Book Image

Hands-On Artificial Intelligence for Banking

By : Jeffrey Ng, Subhash Shah
Book Image

Hands-On Artificial Intelligence for Banking

By: Jeffrey Ng, Subhash Shah

Overview of this book

Remodeling your outlook on banking begins with keeping up to date with the latest and most effective approaches, such as artificial intelligence (AI). Hands-On Artificial Intelligence for Banking is a practical guide that will help you advance in your career in the banking domain. The book will demonstrate AI implementation to make your banking services smoother, more cost-efficient, and accessible to clients, focusing on both the client- and server-side uses of AI. You’ll begin by understanding the importance of artificial intelligence, while also gaining insights into the recent AI revolution in the banking industry. Next, you’ll get hands-on machine learning experience, exploring how to use time series analysis and reinforcement learning to automate client procurements and banking and finance decisions. After this, you’ll progress to learning about mechanizing capital market decisions, using automated portfolio management systems and predicting the future of investment banking. In addition to this, you’ll explore concepts such as building personal wealth advisors and mass customization of client lifetime wealth. Finally, you’ll get to grips with some real-world AI considerations in the field of banking. By the end of this book, you’ll be equipped with the skills you need to navigate the finance domain by leveraging the power of AI.
Table of Contents (14 chapters)
Section 1: Quick Review of AI in the Finance Industry
Section 2: Machine Learning Algorithms and Hands-on Examples

Cash flow projection using the Open Bank API

In the future, we will need robo-advisors to be able to understand our needs. The most basic step is to be able to pull our financial data from across banks. Here, we will assume that we are customers of consumer banking services from the US who are staying in the UK. We are looking for wealth planning for a family of four—a married couple and two kids. What we want is a robo-advisor to perform all our financial activities for us.

We will retrieve all the necessary transaction data from the Open Bank Project (OBP) API to forecast our expenditure forecasting via Open Bank API. The data that we will be using will be simulated data that follows the format specified in the OBP. We are not going to dive deep into any of the software technologies while focusing on building the wealth planning engine. The family description we'll be using has been obtained from the Federal Reserve (https://www.federalreserve...