S7C Artificial Intelligence in Banking and Finance 2019 | Storm-7 Consulting Limited | 20 June 2019 | Storm-7 Consulting Limited , Level 24/25, The Shard, 32 London Bridge St, London SE1 9SG, UK

In today’s world of banking and finance made up of huge regulatory fines, spiralling compliance costs, and ever more complex regulatory frameworks, Artificial Intelligence (AI) is no longer something to be desired, it has now become a mandatory choice. Those firms that do not optimise and streamline their core and non-core banking and finance functions with AI and machine learning frameworks will continue to waste huge amounts of time and costs that could be saved by implementing AI automation for existing legacy functions.

AI automation and AI functions have already been implemented across a broad range of use cases and a number of firms around the world are already significantly reaping the benefits of such technologies. With the implementation of highly complex compliance frameworks in recent times, such as the revised Capital Requirements Directive (CRD IV), the revised Markets in Financial Instruments Directive (MiFID II), and the revised Payment Services Directive (PSD2), AI automation presents a de rigueur solution for banks and financial services firms to return to pre-crisis Return On Equity (RoE) levels. Not only this, but they can reduce costs on a massive scale in the short-to-medium term.