Artificial intelligence, financial services and the impact of Covid-19

The coronavirus pandemic is accelerating the shift towards a more contactless environment and increasingly digital financial services. However, it is unclear how financial firms’ adoption and use of artificial intelligence (AI) will be affected.

About the event

10 August 2020

There are reasons to think that the use of AI will increase as firms consider how to refine their business and operating models in a rapidly changing socio-economic environment. Many firms are already using AI-enabled automation to advance cost saving plans and increase operational efficiency, including managing higher volumes of customer enquiries, processing loan applications, and maintaining call centre capacity. Banks, insurers, and asset managers are also looking to AI and alternative data to complement their use of standard indicators.

However, financial firms may hold back on developing and deploying new AI applications at a time of great uncertainty, when revenues are squeezed, and with no clarity on future trends in customer and market behaviours. Firms may decide to reduce investment in new initiatives, including AI, and this may remain the case until society and balance sheets return to normal.

To help us better understand these issues and gather insights on the key emerging themes, we hosted a webinar, with a panel of leading AI experts:

  • Mohammed Gharbawi, Senior Fintech Specialist, Bank of England
  • Lesly Goh, Senior Technology Advisor, World Bank Group
  • Chandini Jain, Chief Executive Officer, Auquan
  • Andrew Moore, General Manager, AI & Industry Solutions, Google Cloud
  • Tom Mutton, Fintech Director, Bank of England (Moderator)

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This page was last updated 31 January 2023