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ARTICLE · 15 APRIL 2022

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AI In The Canadian Financial Services Industry

McCarthy Tétrault
McCarthy Tétrault
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McCarthy Tétrault

McCarthy Tétrault

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In recent years, players within Canada's financial services industry, from banks to Fintech startups, have shown early and innovative adoption of artificial intelligence ("AI") and machine learning ("ML") within their organizations and services.

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Grace Waschuk
Grace Waschuk
Sydney Hamilton
Sydney Hamilton
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In recent years, players within Canada's financial services industry, from banks to Fintech startups, have shown early and innovative adoption of artificial intelligence ("AI") and machine learning ("ML") within their organizations and services. With the ability to review and analyze vast amounts of data, AI algorithms and ML help financial services organizations improve operations, safeguard against financial crime, sharpen their competitive edge and better personalize their services.

As the industry continues to implement more AI and build upon its existing applications, it should ensure that such systems are used responsibly and designed to account for any unintended consequences. Below we provide a brief overview of current considerations, as well as anticipated future shifts, in respect of the use of AI in Canada's financial services industry.

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