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Artificial Intelligence in Financial Services 2020

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Artificial intelligence will be an essential business driver for financial services within two years, according to study co-sponsored by EY

EY today announced findings from Transforming Paradigms: Global AI in Financial Services Survey, a new global survey assessing the current state of artificial intelligence (AI) adoption by financial services organizations.

According to senior executives surveyed in the financial services industry, AI is expected to be an essential business driver across the industry, with 77% of respondents anticipating AI to possess high or very high overall importance to their businesses in the next two years.

As the technologies start to disrupt business models and transform business functions, it’s increasingly important for organizations to focus on the long-term implications of AI adoption: trust in AI, workforce transformation and how customer and stakeholder value can be radically reimagined.” Matthew Blake, Head of Financial and Monetary Systems, World Economic Forum, says: “The comprehensive and global study affirms AI is impacting the financial system at an accelerating pace.

With the rising trend of mass adoption of the technologies throughout financial services, there will be a significant gap between firms that quickly implement AI and firms that lag behind.” Bryan Zhang, Executive Director, CCAF, says: “This empirical research underscores the growing importance of harnessing AI in financial services, which gives new impetus for firms to develop a holistic and future-proof AI strategy.” -ends- EY is a global leader in assurance, tax, transaction and advisory services.

Artificial Intelligence in Financial Services 2020

In this role, Philippe is responsible for identifying, building and investing in the technology solutions driving change in the securities services industry, as well as delivering our Securities Services future business model. 

Philippe joined BNP Paribas Securities Services in May 2001 running projects and product development in the clearing, settlement and custody area.

In this role, he successfully developed new client solutions including outsourcing for banks and brokers and a number of global clearing and settlement services.

In September 2014, he was appointed Head of Clearing and Custody Solutions, overseeing clearing and direct custody products, global network management and global custody product.

Philippe started his career at JP Morgan in 1992 before moving to Accenture in 1995 as a senior consultant specialising in business integration.

In 2016, Philippe ranked in Financial News’ Fintech 40 league table, which lists the most influential people of financial technology in Europe.

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