Artificial intelligence (AI) is poised to transform the financial services sector and “fundamentally reshape” the industry for firms, consumers, and markets, according to Nigel Green, CEO and founder of deVere Group.
The prediction follows Microsoft’s announcement that its suite of productivity tools is being augmented by AI software in a bid to commercialise the technology.
The move has set the tech giant against Google, Baidu, and Adobe in the race to achieve AI adoption.
Meanwhile, the UK government is encouraging AI research through the launch of an “AI sandbox”, with millions of pounds in prize money up for grabs over the next decade.
The government’s plans for Britain to become a “science and technology superpower” include a new quantum strategy, as outlined in Chancellor Jeremy Hunt’s recent budget statement.
Green said AI is “transforming the way we do business, interact and, without exaggeration, how we live”.
Despite concerns about the ethical and social implications of the technology, he believes AI has the potential to make “considerable positive changes” in areas such as healthcare, education, business, and public services.
Green identifies finance as one of the sectors that will be most defined by AI in the coming years, offering benefits such as personalised customer service, 24/7, and faster fraud detection.
He also notes that algorithms could help financial institutions make more informed trading decisions and automate compliance processes. By improving efficiency and reducing costs, Green is confident that AI will change the financial sector for the better in numerous ways.
