Almost all FS organisations are armed with Artificially Intelligent capabilities (or so marketing collateral would have us believe). Without getting pedantic over the differences between a tree algorithm and machine learning, we can safely assume AI is a reality for most of these companies. Heralded as the saviour/future/cure to all our ailments, AI has a lot of high expectations riding on it. But what about the other side of the coin? The Hyde to the AI Jekyll? What happens when AI falls into the wrong hands?
Cybersecurity experts are already in an arms race with their adversaries, as the darkest of the dark web embrace AI. Organisations are now engaging in an "AI-off" with hackers - in a battle to establish who is the most artificially intelligent.
For every life AI saves, or process it speeds up, every fraud it identifies or user experience it betters - there is the risk that the opposite could be true. To revert back to the hackneyed phrase - evolve or die. FS organisations need to continue to focus on recruiting the brightest AI talent, working with the most advanced suppliers, investing in the best technology and ensure their AI capabilities are stronger than those working against them.
Artificial intelligence holds great promise for financial services companies. AI can help them to cut costs, improve services and boost revenues. It can also provide a major boost in their fight to defend themselves against near constant attack by hackers and cyber criminals. The problem with AI, however, is that it can also provide a major boost to the very same hackers and cyber criminals, who are trying to break into the systems of banks and other financial institutions to steal data and money. As more and more banking activities are carried out by machines rather than humans, the risk increases that the cyber thieves will use increasingly sophisticated AI, or machine learning, technology of their own to trick, bypass or even take control of the banks’ systems.