Artificial Intelligence in Financial Services

9 Pages Posted: 6 Apr 2019

Date Written: April 5, 2019


The use of artificial intelligence tools has escalated recently in all sectors of the economy owing, among other factors, to the growing volume of digital data and higher computational capacity. Major benefits may be reaped from applying these tools to the provision of financial services, not only for financial institutions but also for society as a whole. This article describes some of those benefits, and also some of the main uses being made of these tools, both by financial institutions and central banks. It also indicates the main limitations of the technology and its possible implications for the correct functioning of the financial system.

Keywords: artificial intelligence, machine learning, algorithm, automation, chatbots, bias

JEL Classification: O31, O33

Suggested Citation

Fernandez, Ana, Artificial Intelligence in Financial Services (April 5, 2019). Banco de Espana Article 3/19, Available at SSRN: or

Ana Fernandez (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014

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