Skip to main content
Top

2019 | OriginalPaper | Chapter

15. Applications of Artificial Intelligence in Financial Services

Authors : Henri Arslanian, Fabrice Fischer

Published in: The Future of Finance

Publisher: Springer International Publishing

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

Having explored the definition of artificial intelligence, the core capabilities that it offers, and the dynamics of its evolution, we will now turn our attention to the application of artificial intelligence in financial services. Unlike some large technology companies, very few financial services firms are directly involved in pushing the boundaries of what artificial intelligence can do. Instead, most financial institutions are focused on the deployment of existing artificial intelligence techniques and capabilities against key strategic problems, and in the areas of competitive opportunity.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Footnotes
1
Khari Johnson, “Inscribe Raises $3 Million to Automate Document Fraud Detection,” VentureBeat (blog), December 12, 2018, https://​venturebeat.​com/​2018/​12/​12/​inscribe-raises-3-million-to-automate-document-fraud-detection/​.
 
2
Brian Browdie, “Can Alternative Data Determine a Borrower’s Ability to Repay?,” American Banker, February 24, 2015, https://​www.​americanbanker.​com/​news/​can-alternative-data-determine-a-borrowers-ability-to-repay.
 
3
Oliver Ralph, Dan Weinland, and Martin Arnold, “Chinese Banks Start Scanning Borrowers’ Facial Movements,” Financial Times, October 29, 2018, https://​www.​ft.​com/​content/​4c3ac2d4-d865-11e8-ab8e-6be0dcf18713.
 
4
Oscar Williams-Grut, “HSBC Partners with Tradeshift as Banks Increasingly See Fintech as Friends Not Foe,” Business Insider, March 30, 2017, https://​www.​businessinsider.​com/​hsbc-partners-with-fintech-tradeshift-on-financing-product-2017-3.
 
5
“Small Business Loans,” Intuit, QuickBooks, accessed January 13, 2019, https://​quickbooks.​intuit.​com/​features/​loans/​.
 
6
Lawrence Wintermeyer, “The Rise of the Unicorn Challenger Bank You’ve Never Heard of – OakNorth,” Forbes, November 17, 2017, https://​www.​forbes.​com/​sites/​lawrencewinterme​yer/​2017/​11/​17/​the-rise-of-the-unicorn-challenger-bank-youve-never-heard-of-oaknorth/​.
 
7
April J. Rudin, “The Regtech Revolution: Compliance and Wealth Management in 2017,” CFA Institute – Enterprising Investor (blog), January 12, 2017, https://​blogs.​cfainstitute.​org/​investor/​2017/​01/​12/​the-regtech-revolution-compliance-and-wealth-management-in-2017/​.
 
8
Owen Kraft, “How Natural Language Processing Is Changing Financial Risk and Compliance and Why You Should Care,” Captech Consulting, Inc. (blog), July 20, 2018, http://​www.​captechconsultin​g.​com/​blogs/​how-natural-language-processing-is-changing-financial-risk-and-compliance.
 
9
Antoine Gara, “Wall Street Tech Spree: With Kensho Acquisition S&P Global Makes Largest A.I. Deal in History,” Forbes, March 6, 2018, https://​www.​forbes.​com/​sites/​antoinegara/​2018/​03/​06/​wall-street-tech-spree-with-kensho-acquisition-sp-global-makes-largest-a-i-deal-in-history/​.
 
10
Kristy Westgard, “Two Sigma Hires Google Scientist Mike Schuster for AI Expansion,” Bloomberg News, April 16, 2018, https://​www.​bloomberg.​com/​news/​articles/​2018-04-16/​two-sigma-hires-google-scientist-mike-schuster-for-ai-expansion.
 
11
Darius McDermott, “Aberdeen Launches AI Smart Beta Venture,” FTAdvisor – Financial Times, August 30, 2018, https://​www.​ftadviser.​com/​investments/​2018/​09/​05/​aberdeen-launches-ai-smart-beta-venture/​.
 
12
Samuel Shen and John Ruwitch, “Satellites and Blogs: BlackRock to Raise Game in China Stock Picking,” Reuters, July 25, 2018, https://​www.​reuters.​com/​article/​us-china-blackrock-fund-idUSKBN1KE16U.
 
13
“Clarity | Bringing Societal Impact to Markets,” accessed January 13, 2019, https://​clarity.​ai/​.
 
14
“Motif Thematic Portfolios,” Motif (blog), accessed January 13, 2019, https://​www.​motif.​com/​products/​thematic-portfolios.
 
15
Attracta Mooney, “BlackRock Bets on Aladdin as Genie of Growth,” Financial Times, May 18, 2017, https://​www.​ft.​com/​content/​eda44658-3592-11e7-99bd-13beb0903fa3.
 
