about the liability of a functioning AI platform.

Even in the 1990s, when Australian banks copped a lot of flak for closing branches, consumer behaviour was changing. The banks may not have undertaken their branch network rationalisations in the most amenable fashion for the wider community but even then, as data from the Australian Prudential Regulation Authority show, actual points of representation didn't change as much as the headlines suggested. Indeed, points of representation actually increased for 11 straight years from 2001, the first year APRA started compiling proper data. The shift from traditional branch banking and physical currency has been immense. But the next generational shift in financial services – and services more generally – will be even more confronting.