The ever-increasing power and potential of Artificial Intelligence have caused a huge scramble as companies rush to buy up as many promising AI developers as possible. For Microsoft, the Financial Services industry is a major area of focus. Last year, Microsoft’s Financial Director, Richard Peers said: “The future of FinTech lies in AI” during an interview with Verdict magazine. So, what are the benefits likely to look like for end users?
Reimagining Financial Services through AI
Peers is optimistic about the potential for AI to create new jobs: “I know everyone focuses on the negative side of it,” he says, “But when I started there was no tech industry. Now it’s enormous, and I think we will see new jobs around AI over the next few years that nobody has even thought of.” At its Inspire conference last year, Microsoft made it clear that it would be looking to introduce AI in a way which created new roles and refocused existing ones, using AI to create new services, new revenue pools and new jobs.
Empowering accountants through AI
Last year, Microsoft teamed up with AI developers CognitiveScale to deliver ‘industry optimised’ AI to the FS industry. The result is an ‘intelligent bank’ which Microsoft hopes will allow accountants to automate their more repetitive tasks such as reporting and data analysis, leaving them open to perform more vital client engagement tasks, all with intelligent support from their AI-powered services. The CEO for CognitiveScale, Akshay Sabhikhi said: “CognitiveScale and Microsoft are in a unique position to deliver a full stack financial services AI cloud to transform how financial institutions engage clients, improve employee decision-making, and manage risk and compliance.”
Educating the AI developers of the future
As well as working with AI developers such as CognitiveScale to introduce new AI functionality into existing industries. Microsoft is committed to supporting the AI developers of the future, who will work on AI functionality for industries and applications which do not yet exist. Microsoft recognises that future generations will have access to far more intelligent and powerful AI than we could ever imagine. To support this, Microsoft has launched a dedicated AI School where anyone can have access to valuable information, experts and examples of how artificial intelligence is developed and used.