AI and finance: Productivity gains you can take to the bank

The world of finance was an early adopter of artificial intelligence (AI). Banks were already using computer models in the 1980s to identify and take advantage of price discrepancies. Rule-based AI systems in the 1990s accelerated the fight against fraud and sought to improve credit scoring.

As the 2000s got underway, machine learning began being used in risk management and customer segmentation. More recent years have seen the advent of AI-powered high-frequency trading, real-time fraud detection, and vastly improved creditworthiness tools.

We’re now in the age of deep learning

Today, deep learning models are driving innovation in customer service, financial planning, trend spotting, and FinTech applications such as payment systems, lending platforms, and regulatory compliance tools.

According to global management consulting firm McKinsey, generative AI could boost productivity in the banking sector by 3 to 5 percent and reduce operating expenditures by several hundred billion dollars annually.

This flurry of change has raised a spate of concerns

Gen AI is known to generate false or illogical information at times. An airline learned that the hard way when it was successfully sued over incorrect chatbot information about its bereavement fare policy.

Concerns are being raised about transparency. Are there biases in the data? Are certain groups or individuals being disadvantaged for opaque reasons? What about intellectual property rights? And perhaps the biggest issue of all in banking: how secure are these systems? Can they be hacked?

AI has proven its ability to deliver results in finance, but the industry will have to proceed cautiously as it pursues future gains.

Non-banking breakthroughs

Banking produces reams of documents, many of which are regulatory requirements. And in today’s multiconnected and multinational world, most of them have to be translated into one or several other languages. Thanks to AI, that’s now faster and cheaper than ever before, with no loss of quality.

Choose the right partner

To get the full benefit, you need to pick the right partner. TRSB, a global translation leader and Canada’s largest provider, is the foremost authority in financial translation. For nearly 40 years, we have worked hand in hand with the country’s largest banks and financial institutions.

This is how we deliver the power and savings of artificial intelligence:

• All your work is performed in a highly secure environment carefully monitored and maintained by TRSB’s IT specialists.
• We use the most advanced neural translation engines available and train them on decades of professional translations in the fields of banking, regulatory compliance, finance, and more. Quality in, quality out.
• We work with translation memory tools that retrieve and use your in-house vocabulary.
• We add human expertise by having subject-matter experts on our translation team check the output line by line. TRSB has the biggest in-house team of financial translation specialists in Canada.
• For advanced terminology, our translators can refer to our team of terminologists, who are standing by to carry out research.
• We have specialized divisions we draw on depending on the nature of your requirements: legal specialists for legal documents, copywriters for marketing materials, HR experts for human resources, etc.
• We’ve undergone rigorous certification, so we can advise you on best practices, help you coordinate your workflow, segment your work by required level of quality control, and more.
• We also offer a complete Desktop Publishing department that can handle multiple file formats and coordinate complicated updates to regulatory filings.

Cost, speed, quality

We’d be delighted to sit down and go over your requirements with you. There is no cost or obligation. We will put together a plan that delivers AI-enhanced savings and speed while also providing the benefit of our decades of experience in finance.