AI Articles and Analysis in Finance

Fraud, money laundering, and other cyber crimes often increase in times of economic strife, and the pandemic is no different. In light of the coronavirus crisis, we believe that fraud detection applications are among the AI use-cases that are most likely to be adopted and deployed even when funds dry up for other kinds of more long-term, strategic innovation investments.

Barclays is a UK bank ranked 20th on S&P Global’s list of the top 100 banks. Like other top banks, Barclays has forayed into AI for a variety of use-cases. The bank seems to work with AI vendors more than it builds AI applications in-house, which aligns with the general trend of AI adoption in financial services: 68% of the AI products we researched as part of our AI Opportunity Landscape research in financial services were bought from vendors.

UBS is a Swiss multinational investment banking and financial services company ranked 30th on S&P Global’s list of the top 100 banks. In addition to investment banking and wealth management, the company is looking to improve its tech stack through several AI projects.

The insurance industry is being disrupted like it hasn't in decades. Unlike other events like Hurricane Sandy or even the 2008 financial crisis, the coronavirus is impacting essentially every corner of the world and more or less every industry.

Morgan Stanley is a US financial institution known mostly for its financial advisory services. According to our AI Opportunity Landscape research in financial services, approximately 10% of AI vendor products in the industry are wealth management solutions, and 4% are asset management solutions.

The financial sector was among the first to adopt artificial intelligence in business by automating fraud prevention with anomaly detection technology. Now financial institutions, including lenders, stand to benefit from automating back-end processes by digitizing documents and eliminating manual data entry.

Progressive is one of the largest auto insurers in the US. The company has been experimenting with AI since the middle of the 2010s, with customer-facing applications that update insurance premiums based on driving habits and answer questions in a chat window. In this article, we discuss both of these AI use-cases. More specifically:

The top 100 global banks, including Goldman Sachs, are beginning to take AI strategies very seriously.