AI and Cloud-Driven Transformation in Finance, Insurance, and the Automotive Ecosystem: A Multi-Sectoral Framework for Credit Risk, Mobility Services, and Consumer Protection

Artificial intelligence (AI) applications are rapidly entering all walks of life, affecting decision-making and the quality of outcomes. Being primarily data-driven, AI utilizes the cloud and the associated vast array of facilities provided by cloud environments to create a tremendous variety of decision-support systems. These systems raise a host of legal, ethical, social, privacy, and regulatory challenges. The combination of AI, cloud, and data is equally capable of providing transformative solutions in specialized domains such as finance, insurance, and the automotive ecosystem. The use of AI on comprehensive data has the potential to create accurate credit-risk scoring, enabling useful economic activities that were earlier part of the shadow economy; the automotive ecosystem is undergoing a shift from the traditional vehicle ownership model to a shared and eventually completely autonomous transportation model. In this chapter, we provide a deep-dive exposition of these transformative applications, the trade-offs involved, and some of the dominant research issues that are at the cusp of technologies driven by data, AI, and the cloud.