Machine Learning and AI: Applications in Banking and Finance
SFI Prof.Norman Schürhoff, Professor of Finance, University of Lausanne
Annika Schröder, Artificial Intelligence Center of Excellence, UBS
This Master Class will be held by videoconferencing from 13h00 to 16h00.
Machine Learning (ML) and Artificial Intelligence (AI) promise to launch the next technological revolution in the financial industry. Complex algorithms are to replace and renew established banking processes. Fair enough, but how is a computer that works on the basis of binary code supposed to make independent decisions and what is the current status of technological progress in this area? The Master Class subjects the topic to a solid reality check and shows the potential, but also the limits, of Artificial Intelligence using concrete application examples.
Current Situation
Since 2018, Machine Learning has developed into a key technology that is increasingly affecting the financial industry. Machine Learning (ML) refers to the ability of computer systems to independently improve their performance through targeted analysis of data, without having to follow explicitly programmed instructions. At this year's World Economic Forum (WEF), the topic was already lauded as the "new" physics of financial services. And yet, systematic data analysis, a prerequisite for the targeted use of Artificial Intelligence, is only hesitantly used in the Swiss banking world, according to the Digital Pulse Check 3.0 study carried out by SFI and by the strategy and management consultancy zeb. There are numerous possible applications for the new technology. They include, for example, risk and asset management, underwriting, trading processing or algorithmic trading at a bank, and even extend to effective fraud and money laundering prevention.
Objective
The first step is to clarify the different terms and definitions with the aim of establishing a common understanding of the topic. This is followed by a detailed survey of the technologies already available today in order to grasp the enormous application potential of Artificial Intelligence in banking and finance. The course participants will gain a deeper understanding of the topics in the context of the financial sector. Where does Machine Learning create real added value within a bank's value chain? How are concrete applications structured within the process chain? Is the focus on increasing efficiency or rather on process optimization? In addition, important organizational issues and fundamental competitive aspects will be highlighted and discussed using informative case studies which include challenges that were triggered by the current virus crises.
Target Audience
The Master Class is aimed at specialists from the financial industry who wish to broaden their knowledge capital and deepen their technological competences in the field of Artificial Intelligence. The main focus is on the participants' exposure with new technologies that may fundamentally influence and change their own professional environment in the coming years.
SFI Master Classes Canton Schwyz Series
In addition to the regular SFI Master Classes, we offer a special SFI Master Classes series in close cooperation with the Office for Economy Canton Schwyz, focusing on the local financial industry. In addition to employees of the SFI founding institutions, the Master Class on May 6 on “Machine Learning and AI: Applications in Banking and Finance” is also open free of charge to all employees of companies from the financial industry domiciled in the Canton of Schwyz.
SAQ Recertification
This Master Class is an acknowledged SAQ recertification measure for the CWMA and CCoB profile and comprises four learning hours.