This is how AI is transforming financial services

Global AI in Financial Services Survey, supported by EY and Invesco, shows the impact AI will have on financial institutions, from business models to changes in the workforce;

-By 2030, FinTechs anticipate AI will have expanded their workforce by 19%;

-Data quality and access to data, as well as access to suitable talent, are all seen as major obstacles to implementing AI.

 
Artificial intelligence (AI) is in the process of transforming a variety of models in the global financial services industry, a global survey jointly conducted by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School and the World Economic Forum suggests.

The study, supported by EY and Invesco, demonstrates that AI is changing how financial institutions generate and utilize insights from data, which in turn propels new forms of business model innovation, reshapes competitive environments and workforces, engenders new risk dynamics and poses novel challenges to firms and policy-makers alike.

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Πηγή: www.weforum.org