Artificial Intelligence

AI in financial services: Monster or champion?

AI in financial services: Monster or champion?

“It is true, we shall be monsters, cut off from all the world; but on that account, we shall be more attached to one and other.”

— Mary Shelley, author of “Frankenstein, or The Modern Prometheus”

Reflecting on the current state of Artificial Intelligence (AI), one might say that in writing the novel “Frankenstein,” Mary Shelley unknowingly touched upon the fears and contradictions facing humans in the 21st century. Humans, in our desire to advance, are pushing the boundaries of innovation by creating intelligent thinking machines that could (in a worst-case scenario) become self-serving and fall out of the control of its creators.

Financial institutions proceeding with caution in race to use artificial intelligence for modeling

Financial institutions proceeding with caution in race to use artificial intelligence for modeling

A few years ago, “big data” emerged as a buzzword across many industries, including financial services. The concept and push was to capture all-encompassing information. While that talk has wound down, we’re now hearing an uptick in discussions about artificial intelligence and machine learning, interpreted as using big data to improve decision making.