Abstract
Artificial intelligence (AI) is unlocking enormous opportunities. For central banks, AI has the potential to enhance regulatory efficiency and improve the data basis for monetary policy decisions. Machine learning (ML) can provide comprehensive, instant, granular information to complement existing macroeconomic indicators as well as having the capability to analyse big data efficiently, which can facilitate monetary policy decisions. As countries and companies conduct AI research and deploy the technology to the public, several financial authorities have recently begun developing frameworks, outlining their expectations on AI governance and use by financial institutions. This paper illustrates the current advancements in ML techniques and highlights the future trends in the adoption of AI by central banks and companies in financial services. It looks at the use of cloud computing and ML by companies and regulators to develop cost-efficient automation tools that better understand user needs, and presents how this will likely enable companies to adapt to rising trends in customer expectation in the future. The paper also explores the growing use of AI in anti-money laundering (AML) procedures, blockchain technology, and the development of Central Bank Digital Currencies (CBDC).
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Journal of AI, Robotics & Workplace Automation
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
