Supervisors Symposium

RegTech Fi rms Operat ing Global ly

Deloitte

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ARTIFICIAL INTELLIGENCE: TRENDLINE FOR ACCELERATED USE • The cost savings potential for the use of AI tools in the banking industry is staggering. • Banks were projected to invest more than $5 billion in artificial intelligence in 2019, according to a September report by International Data Corp., up from $4 billion last year. Meanwhile, technological advances could cost the banking sector more than 200,000 jobs over the next decade, Wells Fargo Securities predicted in a report the following month.” Bank Dive by Dan Ennis. • An Accenture study from 2019 was cited showing $71 billion in savings to the financial services industry, with $12 billion in savings related to bank tasks that can be fully automated and $59 billion in savings by deploying augmented technology. • Dan Figgela, in a summary article for Emerj, an AI consulting entity (March 14, 2020), noted the deployment of AI by the seven top U.S. banks. He detailed this savings by J.P. Morgan’s “COiN” that also is mentioned by other industry reports.

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