In a classic case of “better late than never,” I recently stumbled upon Sameena Shah’s insightful talk from 2022, “How AI Is Powering the Future of Financial Services.” Despite being fashionably late to the party, I couldn’t resist sending her a LinkedIn connection request – fingers crossed she doesn’t think I’m a time traveler from the past!

In her presentation, Shah, Chief AI Officer and Managing Director of AI Research at JPMorgan Chase, delved into the transformative role of AI in finance. She highlighted how AI is enhancing risk mitigation, exemplified by JPMorgan’s development of AI-powered tools to analyze social sentiment during market disruptions like the 2021 GameStop surge. These tools enabled the bank to proactively implement risk mitigation strategies.

Fast forward to today, and the financial sector’s AI journey has only accelerated. A recent report by Capgemini reveals that 75% of financial organizations are now utilizing AI, up from 58% in 2022. Firms are leveraging AI to enhance customer due diligence and bolster anti-money laundering efforts.

Moreover, companies like Euroclear have entered partnerships with tech giants such as Microsoft to modernize financial market infrastructure using cloud computing and AI. This collaboration aims to enhance operational efficiency and platform development, underscoring the strategic importance of adopting advanced technologies in finance.

Reflecting on Shah’s emphasis on AI’s role in transforming compliance operations, it’s evident that the industry has made significant strides. AI now automates processes like Know Your Customer (KYC), drastically reducing search times and improving accuracy. Instead of relying on static search tools, AI-driven systems proactively monitor and alert teams when critical compliance data becomes available.

In conclusion, while I may have arrived late to Shah’s 2022 talk, the insights remain profoundly relevant. The financial sector continues to embrace AI, driving innovation and efficiency. As organizations harness AI’s power, the focus remains on leveraging it responsibly to maximize its potential in financial services.

For those who, like me, are catching up, here’s the talk that sparked this reflection:

Citations

1. How AI is Powering the Future of Financial Services – MIT Technology Review, April 7, 2022.
2. Readying Business for the Age of AI – MIT Technology Review, August 25, 2024.
3. Euroclear Strikes Microsoft Tie-Up – Financial News London, January 2025.
4. How to Fine-Tune AI for Prosperity – MIT Technology Review, August 19, 2024.
5. Good Governance Essential for Enterprises Deploying AI – MIT Technology Review, July 17, 2023.
6. Panel: Generative AI in Finance and Economics – YouTube, June 21, 2023.
7. Powering Finance: Digital Transformation of an ‘Always On’ Industry – MIT Technology Review, September 12, 2022.
8. How AI Is Powering the Future of Financial Services (Sameena Shah) – YouTube, September 6, 2022.
9. Using Technology to Power the Future of Banking – MIT Technology Review, August 14, 2022.
10. Beyond the AI Hype Cycle: Trust and the Future of AI – MIT Technology Review, July 5, 2020.