THERE is a “massive opportunity” for financial services firms to use artificial intelligence to simplify regulatory processes, according to the chief executive of Jersey Finance – who has said the technology could have a “big impact” on the sector.
Joe Moynihan made the comments during a Chamber of Commerce lunch event on Tuesday.
During the Q&A section of the event, Chamber president Lee Madden asked how AI was going to affect the Island’s financial services industry.
Mr Moynihan said he thought it would have “a big impact in a number of areas”.
“From a regulatory point of view, I think there is a massive opportunity to use AI to simplify the whole regulatory process and there are models now in operation in a number of different jurisdictions,” he continued, adding that more efficient operations would provide “capacity to do more business”.
“Will it impact on jobs? Probably, but at this stage it is too early to say.
“It is going to have an impact – the extent of it I don’t know. It will depend on the adoption [of the technology] because, like everything else, there will be some firms that will adopt it quickly and en masse.”
