Artificial Intelligence in Finance and Open Banking Course

Course Overview:

The AI in Finance and Open Banking course is a more detailed look at the transformative effect of the artificial intelligence (AI) solutions within financial services but particularly within the domain of ‘Open Banking’.

Participants will learn the strategic features of AI that can take financial services to an upper level, the extent of benefits to be drawn from open-data economies, and their broader applications.

The course examines the growth with Open Banking, the regulations regarding the same, its effects for incumbents, esp traditional banks and what it offers for new entrants in the form of fintech. Some of the focal points are unbundling of the financial services by AI, moral imperatives of using AI, transforming the financial services by Amazon, Google, and other giants.

Students will also acquire the knowledge of AI strategy, attitudes to data privacy, and the current state of the legal environment. The course ends with a Sutton project which taps into the insights that the learners have gained from the unit and applies them in business challenges that they will face in future.

Course Objectives:

At the end of the AI in Finance and Open Banking training course, you will be able to :

• Examine the potential and power that AI can bring to the financial services industry
• Learn to think strategically about AI and understand the business impact as access to financial data becomes more open
• Explore what is happening in the major financial centers and regions that are leading the way in Open Banking
• Develop a deep understanding of the AI-driven data economy and how it impacts Open Banking
• Learn how Open Banking emerged, the need for it, and how AI is driving and delivering new services and products

Who Should Attend?

AI in Finance and Open Banking training course is ideal for:

• An entrepreneur, business leader, or executive who wants the strategic insight and actionable knowledge to create new ventures or develop both short and long-term business strategies for Open Banking driven by AI
• A manager, director, or professional in either a private or public sector financial services organization
• Intellectually curious and motivated and in the midst of, or aspiring towards, a career transition or looking for future-fit skills in financial tech or banking

Course Outlines:

Introduction to AI and Data Basics

• Differentiate between ML and AI use in banking, and how both can be used to solve consumer challenges
• Understand how AI complements human intelligence and how can this be used to solve specific business problems
• Learn why data-based decision-making impacts end consumers and transforms industries
• Understanding the ethical challenges that arise from AI and ML

Open Banking and the Data Revolution.

• How Open Banking is creating competition for the incumbents by unbundling the financial services that banks offer, and the opportunities being created
• Thinking through the challenges and the regulations, considering views from different markets and how Open Banking has been regulated
• Evaluating what opportunities and challenges have arisen, and what impacts have been made on the industry

AI in Incumbent Banks and The Opportunities for New Entrants. 

• Views from incumbent banks with a realistic view of how they are making use of AI, their challenges and successes, potential for services enhancement, and how they can transform themselves through AI
• Views from new fintech entrants, the opportunities they are presenting, and the challenges that they are facing

Platforms as Key Market Players.

• Who are the platforms - Amazon, Google, Apple, etc. - and how are they disrupting the financial sector with data?
• How will regulations and Open Banking impact platforms?
• What should businesses be thinking about and doing in the face of possible disruption by the platforms?

AI Opportunities, Pitfalls, and Ethics

• How can discrimination and privacy issues be avoided in data usage?
• What are the current related legal challenges and how are they dealt with around the world?
• Compare the ethics of competition between small and large companies

Open Data, AI Strategy, and The Future.

• What opportunities and challenges does it create?
• Understanding the evolving nature of AI and how to create feasible strategies
• Evaluate trend predictions for both the private and public sector
• Synthesize your six-week learning journey with a presentation of an experiential learning “capstone project”

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