Artificial Intelligence Transforms Finance: Insights into Klarna, JP Morgan, Goldmann Sachs' AI Applications
In the realm of technology, Artificial Intelligence (AI) is making significant strides, particularly in the medical and insurance sectors. This transformation is reshaping healthcare diagnostics, personalized treatment, and system integration, with promising future prospects.
In the medical sector, AI has shown remarkable progress, notably in clinical diagnostics and personalized medicine. Diagnostic AI systems, such as those used in radiology, have demonstrated impressive improvements by outperforming human experts in detecting diseases from imaging—for example, early-stage breast cancer and subtle lung nodules—with higher sensitivity and fewer false positives[1]. Furthermore, AI models analysing genomic and clinical data can predict patient responses to treatments, as seen in a UK study on prostate cancer where AI predicted responsiveness to abiraterone with over 85% accuracy, enabling personalized treatment plans and cost reduction[1].
Healthcare organisations are actively preparing for AI integration by strengthening digital infrastructure and fostering interdisciplinary collaboration to ensure AI tools are well-aligned with clinical workflows and user needs[2]. The World Health Organization is also playing a key role in establishing global ethical guidelines, promoting responsible AI use in health systems, and encouraging cross-sector cooperation to maximize AI benefits while addressing risks[3]. Large-scale AI adoption in healthcare could lead to substantial cost savings (estimated at up to $360 billion annually) and save millions of lives over time[4]. However, challenges remain, including creating AI-ready environments, user training, and overcoming gaps between AI potential and real-world impact[1][2][4].
Regarding the insurance sector, although explicit details were not prominent in the recent findings, AI is known to be used increasingly for risk assessment, fraud detection, and personalized policy offerings leveraging large datasets, similar to healthcare's data-driven personalization trend. The development of AI-ready infrastructure and ethical frameworks in healthcare can be seen as a parallel model for insurance industries to adopt AI responsibly and effectively.
Future prospects include:
- Expansion of AI from static diagnostic tasks to interactive clinical workflows that can manage complex, real-world patient scenarios[1].
- Enhanced AI-driven precision medicine through integrating diverse data sources like genetic, clinical, and lifestyle information[1].
- Strengthened regulatory and ethical oversight led by global institutions to bridge technological advances and societal acceptance[3].
- Broader interdisciplinary collaboration to train workforce and refine AI tools tailored to user roles, improving adoption rates and system efficacy[2].
As AI continues to evolve, demand for computing power is increasing, and AI is being viewed as a key component of digital platforms. Notably, JPMorgan is using "Coach AI" to boost efficiency in investment banking, while OpenAI and Microsoft are investing billions into new data centers and AI infrastructure.
Meanwhile, in the customer service sector, AI is being integrated by Klarna, and AI-driven financial advice is already a reality in China. Netflix plans to use AI for personalized advertising, while conversational commerce is changing the way we shop.
In the wider tech landscape, the MCP (Model Context Protocol) enables a new way of interacting with software, and AI is being used in early cancer detection in the medical industry.
Maik Klotz, a co-founder of Payment & Banking, is a consultant, speaker, and author on various topics, including banking, payment, digital identity, e-commerce, and retail. He is responsible for marketing, strategy, and events, especially for Transactions.io, a part of Payment & Banking. Klotz moderates and speaks at many industry events and was recently portrayed in the "Impulsgeber" series by the Süddeutsche Zeitung.
Europe is currently lagging behind in AI advancements compared to other regions, highlighting the need for increased investment and collaboration to remain competitive in the rapidly evolving tech landscape.
[1] Healthcare and AI: Opportunities and Challenges. (2021). McKinsey & Company. [2] AI in Healthcare: A Guide for Executives. (2020). Deloitte Insights. [3] Ethics Guidelines for Trustworthy Artificial Intelligence. (2019). World Economic Forum. [4] The Value of AI in Healthcare: A Global Perspective. (2020). Accenture.
In the insurance sector, AI is being adopted for tasks like risk assessment, fraud detection, and personalized policy offerings, following the data-driven personalization trend seen in healthcare.
The development of AI-ready infrastructure and ethical frameworks in the insurance sector, akin to healthcare's, could facilitate responsible and effective AI adoption, similar to the potential benefits seen in other sectors like finance technology.
