The AI BookThe Artificial Intelligence Handbook for Investors, Entrepreneurs and FinTech Visionaries
<p>Written by prominent thought leaders in the global fintech space, <i>The AI Book</i> aggregates diverse expertise into a single, informative volume and explains what artifical intelligence really means and how it can be used across financial services today. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. Coverage includes:</p> <p>· Understanding the AI Portfolio: from machine learning to chatbots, to natural language processing (NLP); a deep dive into the Machine Intelligence Landscape; essentials on core technologies, rethinking enterprise, rethinking industries, rethinking humans; quantum computing and next-generation AI</p> <p>· AI experimentation and embedded usage, and the change in business model, value proposition, organisation, customer and co-worker experiences in today’s Financial Services Industry</p> <p>· The future state of financial services and capital markets – what’s next for the real-world implementation of AITech?</p> <p>· The innovating customer – users are not waiting for the financial services industry to work out how AI can re-shape their sector, profitability and competitiveness</p> <p>· Boardroom issues created and magnified by AI trends, including conduct, regulation & oversight in an algo-driven world, cybersecurity, diversity & inclusion, data privacy, the ‘unbundled corporation’ & the future of work, social responsibility, sustainability, and the new leadership imperatives<br /><br />· Ethical considerations of deploying Al solutions and why explainable Al is so important</p> <p><br /><br /></p> <p> </p> <p> </p> <p> </p>
<p>Preface viii</p> <p>About the Editors xi</p> <p>Acknowledgements xiii</p> <p><b>1. AI: Need to Know</b></p> <p>The Future of AI in Finance 6</p> <p>What is AI and How to Make It Work for You 9</p> <p>Getting to Day Zero: Let’s Get the Foundation Right 11</p> <p>Navigating a Sea of Information, News and Opinion with Augmented Human Intelligence 14</p> <p>The Seven Deadly Sins of AI 16</p> <p>A New Internet, Data Banks and Digital World War 18</p> <p>AI: A Cross Country Analysis of China versus the West 20</p> <p>The AI Advantage: Near-Term Workforce Opportunities and Challenges 23</p> <p>The Art of Involving Boards in Embracing AI 26</p> <p><b>2. Deposits and Lending</b></p> <p>AI in Lending 34</p> <p>Financial Technology and China’s Inclusive Finance 39</p> <p>The Future of Deposits and Lending 43</p> <p>Applications of AI in Deposits and Lending 46</p> <p>Showcase and Customer Service: Leveraging Chatbots in the Banking Industry 49</p> <p>The Power of AI to Transform the Global SME Credit Landscape 52</p> <p>Using AI for Credit Assessment in Underserved Segments 54</p> <p>Why Video Games Might Help You Buy Your First House 56</p> <p>AI Opportunities in the African Financial Sector: Use Cases 58</p> <p><b>3. Insurance</b></p> <p>Insurance and AI: Choices in Leadership, Purpose and Trust 65</p> <p>Drifting into Algocratic Insurance? 71</p> <p>Moving the AI Needle: Strategies for Health Insurers to Put AI into Practice 75</p> <p>AI and Healthcare: Doctor Will FaceTime You Now! 78</p> <p>Using Artificial Intelligence in Commercial Underwriting to Drive Productivity Growth 81</p> <p>The Digitally-Enabled Underwriter: How AI is Transforming Commercial Insurance Underwriting 83</p> <p>Improving Policy Life Cycle Management with AI and Data Science 86</p> <p>Disrupting the Insurance Value Chain 89</p> <p>Cutting to the Chase: Mapping AI to the Real-World Insurance Value Chain 92</p> <p><b>4. Payments</b></p> <p>Artificial Intelligence: The Next Leap Forward in the Payments Revolution 102</p> <p>Frictionless Payments: If or When? 105</p> <p>Big Data, AI and Machine Learning: How to Unlock Their Potential in the New Payment Environment 108</p> <p>The Rise of Conversational AI Platforms 111</p> <p>Two Dimensional Virtual Vertical Integration: Solving the Impossible SC Problem 113</p> <p><b>5. Investment and Wealth Management</b></p> <p>The True Value of AI to Transform Push/Pull Wealth Management Offers 122</p> <p>Machine Learning in Digital Wealth Management 125</p> <p>The Impact of AI on Environmental, Social and Governance (ESG) Investing: Implications for the Investment Value Chain 129</p> <p>AI in Indian Investment and Asset Management: Global Perspective 132</p> <p>Finding Order in the Chaos: Investment Selection Using AI 134</p> <p>Dispelling the Illusion 137</p> <p>ETF 