Though there is much debate in academia around the definition of Artificial Intelligence (AI), there is no question that advances in computing power have led to AI becoming increasingly influential on our day-to-day lives.
In this series of special AI reports, we discover how the use of Artificial Intelligence in financial services is turning science fiction into everyday reality. From the initial paper – which introduces the subject of AI, its core concepts and uses – to specific deep-dives into subjects including legal and ethical considerations, improving back-office productivity, and making a positive impact on client experience, these reports consider the remarkable world of AI and its implications on the finance industry.
Historically, the term AI has been variously attributed to a range of reactions and conclusions. However, as the field has developed, definitions and expectations of AI have shifted, judging not only a machine’s ability to achieve a desired goal or outcome, but also its ability to learn and improve its capability as a result of its own experiences and the learnings from them.
The first in the series of reports, this introduction invites you 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
- How we can define 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 can the finance industry 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 AI 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
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.Download
Over the course of 2021, Jersey Finance will be releasing more in this series of reports, diving into the key topics surrounding the use of AI by the financial services community both globally and specifically in Jersey.
These papers will appear here when published, and in the meantime you can also find further information on our Artificial Intelligence pages.