A Bank of England (BoE) report has found that the use of machine learning (ML) is on the rise in financial services. The report is based on a joint survey from BoE and the Financial Conduct Authority in 2019 of 106 firms. The UK economy is increasingly powered by big data, with financial services in particular […]
Maria Mora, Principal Engineer on Artificial Intelligence and XBRL Expert at Fujitsu Laboratories of Europe, demonstrated the exciting work Fujitsu are doing developing explainable AI for finance. Financial services are demanding more advanced AI solutions. They want to apply AI to numerous situations that require high credibility, such as sales predictions, risk management for investment, […]
The UK’s Prudential Regulation Authority (PRA) is working on machine learning techniques to predict bank distress. Using novel data sources, mainly confidential regulatory returns, this still experimental early warning system for predicting bank distress significantly outperformed other models. This development follows the Danish Business Authority’s machine learning-based Early Warning Europe, which uses large data sets from five European countries […]
Continuing on the theme from last story, what is the next big disrupter in financial markets? You guessed it. According to a recent Greenwich Associates report, Artificial Intelligence (AI) is set to have a big impact, with 44% of capital market professionals saying that their firms are already using AI in their trading processes. Firms […]
The SEC’s recently expanded requirements to report in Inline XBRL have been met with optimism, with the change being linked to increasing simplicity, improving data quality and use and enabling financial analysis. Craig Clay, president of global capital markets at Donnelley Financial Solutions, has highlighted how companies are looking to automate and streamline compliance reporting, […]
Mohini Singh, ACA, Director of Financial Reporting, CFA Institute and Campbell Pryde, President and CEO, XBRL US have published a blog on the XBRL US website demonstrating why blockchain and AI cannot replace the XBRL standard. We sometimes hear the argument that XBRL is old technology and should be replaced with technologies like blockchain or […]
While big data offers unparalleled opportunities for analysis and forecasting there are also serious ethical concerns surrounding data privacy issues that must be balanced. As such, the Hong Kong Monetary Authority (HKMA) are pushing for the adoption of an Ethical Accountability Framework (EAF) in the collection and use of personal data. The report on the […]
In February the European Council adopted conclusions from the Coordinated Plan on Artificial Intelligence. The plan underlines the crucial importance of fostering the development and use of artificial intelligence by increasing investment, strengthening research and encouraging collaboration between industry and academia. The conclusions include a recognition of the need for more secure and high quality […]
AI has led to some predicting the catastrophic demise of the audit profession – however, as robots don’t quite live up to the job-stealing hype that’s been predicted, how will the smart machine age really effect the evolution of auditing? Jillian Alderman explores the reality of audit in the AI era in an article in the Graziadio Business Review this week.
Artificial Intelligence and machine learning offer enormous potential for the investment industry – however, the adoption of new technologies has a range of impacts that need to be considered. A report published last month explores these concerns, asking what the potential impact of Artificial Intelligence will be on the CFA Institute’s Code of Ethics and […]
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