Market Finance in an Era of Cheap Intelligence

Despite the recent successes of artificial intelligence (AI), it is not a new field. Tools provided by data sciences have been at the heart of a series of progresses allowing machines to "solve complex problems, without being intelligent". Secondary innovations coming for AI will transform the financial industry in three directions: towards client experience and construction of bespoke products on the fly, towards real economy and nowcasting, and towards risk management. These innovations are already impacting market participants that are modularising their services and re-engineering themselves into platforms. Since this sector has good reasons to be highly regulated, some specificities of AI, i.e. the prominent role of data and the use of external software libraries, can appear as new sources of uncertainty.