What part of the financial system should be replaced by AI?

Artificial intelligence is one of those buzzwords that keep popping up in investor and sales pitches. But where will AI have the biggest impact on the financial sector?

That was one of the questions asked to a panel at Sthlm Fintech Week on Wednesday, February 12. The panel was lead by Mikael Eriksson, CEO at Metafore, the financial advisory firm.

When he asked which systems AI could replace in finance, Lisa Paulsson, chief acceleration officer at Marginalen Bank, the Swedish bank, answered that it could predominantly help financial services boost their customer services, their risk and fraud prevention processes and to strengthen the back office platforms.

Daniel Blomberg, specialist data and AI at Microsoft, added,” Right now the capabilities of AI are still limited, but mostly due to processing power. So, the short-term answer is back office, manual things in banks.”

Sten Forseke, founder of Greater Than, the InsurTech company, “I will take a different approach to this. I look more at processes rather than at the function of the back office. And every place where you have a quantitated analytical process, replace [it] with AI. Right away. It is so much smarter than the human brain. It perfectly fits there. AI is not fit for where you need eye-hand coordination. Not yet, because you are lacking computing power. So that’s a problem. Look at processes and replace them with AI. Easy, right?”

Ståle Zerener Haugnæss, CEO at Lucidtech.ai, the AI solution provider, stated, “I think that the applications that kinda touches the consumer experience are obvious but I think that the real change is going to be happening in the back office because banks and financial institutions have invested heavily in technologies such as RPA (robot process automation) and that provides them with an infrastructure that is very suitable for, that is very easy to combine with AI capabilities. And that is a major shift that we see.”

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