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Artificial Intelligence might be the next wrenching change that upends the financial services sector, writes Dustin Lawrence, but chances are it will be employees that feel the effect of technology first.
HE UK’S FINANCIAL SERVICES
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AI has arrived in financial services, even if you might not quite have noticed yet – or rather, already take for granted technology such as chatbots that pop up to offer help and advice…
SECTOR appears to be as monolithic as the buildings that house the global banks, insurers and investors in London’s City and Canary Wharf. The industry is by any measure an imposing edifice: in 2017, it employed well over one million people and contributed £119bn to the UK economy – or if you prefer, 6.5% of the country’s total economic output, according to data from Parliamentary Research Briefing. But behind all that smoky glass and steel, companies are preparing for significant amounts of change. Whatever effect Brexit has on financial services brands operating in the UK, observers say the future of the sector is one that will combine the sharpest human minds with the best that Artificial Intelligence (AI) has to offer. AI has arrived in financial services, even if you might not quite have noticed yet – or rather, already take for granted technology such as chatbots that pop up to offer help and advice on digital banking websites. But many stakeholders believe we shouldn’t get carried away with the current pace at which AI applications are arriving or the benefits for customers and employees. Firas Khnaisser, Head of Decisioning at Standard Life and also Chair of the Direct Marketing Association Scotland, believes, “When you look at actual – compared to perceived – applications, the current use of AI in financial services is low.” He adds, “A lot of solutions are touted as AI, either because there is a lack of understanding about what AI actually is, or because using the latest buzzword seems to attract sufficient investment, or both. However, the opportunities are immense and the people getting their heads around how AI can help customers, and in turn businesses, will build real competitive advantage for the future.”
