The relentless influence of Artificial Intelligence (AI) on financial
services has changed the sector profoundly. Although still in its
infancy, AI has abruptly paved its way into financial services'
core operations, to the point of no return. Growing AI adoption in
areas such as asset management, algorithmic trading, credit
underwriting, and blockchain-based financial services is
facilitated by the abundance of data available and improved
computing capacity. Nevertheless, the heavy reliance on AI in the
financial sector has inadvertently created several risks that need
careful consideration.
EU Legislative instruments: Dealing with AI
INFLUENCE OF AI ON FINANCIAL SERVICES
AI technologies have prevailed within various industries, that
much is clear. Legislatively, however, as is often the case, we are
still playing catch-up. However, the European Union (EU) has been
quick to recognise the need for a comprehensive regulatory
framework, and actually act upon it.
