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Artificial intelligence (AI) based technologies are nowadays used in the financial sector as part of the financial services provision in Luxembourg. These advantageous solutions are acknowledged and supported by the EU’s work towards a suitable legal and ethical framework. The World Economic Forum has published its forecasts stating that the impact of AI in the financial sector will continue to grow and develop drastically, bringing new opportunities to market players, among others, for such outside of the financial sector in respect of distribution of financial products and advice.(1) The goal of ensuring efficiency, time and cost savings, quicker decision-making process and more favorable experiences of clients in the financial sector is carried by the evolving AI.
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