{"title":"The impact of machine learning on UK financial services.","authors":"Bonnie G Buchanan, Danika Wright","doi":"10.1093/oxrep/grab016","DOIUrl":null,"url":null,"abstract":"<p><p>Machine learning is an increasingly key influence on the financial services industry. In this paper, we review the roles and impact of machine learning (ML) and artificial intelligence (AI) on the UK financial services industry. We survey the current AI/ML landscape in the UK. ML has had a considerable impact in the areas of fraud and compliance, credit scoring, financial distress prediction, robo-advising and algorithmic trading. We examine these applications using UK examples. We also review the importance of regulation and governance in ML applications to financial services. Finally, we assess the performance of ML during the Covid-19 pandemic and conclude with directions for future research.</p>","PeriodicalId":48024,"journal":{"name":"Oxford Review of Economic Policy","volume":"37 3","pages":"537-563"},"PeriodicalIF":2.1000,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8500123/pdf/grab016.pdf","citationCount":"11","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Oxford Review of Economic Policy","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1093/oxrep/grab016","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2021/1/1 0:00:00","PubModel":"eCollection","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 11
Abstract
Machine learning is an increasingly key influence on the financial services industry. In this paper, we review the roles and impact of machine learning (ML) and artificial intelligence (AI) on the UK financial services industry. We survey the current AI/ML landscape in the UK. ML has had a considerable impact in the areas of fraud and compliance, credit scoring, financial distress prediction, robo-advising and algorithmic trading. We examine these applications using UK examples. We also review the importance of regulation and governance in ML applications to financial services. Finally, we assess the performance of ML during the Covid-19 pandemic and conclude with directions for future research.
期刊介绍：
The Oxford Review of Economic Policy is a refereed journal which is published quarterly. Each issue concentrates on a current theme in economic policy, with a balance between macro- and microeconomics, and comprises an assessment and a number of articles. It gives a valuable appraisal of economic policies worldwide. While the analysis is challenging and at the forefront of current thinking, articles are presented in non-technical language to make them readily accessible to all readers. The Oxford Review is aimed at a wide audience including government, business and policy-makers, as well as academics and students. It is required reading for those who need to know where research is leading.
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