No longer a futuristic concept, AI is a present reality
and here to stay. From AI-ready laptops to full AI-powered
solutions, the sector is evolving fast. Let's explore some
trends and legal implications for Luxembourg financial institutions
drawing the use of AI in their daily operations.
Key trends in AI for financial institutions
AI is constantly moving beyond novelty: "As soon as it
works, no one calls it AI anymore" (as per John McCarthy's
exclamation, or the so-called AI effect). Generative AI, with
public large language models, has accelerated the shift. Search and
summary tools, chatbots, virtual assistants and AML tools are
embedded in all business operations and internal processes, from
product design, portfolio management and back office to client
services through risk management and compliance. These are no
longer innovations. Some of the most significant AI trends, also
observed by Big Tech such as IBM (see What is artificial intelligence in
