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.

Part 1:

Fintech Eye
Artificial Intelligence: An Introduction Step Into the Forward-Thinking World of AI

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.

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Part 2:

Artificial Intelligence: Revolutionising Back-Office Productivity

Many of the technology innovations seen in financial services today do one (or more) of three things: they mitigate risk, they create greater efficiencies and they reduce costs. This is equally true when it comes to AI.

In this report, we look at the quantitative elements of operational efficiencies and regulatory opportunities for financial services firms by exploring the potential for AI in back and middle-office functions. Briefly it covers:

  • the potential cost savings from AI applications and comparisons between front, middle and back offices
  • a comparison of the maturity of AI applications across the financial services industry
  • how Intelligent Automation is streamlining financial services and how we can start to identify some of the ideal processes to automate in compliance and fraud detection, reconciliations and validations, and data entry and capture across multiple systems
  • how AI can play a part in forward-thinking regtech solutions and offer vital protection against cybercrime
  • examples of AI being used by financial services firms in Jersey

In producing this publication, Jersey Finance has been pleased to work with Sionic, a global consulting firm specialising in financial services with a longstanding presence here in Jersey.

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Future Reports

Further papers in this series of AI reports by Jersey Finance and key partners are planned, and will appear here when published. In the meantime you can also find further information on our Artificial Intelligence sector page.