16
Jody Kochansky, “The Promise of Artificial Intelligence and What It Means to BlackRock,” BlackRock Blog (blog), March 8, 2018, https://​www.​blackrockblog.​com/​2018/​03/​08/​artificial-intelligence-blackrock/​.
 
17
Attracta Mooney, “BlackRock Bets on Aladdin as Genie of Growth,” Financial Times, May 18, 2017, https://​www.​ft.​com/​content/​eda44658-3592-11e7-99bd-13beb0903fa3.
 
18
James Comtois, “BlackRock Puts More of Its Future in Tech,” Pensions & Investments, April 3, 2017, https://​www.​pionline.​com/​article/​20170403/​PRINT/​304039990/​blackrock-puts-more-of-its-future-in-tech.
 
19
Ping an Insurance (Group) Company of China, “Ping An Financial OneConnect Unveils ‘Smart Insurance Cloud’ to Over 100 Insurance Companies,” PRNewswire, September 6, 2017, https://​www.​prnewswire.​com/​news-releases/​ping-an-financial-oneconnect-unveils-smart-insurance-cloud-to-over-100-insurance-companies-300514482.​html.
 
20
Teresa Alameda, “What Is Computer Vision and How Is It Changing the World of Auto Insurance,” BBVA (blog), August 31, 2017, https://​www.​bbva.​com/​en/​computer-vision-changing-world-auto-insurance/​.
 
21
Steven Melendez, “Insurers Turn to Artificial Intelligence in War on Fraud,” Fast Company, June 26, 2018, https://​www.​fastcompany.​com/​40585373/​to-combat-fraud-insurers-turn-to-artificial-intelligence.
 
22
Shai Wininger, “We Suck, Sometimes,” Lemonade (blog), June 21, 2018, https://​www.​lemonade.​com/​blog/​lemonade-transparency-review/​.
 
23
“Allstate’s Intelligent Agent Reduces Call Center Traffic and Provides Help During Quoting Process,” KMWorld, December 30, 2015, http://​www.​kmworld.​com/​Articles/​Editorial/​Features/​Allstates-Intelligent-Agent-Reduces-Call-Center-Traffic%2D%2Dand-Provides-Help-During-Quoting-Process-108263.​aspx.
 
24
Sandra Villanueva, “QBE Partners with Cytora to Leverage Artificial Intelligence and Open Source Data,” QBE Europe Facebook, December 6, 2017, https://​qbeeurope.​com/​news-and-events/​press-releases/​qbe-partners-with-cytora-to-leverage-artificial-intelligence-and-open-source-data/​.
 
25
“State Farm Distracted Driver Detection,” Kaggle, accessed January 13, 2019, https://​kaggle.​com/​c/​state-farm-distracted-driver-detection.
 
26
“Zendrive,” Zendrive, accessed January 13, 2019, http://​zendrive.​com.
 
27
“Predictive Analytics,” FM Global, accessed January 13, 2019, https://​www.​fmglobal.​com/​products-and-services/​services/​predictive-analytics.
 
28
“Leveraging Machine Learning Within Anti-Money Laundering Transaction Monitoring” (Accenture, 2017), https://​www.​accenture.​com/​_​acnmedia/​PDF-61/​Accenture-Leveraging-Machine-Learning-Anti-Money-Laundering-Transaction-Monitoring.​pdf.
 
29
Trond Vagen, “HSBC Set to Launch Cloud-Based AML System next Year, Says Senior…,” Reuters, November 28, 2018, https://​www.​reuters.​com/​article/​bc-finreg-hsbc-data-cloud-aml-idUSKCN1NX1KU.
 
30
Citi, “Citi Searches for Fraud in Real-Time Transactions with Feedzai Machine Learning Tech,” Finextra Research, December 19, 2018, https://​www.​finextra.​com/​pressarticle/​76809/​citi-searches-for-fraud-in-real-time-transactions-with-feedzai-machine-learning-tech.
 
31
“WHITE PAPER: Machine Learning | Modern Payment Fraud Prevention at Big Data Scale” (Feedzai, 2013).
 
32
Mark Bergen and Jennifer Surane, “Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales,” Bloomberg News, August 30, 2018, https://​www.​bloomberg.​com/​news/​articles/​2018-08-30/​google-and-mastercard-cut-a-secret-ad-deal-to-track-retail-sales.
 
33
Ibid.
 
Metadata
Title
Applications of Artificial Intelligence in Financial Services
Authors
Henri Arslanian
Fabrice Fischer
Copyright Year
2019
DOI
https://doi.org/10.1007/978-3-030-14533-0_15