Artificial intelligence (AI) is transforming many aspects of our lives, including how we provide and use financial services. AI-powered applications are now a familiar feature of the fast-evolving landscape of technological innovations in financial services and regulation (FinTech and RegTech).
AI applications can facilitate transactions, drive market efficiency, reinforce financial stability and promote greater financial inclusion. Banks, traders, insurance firms and asset managers increasingly use AI to generate efficiencies by reducing friction costs and to improve productivity levels. This trend looks set to continue, with global spending on AI forecasted to double from just over USD 50 billion in 2020 to more than USD 110 billion in 2024.1 This kind of innovation strengthens economic growth and supports higher living standards.
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