You're reading from Hands-On Artificial Intelligence for Banking

Product typeBook

Published inJul 2020

Reading LevelIntermediate

PublisherPackt

ISBN-139781788830782

Edition1st Edition

Languages

Python

Tools

TensorFlow Keras

Concepts

Artificial Intelligence

Authors (2):

Jeffrey Ng

Subhash Shah

View More author details

Applications of AI in banking

According to theMcKinsey Global Institute (https://www.mckinsey.com/~/media/mckinsey/industries/advanced%20electronics/our%20insights/how%20artificial%20intelligence%20can%20deliver%20real%20value%20to%20companies/mgi-artificial-intelligence-discussion-paper.ashx), outof 13 industries, financial services ranked third in AI adoption, followed by the high-tech, telecommunications, and automotive and assembly industries.

As theMckinsey report does not mention the use case in banking, with a bit of research, perhaps we can take a look at the four ways in which AI creates values, as shown in the following list:

Project: Forecast and anticipate demand, improve sourcing, and reduce inventory (capital).
Produce: Provide services at a lower cost or higher quality.
Promote: Provide offers for the right price with the right message for the right customers at the right time.
Provide: Rich, personal, and...

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Authors (2)

Jeffrey Ng

Jeffrey Ng, CFA, works at Ping An OneConnect Bank (Hong Kong) Limited as Head of FinTech Solutions. His mandate is to advance the use of AI in banking and financial ecosystems. Prior to this, he headed up the data lab of BNP Paribas Asia Pacific, which constructed an AI and data analytics solution for business, and was the vice-chair of the French Chamber of Commerce's FinTech Committee in Hong Kong. In 2010, as one of the pioneers in applying client analytics to investment banking, he built the analytics team for the bank. He has undertaken AI projects in retail and commercial banks with PwC Consulting and GE Money. He graduated from Hong Kong Polytechnic University in computing and management and holds an MBA in finance from the Chinese University of Hong Kong.
Read more about Jeffrey Ng

Subhash Shah

Subhash Shah is an experienced solution architect. With 14 years of experience in software development, he works as an independent technical consultant now. He is an advocate of open source development and its utilization in solving critical business problems. His interests include Microservices architecture, Enterprise solutions, Machine Learning, Integrations and Databases. He is an admirer of quality code and test-driven development (TDD). His technical skills include translating business requirements into scalable architecture and designing sustainable solutions. He is a co-author of Hands-On High Performance with Spring 5, Hands-On AI for Banking and MySQL 8 Administrator's Guide. He has also been a technical reviewer for other books.
Read more about Subhash Shah

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