2.0: Mega Block Chains with AI 140</p> <p>Fear and Greed 143</p> <p><b>6. Capital Markets</b></p> <p>Introduction on AI Approaches in Capital Markets 150</p> <p>AI, Machine Learning and the Financial Service Industry: A Primer 157</p> <p>Compliance as an Outcome 160</p> <p>Alternative Data and MetaQuants: Making the Most of Artificial Intelligence for Visionaries in Capital Markets 163</p> <p>AI and Capital Markets: Where to Now? 166</p> <p><b>7. Trust, Transparency and Ethics</b></p> <p>Trust in FinTech and AI: Some Introductory Reflections 172</p> <p>Building Trust through Sound Governance 175</p> <p>Independent AI Ethics Committees and ESG Corporate Reporting on AI as Emerging Corporate and AI</p> <p>Governance Trends 180</p> <p>The Wisdom Vantage 186</p> <p>AI and Business Ethics in Financial Markets 188</p> <p>AI Trust, Ethics, Transparency and Enablement 191</p> <p>Invisible Hand, Spontaneous Order and Artificial Intelligence 195</p> <p>Transforming Black Box AI in the Finance Industry: Explainable AI that is Intuitive and Prescriptive 197</p> <p>Making Data Your Most Valuable Asset 200</p> <p>The Data Promise 202</p> <p><b>8. Legal Risk and Regulation</b></p> <p>AI and the Law: Challenges and Risks for the Financial Services Sector 209</p> <p>Algorithm Assurance 214</p> <p>Regulation of AI within the Financial Services Sector 217</p> <p>Is Risk-Based Regulation the Most Efficient Strategy to Rule the Unknown Risks Brought by FinTech? 220</p> <p>The Changing Face of Regulatory, Compliance and Audit 223</p> <p>Robocop on Wall Street 225</p> <p>Sure, AI Can Answer Our Questions – But Who Will Answer Our Questions About AI? 229</p> <p>Technology for Regulations and Compliance: Fit4Future! 232</p> <p><b>9. The Future of AI in Finance</b></p> <p>Welcome to the Future 238</p> <p>An AI-Embedded Financial Future 242</p> <p>Open Banking, Blockchain and AI: The Building Blocks for Web 3.0 245</p> <p>Automated Machine Learning and Federated Learning 248</p> <p>Deep Learning and Financial Regulation 251</p> <p>AI for Development and Prosperity 254</p> <p>The AI Trends That Will Shape Winning Businesses 257</p> <p>Mastering the AI Talent Transformation: Present and Future 259</p> <p>Humans versus Machines: Who Will Still Have a Job in 50 Years? 262</p> <p>Is AI Ready for Morality? 265</p> <p>Confessions of an AI Portfolio Manager 267</p> <p>Appendix 270</p> <p>List of Contributors 272</p> <p>Index 283</p>
<p><b>SUSANNE CHISHTI</b> is the CEO of FINTECH Circle and the Founder of the FINTECH Circle Institute, a leading global FinTech learning and innovation platform to gain FinTech and digital skills. She is the bestselling author of several FinTech books and a global public speaker. <p><b>IVANA BARTOLETTI</b> is Technical Director, Privacy, at Deloitte, co-founder of the Women Leading in AI Network and an international public speaker and media commentator. Ivana was awarded Woman of the Year 2019 in the Cyber Security Awards. <p><b>ANNE LESLIE</b> is a Senior Managing Consultant at IBM Security. Passionate about responsible technology, she has spent her entire career at the intersection between financial services, regulation and IT, in pivotal roles in both sales and advisory. <p><b>SHÂN M. MILLIE</b> specializes in practical innovation primarily for firms and high-performing individuals in Insurance/InsurTech, focusing on Design & Incubation and Business Storytelling. She founded Bright Blue Hare in 2016, and is Founding Associate of London Market specialists, GreenKite.
<p><b>LEARN HOW AI IS TRANSFORMING THE FINANCIAL SERVICES INDUSTRY AND HOW YOU CAN ADAPT</b> <p>The rise of artificial intelligence has had a major impact on numerous areas of consumer tech. However, its role may be most prominent in financial services. From financial chatbots, robotic process automation in finance to data analytics, AI tools can offer convenient alternatives to traditional services, guard against human error, recognize patterns efficiently, prevent fraud and much more. <p>In <i>The AI Book,</i> the authors explain the future of the global financial industry. This includes how leveraging AI will improve the financial health of underbanked people and extend investment opportunities to more people than ever before. Any FinTech professional can use this invaluable guide to better understand how AI is changing their industry, and how they and their customers can both benefit from these changes.??
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