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AI applications in financial services

In this paper, we examine the pros and cons of applying artificial intelligence (AI) in three areas of financial services: asset management, banking and insurance.

The research focuses on specific uses for AI in finance. It aims to stimulate board-level discussions and, for each application, suggests questions that board directors can discuss with their management teams.

The areas we cover include: 

  • Alpha generation in investment
  • Stewardship in asset management
  • Risk management
  • Chatbots and virtual assistants in client servicing
  • Insurance underwriting
  • Relationship manager augmentation
  • Fraud detection
  • Algorithmic trading 
  • Employee hiring processes

This paper is a collaborative effort between Bryan Cave Leighton Paisner LLP, Hermes Investment Management, Marsh and Oliver Wyman. 

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