As developments in AI continue to benefit our wider global society, there are also opportunities for the finance industry to improve efficiency, create deeper client relationships and better protect the stability of the sector, according to a new report from Jersey Finance.
Unveiled at Jersey Finance’s annual Fintech Update event, which this year had a theme of Artificial Intelligence and Digital Futures, the report is the first in a series to be launched throughout 2021, diving into the key topics surrounding the use of AI by the financial services community, both globally and specifically in Jersey.
The introductory report invites readers to ‘step into the forward-thinking world of AI’, and covers:
- A history of AI – from humanoids to harmonisation, how AI has developed from the initial robots of the 1960s, through to virtual assistants, chatbots and deep-learning capabilities
- Defining AI, based on tasks performed, ability and intelligence, or the capability to think and feel like a human
- Why now for AI? – looking at the factors which have led to this being an ideal time for AI to thrive
- How the finance industry can take advantage of AI – discussing automation and computation applications, and a number of existing and potential uses of AI in the finance industry, along with the challenges faced by firms looking to take advantage of the technology
- Benefits of Robotic Processing Automation (RPA) and, beyond automation, how machine learning presents significant opportunities for the finance industry to improve service, productivity and risk management
- Overcoming myths, assumptions and key challenges in order to realise the benefits of using AI-based solutions
You can download a copy of this report from the Research section of our website here, where future reports in this series – which will focus on legal and ethical considerations, improving back-office productivity, and making a positive impact on client experience – will also be available over the coming months.
In producing this publication, Jersey Finance has been pleased to work with the next generation advisory committee of the Jersey Bankers’ Association (JBA), known as JBA 2.0.