1、 BIS Working Papers No 1194 Intelligent financial system:how AI is transforming finance by Iaki Aldasoro,Leonardo Gambacorta,Anton Korinek,Vatsala Shreeti and Merlin Stein Monetary and Economic Department June 2024 JEL classification:E31,J24,O33,O40 Keywords:Artificial Intelligence,Generative AI,AI

2、Agents,Financial System,Financial Institutions BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements,and from time to time by other economists,and are published by the Bank.The papers are on subjects of topical interest and are te

3、chnical in character.The views expressed in them are those of their authors and not necessarily the views of the BIS.This publication is available on the BIS website(www.bis.org).Bank for International Settlements 2024.All rights reserved.Brief excerpts may be reproduced or translated provided the s

4、ource is stated.ISSN 1020-0959(print)ISSN 1682-7678(online)Intelligent financial system:how AI is transforming financeI AldasoroBISL GambacortaBIS&CEPRA KorinekUniv.of Virginia&GovAIV ShreetiBISM SteinUniv.of OxfordAbstractAt the core of the financial system is the processing and aggregation of vast

5、 amounts of information into price signals that coordinate participants in the economy.Throughout history,advances in information processing,from sim-ple book-keeping to artificial intelligence(AI),have transformed the financial sector.We use this framing to analyse how generative AI(GenAI)and emerg

6、-ing AI agents as well as,more speculatively,artificial general intelligence will impact finance.We focus on four functions of the financial sy stem:financial intermediation,insurance,asset management,and payments.We also assess the implications of advances in AI for financial stability and prudenti