AI is just one of several technologies that banks and other financial institutions are using to improve internal processes and bring new experiences to their customers. This is borne out of necessity: if traditional industries don't embrace advanced technologies in the right use cases there is a real chance of disruption. Why would HSBC, for example, let a challenger like Starling Bank out-innovate them? Both the large and emerging players in the finance industry are opening their arms to AI. AI-based chatbots, for example, are increasingly be used as the first point of contact for customers. This point was reiterated by HSBC's AI programme manager, Sebastian Wilson, during a recent roundtable hosted by Information Age -- big banks are not standing still, because they realise the incredible level of service and personalisation that can be achieved when technology is used in the right way.

The world of technology has evolved at a breakneck pace over the course of the last half a decade or so, and some of the technologies that have evolved have the potential of upending entire industries. One of those new technologies is artificial intelligence or AI, and over the past couple of years, it has been successfully used across a wide range of industries. The finance industry has always been quick to adopt the latest technologies, and it has paid rich dividends throughout the industry's history. In the same vein, the finance industry has also embraced AI. At the end of the day, all the firms in the industry are looking for that edge that can give them a distinct advantage and hence, it is not a surprise that AI is now such an integral part of the industry.