Today, artificial intelligence is increasingly used in many sectors of activity. Finance is particularly affected. This tends to make certain professions evolve and make the financial sector evolve.
The finance and insurance sectors, like other sectors of the economy, are benefiting from the progress of artificial intelligence. How is the financial sector affected by the arrival of artificial intelligence?
Some key figures on artificial intelligence
Today there are 300 AI startups in France with €278 million in fundraising in 2017. Moreover, 1.5 billion euros, amount of investment have been announced by the French government over the period 2018-2022.
The French AI market is showing quite strong momentum with average quarterly growth of around 80% between Q2 2016 and Q2 2017. 18 masters courses providing AI training13 and 5300 researchers in AI14 in France. 90 billion dollars will be dedicated to the global AI market by 2025.
Technologies for the financial industry
AI can be segmented into sub-domains:
The so-called symbolic or model and knowledge-based artificial intelligence such as: the semantic web and ontologies.
- Knowledge-based systems including expert systems and rule-based systems.
- Multi-agent systems
- Constraint programming
- Formal – symbolic calculation systems
- Supervised, unsupervised, reinforcement-based machine learning/neural networks and deep learning applied to: natural language processing and vision and image/video processing. But also to signal processing as for speech processing and time series prediction.
Increase decision-making capacity
Increase the customer facing advisor and solicit the customer through AI
Offer self care
Optimize scoring