A new report from the World Economic Forum (WEF) which was compiled through interviews with dozens of leading financial experts and industry leaders, concludes that artificial intelligence will disrupt the industry.

This is because early adopters can outmanoeuvre competitors. On the plus side, the technology will create more convenient products for consumers, such as sophisticated tools for managing personal finances and investments.

Big financial institutions are to build machine-learning-based services that live in the cloud and are accessed by other institution.

The report's main author, Jesse McWaters said that the dynamics of machine learning create a strong incentive to network the back office.

But the danger of all this is that a more networked world is more vulnerable to cybersecurity risks, and it also creates concentration risks.