AI and you

Perceptions of AI from the EMEA Financial Services Industry

Artificial Intelligence is on the rise. But what is it? What are the challenges to humankind? How far are we at this point in time? And how does it impact the financial services industry?

About the report

Leaders of financial services institutions are concerned and excited about the business implications of Artificial Intelligence. Firms across the globe are becoming aware of the power of these technologies and are now starting to explore how AI could enable them to introduce new services to market, widening and empowering their offering, and to improve existing business and operational capabilities.

In this paper, based on an EMEA FSI survey conducted jointly by Efma and Deloitte, we aim at inspect the industry sentiment about Artificial Intelligence and explore the possible and current applications that may impact the industry, enhancing its productivity.

Using the insights and case studies from several firms within the industry, this paper identifies what is shaping AI thinking in Financial Institutions, the current state of the industry and the actions that will be required to understand and exploit this exponential technology.

The report addresses the following topics:

  • What is Artificial Intelligence?
  • Seamless AI: the true challenge to humankind?
  • How far are we now?
  • What's new in FS world?

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What is Artificial Intelligence?

Artificial Intelligence (AI) refers to technologies capable of performing tasks that normally require human intelligence. AI applications such as video suggestions,product recommendations, spam filters and navigation systems have already become part of our day-to-day lives. AI can be described in terms of three application domains: Cognitive Automation, Cognitive Engagement, and Cognitive Insight. Each domain is thoroughly described in this report.

Seamless AI: the true challenge for humankind

Several experts such as Stephen Hawking, Bill Gates and Elon Musk have warned about the dangers of AI. AI has the capability not only to augment but also to replace a wide range of tasks that are usually executed by humans. Moreover, questions related to regulation, accountability and liability remain largely unanswered. The following question arises: “how can we prepare the economy and society for a bright AI future?”

How far are we now?

In order to better understand the present sentiment and future vision of the FS Industry on Artificial Intelligence technologies, a large survey was launched in February 2017. This survey involved over 3,000 people across EMEA and was conducted jointly by Efma and Deloitte. The program focused mainly on C-level executives on both technical and business sides of Financial Services firms. The collection of the survey answers was carried out online, following a first email contact. The results of this survey are presented in the report.

What's new in FS world?

The financial services industry evolves rapidly and is profoundly affected by major trends such as the Digital transformation, the exponential growth of data volume, new players entering the market place and increasing regulatory pressures. The report provides an overview of these FSI industry future trends, and elaborates on the opportunities that AI can bring for the banking, insurance and investment management sectors.

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