Big Data, Artificial Intelligence and Machine Learning: A Transformative Symbiosis in Favour of Financial Technology

Abstract

This paper uses a multidimensional descriptive analysis to familiarize
the reader with the extent of penetration of big data, artificial
intelligence (AI), and machine learning (ML) techniques in
the financial technology roadmap. We propose a clear framework
for the symbiotic nature of these data science themes towards
fintech empowerment. The framework is validated
through their impact in fintech, financial services’ profession and
the shifting paradigm of the data scientist role. We also discuss
the dark side of this symbiosis, while AI and ML techniques are
tied with the future challenges of AI ethics, regulation technology
and the smart data utilization.

(forthcoming European Financial Management)

Keywords: FinTech, Artificial Intelligence, Machine Learning, Big Data, Digital Finance, RegTech, Smart Data

JEL Classification: C5, C6, G2, O3