Artificial Intelligence (AI) techniques are being increasingly deployed in finance, in areas such as asset management, algorithmic trading, credit underwriting or blockchain-based finance, enabled by the abundance of available data and by affordable computing capacity. Machine learning (ML) models use big data to learn and improve predictability and performance automatically through experience and data, without being programmed to do so by humans.
The deployment of AI in finance is expected to increasingly drive competitive advantages for financial firms, by improving their efficiency through cost reduction and productivity enhancement, as well as by enhancing the quality of services and products offered to consumers. These competitive advantages can, in turn, benefit financial consumers by providing increased quality and personalised products, unlocking insights from data to inform investment strategies and potentially enhancing financial inclusion by allowing for the analysis of creditworthiness of clients with limited credit history (e.g. thin file SMEs).
Source OECD
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