As Artificial Intelligence takes the world by storm, Monique Melis (Managing Director, Duff & Phelps) spoke to TFT to confirm the technology is here to stay.
TFT: Where is AI going to make the greatest impact in financial services?
Monique: For financial services firms, the importance of AI in risk management and fraud prevention cannot be overstated. AI has already led to improvements in risk analysis, detecting financial fraud earlier on, and saving time and resources for firms. Its capacity to synthesise large quantities of complex data with accuracy and speed will also deliver enormous benefits for this sector.
TFT: What are the greatest barriers to wide-scale implementation of AI?
Monique: AI is completely transforming the operational landscape of the financial services industry. Inevitably, this brings certain challenges to the fore, especially for firms who still use traditional methods of risk-related data analysis.
Equipping the business with the skills it needs to get the most out of AI can be a challenging prospect. However, AI has proven time and again to be more effective than human decision making when dealing with high amounts of data and pattern-spotting. The greatest difficulty, therefore, is investing the time and resources that are needed to re-skill the workforce and make it clear that AI will enhance, rather than replace human workers.