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August 16, 2018 06:40 pm

The World Economic Forum Warns That AI May Destabilize the Financial System

Artificial intelligence will reshape the world of finance over the next decade or so by automating investing and other services -- but it could also introduce troubling systematic weaknesses and risks, according to a new report from the World Economic Forum (WEF). From a report: Compiled through interviews with dozens of leading financial experts and industry leaders, the report concludes that artificial intelligence will disrupt the industry by allowing early adopters to outmaneuver competitors. It also suggests that the technology will create more convenient products for consumers, such as sophisticated tools for managing personal finances and investments. But most notably, the report points to the potential for big financial institutions to build machine-learning-based services that live in the cloud and are accessed by other institutions. "The dynamics of machine learning create a strong incentive to network the back office," says the report's main author, Jesse McWaters, who leads the AI in Financial Services Project at the World Economic Forum. "A more networked world is more vulnerable to cybersecurity risks, and it also creates concentration risks." Further reading: AI to Reshape Finance, Say Executives Who Struggle to Define It.

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