11
Sounds of the 80s

Banks and Machine Learning

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Page 1: Banks and Machine Learning

Sounds of the 80s

Page 2: Banks and Machine Learning

Objectives - Banks, FinTech & ML

Many roles at banks will be impacted by AI/ML

What are the opportunities and threats?

20+ years working in large European Banks (UBS, Barclays, Credit Suisse, ABN, BNP Paribas, HSBC)

Two FinTech start-ups

Working in banks has changed

Exciting

Complying

AI / ML is interesting (technology / culture)

Me

Thoughts

[email protected]

mailto:[email protected]
Page 3: Banks and Machine Learning

Context: Fundamental change in ROE

Page 4: Banks and Machine Learning

Challenges facing banks today

Regulation

Low Interest Rates

Legacy Infrastructure

CultureFin Tech

Accenture: Top Ten Challenges in 2017

EY: Top Eight Challenges

McKinsey: An Agenda for Change

Is Fin Tech a challenger or an enabler?

https://www.accenture.com/gb-en/insight-top-ten-challenges-investment-banks-2017
http://www.ey.com/Publication/vwLUAssets/ey-infographic-eight-challenges-facing-investment-banks/$File/ey-infographic-eight-challenges-facing-investment-banks.pdf
http://www.ey.com/Publication/vwLUAssets/ey-infographic-eight-challenges-facing-investment-banks/$File/ey-infographic-eight-challenges-facing-investment-banks.pdf
https://www.accenture.com/gb-en/insight-top-ten-challenges-investment-banks-2017
https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=13&ved=0ahUKEwjwrOTxkMjWAhXILFAKHawkAmE4ChAWCDMwAg&url=http://www.mckinsey.com/~/media/mckinsey%20offices/india/pdfs/global_corporate_and_investment_banking_an_agenda_for_change.ashx&usg=AFQjCNGvAqgQ4l_ItK9JWesGAWy2kanwiA
Page 5: Banks and Machine Learning

FinTech Everywhere$17.4 billion in investment last year alone

According to EY, a third of consumers worldwide are using two or more fintech services

CNBC - October 2017

https://www.cnbc.com/2017/10/02/fintech-everything-youve-always-wanted-to-know-about-financial-technology.html
Page 6: Banks and Machine Learning

AI/ML Everywhere (McKinsey: $26 - 39 BN investment in AI in 2016)

Page 7: Banks and Machine Learning

What impact will AI/ML have on jobs?

Who’s afraid or excited?

230,000 net jobs in Financial Services could disappear by 2025

AI will eliminate 1.8M jobs but create 2.3M by 2020

eFinancial New - March 2017

Gartner, October 2017

https://news.efinancialcareers.com/uk-en/277602/how-machine-learning-will-eliminate-230000-finance-jobs/
http://www.techrepublic.com/article/ai-will-eliminate-1-8m-jobs-but-create-2-3m-by-2020-claims-gartner/
Page 8: Banks and Machine Learning

Prediction

5 years0

5 years0

Number of Sales staff

Number of Business Management staff

How will these roles evolve?

Page 9: Banks and Machine Learning

Less Excel and Powerpoint?

Silos of inconsistent

data…

Too many applications…

Complicated applications…

No insight - just data…

The past The future

Descriptive, Diagnostic, Predictive, Prescriptive

Strategy Relationship Management ?

Page 10: Banks and Machine Learning

Sounds of the future?

Page 11: Banks and Machine Learning

Summary - Banks, FinTech & ML

Banks’ Return on Equity has declined significantly

Banks are facing several challenges

FinTechs are developing many bank services

Billions are being invested in AI/ML

Roles involving manual analysis of data will disappear

[email protected]

mailto:[email protected]

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