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Super intelligent financial services
Journal of Payments Strategy & Systems,
13
(2),
151-164
(2019)
Abstract
Banking and payment services have become fertile ground for the implementation of artificial intelligence (AI) solutions to commercial problems. Financial services providers are already utilising AI to reduce costs, handle compliance pressures, and improve their relationships with customers. Nevertheless, given the extent to which AI could change financial services’ operations, it is essential that organisations consider the implementation of AI technology from a holistic perspective. This paper provides a contextual overview of the rise of AI and aims to frame AI as not simply a cost-saving automation tool, but as a fundamental shift with many potential considerations, for which the organisation must take account.
Keywords: artificial intelligence; ethics; responsible innovation; transformation; data; automation
The full article is available to subscribers to the journal.
Author's Biography
Leila Fourie is the executive responsible for consumer finance at Commonwealth Bank of Australia and NSW Vice President of the Economic Society of Australia. Over the last 20 years, she has held a number of senior roles in banking, capital markets and payments, including CEO of the Australian Payments Network, Executive Director of the Johannesburg Stock Exchange and Card Division Managing Director for Standard Bank, one of the largest banks in South Africa. Leila has a PhD in economic and financial sciences, and in 2012 won the Economic Society of South Africa Founders’ Award for Best Master’s Degree Thesis. Her work has been published in various academic journals.
Thomas Bennett is presently completing postgraduate studies in data science at the University of Sydney, having completed an undergraduate degree in finance, economics and commercial law. Thomas has undertaken research and financial services internships in Shanghai, Sydney and Washington, DC. Thomas recently co-authored a chapter on open banking regulation for the book, ‘Transformation Dynamics in Fintech: An Open Innovation Ecosystem Outlook’.
