Machine learning set to shake up financial services

Published: May 28, 2023

Artificial intelligence is poised to become a significant part of the financial services, with almost all aspects of the sector likely to be touched by the emerging technology. 

Artificial intelligence chat bot ChatGTP exploded into the public consciousness this year with its uncanny ability to create extensive blocks of text that look like they were created by a human.

However, this is just the public facing tip of the AI iceberg, with market participants saying that AI is going to become an inescapable part of providing financial services.

“[AI] is the only way to keep an operational resilience for our industry,” said Anne Goujon, director of the data science laboratory at BGL BNP Paribas, speaking at a Luxembourg for Finance conference on big data. “AI can take real time decision. We have always been a very complex industry with technological shift, rising customer expectations, and complex regulation.”

She added “that has always been a strong stimuli for us to continue our evolution. AI is a key element to meet the changing expectation of our client, while staying compliant and efficient.”

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