New Technologies in Canadian Financial Sector: Artificial Intelligence and Big Data

 
PIIS032120680001075-6-1
DOI10.31857/S032120680001075-6
Publication type Article
Status Published
Authors
Occupation: Leading Research Fellow, Department of Canada, ISCRAN
Affiliation: Institute for the U.S. and Canadian Studies, Russian Academy of Sciences (ISKRAN)
Address: 2/3 Khlebny per., Moscow 121069, Russian Federation
Journal nameUSA & Canada: ekonomika, politika, kultura
EditionIssue 10
Pages50-65
Abstract

Presently, Canada’s leading financial institutions are actively participating in the digitalization race. Technological budgets of the largest Canadian banks are growing at double-digit paces annually. Financial institutions’ R&D investments will soon to exceed expenditures to maintain existing IT systems. When it comes to new technologies, artificial intelligence and big data are becoming priorities for financial services providers. To a large extent, this is due to the fact that Canada is traditionally very strong in these particular fields . Platforms deploying artificial intelligence and big data are already actively used in customer relationship management. Robo-advisory is another area of their application. Pilot systems relying on artificial intelligence and big data to make investment decisions are also being developed. At the same time, large-scale application of new technologies brings forth a number of  hallenges for the Canadian financial sector. Effectiveness of new platforms and quality of customer service should be provided for. Human resources education and training should be brought to a higher level, while negative effects of digitalization on the labour market require mitigation. Investments in new platforms should be economically viable in the environment of rising technological expenditures and intensifying competition on the financial services market.

KeywordsCanada, new financial technologies, fintech, artificial intelligence (AI), big data
Received17.10.2018
Publication date26.10.2018
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