Artificial Intelligence in Financial Services: Systemic Implications and Regulatory Responses

摘要

The expansion of Artificial Intelligence (AI) in the financial services industry continues at an accelerated pace as the technology improves and financial institutions see more advantages from its use. AI systems possess advanced data processing capabilities, which allow them to analyze and resolve complex problems, identify and assess risks and perform important tasks in a number of areas, such as the internal process functions, the service to and relationship with the consumers and regulatory compliance.1 Extensive use of AI in back-office function streamlines operations resulting in significant efficiency gains. More recently AI has expanded also to middle and front office functions. In regards to consumers, AI analysis of consumer profiles and preferences, automated decisionmaking, AI-enabled fingerprint, text and voice recognition used in customer logins and other communications with banks (e.g., chatbots), price comparison sites and robo-advisors, offer service customization, money-saving options, and better consumer experience. Alternative credit-scoring systems based on AI promise to bring to the financial system currently unbanked or underbanked customers.