- “Covid-19 has been a catalyst for change for institutions who have been facing a build-up of competitive and regulatory pressures and now have to face the urgency of making their business models fit for purpose. AI, for many years a “nice to have”, has now become integral to running a financial services business efficiently and profitably.
- There are three big strategic threats…regulation, market risk and competition.
- Using AI technology to answer specific questions from loan documents to identify which ones needed attention, the bank was able significantly to shorten this exercise, resulting in a time saving of 75% and an estimated reduction in cost of 60%.”
https://www.finextra.com/the-long-read/171/the-wholesale-financial-services-firm-of-the-future-cannot-survive-without-ai
