AI/ML applications and the potential transformation of Fintech and Finserv sectors

This paper discusses the potential transformation of Fintech and Finserv sectors in light of the increased use and deployment of Artificial Intelligence (AI)/Machine Learning (ML) applications. By drawing on quick scan of available literature, the paper provides an overview of aspects of Fintech and Finserv sectors which are likely to change and the aspects of these sectors which are likely to remain unchanged. The paper highlights the trend towards long-term structural changes to the financial economy, potential growth in the use of personalised AI platforms in conjunction with the rise of RegTech (including algorithmic regulation) of Fintech and Finserv sectors. The findings suggest scope for further comprehensive assessment of the nature of transformation in Fintech and Finserv sectors due to AI/ML.