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17 JAN 2023 (TUE) 14:05 - 14:35

Financial AI: Place, Firm, and Individual Remodeling

Mr REEVE Liam Nicholas Seth

Abstract:

A growing amount of evidence indicates that artificial intelligence (AI) has the potential to upend financial services. Despite this, in-depth studies, particularly those focusing on its implications beyond firm profits, are absent. Little is known about the relationship of financial centre policies and financial AI, the reasons and implementation strategies for onboarding AI in specific financial sectors, and the process of changing individual skill sets due to financial AI. This dissertation addresses these gaps by examining how financial centre AI policies, firm AI onboarding strategies, and individual skill sets are affecting the wealth management industry. This industry of particular interest, because it is an industry which AI has the potential to radically change in the coming years. This dissertation is organized to examine the disruptive nature of financial AI on the place, firm and individual level. To study place-based implications, a financial AI policy comparison across multiple financial centres utilizing natural language processing will be conducted to assess financial centre-AI competitivity. On the firm level, managers of wealth management firms will be surveyed to assess firm recruitment strategies, technology onboarding, where the technology is being created, and so forth for the second paper. Finally, on the individual level, survey methods are used to examine the changes in skills within wealth management. Together, these three studies provide valuable insights on how places, firms, and individuals seek to keep their competitive edge in a changing environment. The implications therefore will inform debates on regional innovation policy, change management and individual reskilling, and help policymakers and businesses on how to best manage and organize technological transitions.

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