LATEST INTELLIGENCE
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M
achine learning and artificial intelligence
(AI) is already prevalent across financial
services, but only a fraction of its potential
is being used. And it’s no longer a matter of if AI will
change the face of the industry, but when.
The accelerating pace of technological change is
considered by some to be the most creative and
destructive force in finance (PWC), and the industry is
facing great pressure to keep up.
In fact, 70% of financial services leaders state that
the pace of technological change as a primary
concern going forward, the percentage is even higher
in banking at 81% (PWC).
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12% of financial institutions not using AI cited
‘siloed data sets, fear of failure and unclear internal
ownership of emerging technologies’ as main factors
thwarting innovation (Forbes).
So how will these forces for change and rapid
technological advances affect the future of finance?
What will be the big challenges facing institutions?
What will the workforce of the future look like and
what should business and IT leaders be doing
right now?
20
INTELLIGENTCIO
In this report, we’ll be looking at the parts people
and computers will play in the future of finance, how
this relationship will evolve and what this means for
financial institutions today and tomorrow.
Technological advances in finance have gone into
overdrive in recent years, with many aspects of
banking, payments and key operations almost
unrecognisable from 20 years ago. With all this
new technology comes new opportunity, but also
new challenges.
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