Finance has always been a sector that has thrived on innovation, and artificial intelligence offers further opportunity to shake up the industry. Armed with cutting-edge technology, companies hope to explore new ways of working, and boost productivity.
Use cases: customer help, pricing, cyber defence, crime detection
“There are a number of areas of finance where we are seeing AI starting to have an influence,” says Peter Weston, associate director for financial services at recruiter Harvey Nash. “For instance, in investment banking and investment management, we have seen a change within IT where AI is being used increasingly as the first line of support for help desk functions.”
At the same time, insurers are turning to the technology to help with underwriting and pricing premium quotes. Last year, UK insurer Hiscox unveiled its own AI model, which it built in collaboration with Google, a move hailed as the first in the London insurance market.