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Financial services firms are making early gains from artificial intelligence (AI), which is not surprising given that finance is historically an industry that embraces new technologies aggressively.
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One surprising outcome is that AI might end up making the most critical functions of banking, insurance, and trading, or the creative functions that require human insights, even more valuable.
"What happens is there's going to be a premium on creativity and judgment that goes into the process," said John Kain, who is head of market development efforts in financial services for AWS, in an interview with ZDNET via Zoom.
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By process, he meant those areas that are most advanced, and presumably hardest to automate, such as a bank's risk calculations.
John Kain Amazon AWS
"So much of what's undifferentiated will be automated," said Kaine. "But what that means is what actually differentiates the business and the ability to serve customers better, whether that's better understanding products or risk, or coming up with new products, from a financial perspective, the pace of that will just go so much more quickly in the future."
Amazon formed its financial services unit 10 years ago, the first time the cloud giant took an industry-first approach.
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