Among the most important shortcomings of financial systems in Asia were: severe currency and maturity mismatches; excessive concentration of lending; insider and politically directed lending; inadequate accounting and loan classification procedures; weak capitalisation; and unsatisfactory supervision. Correcting these fundamental problems will be neither quick nor easy.
The first invention of neural networks, a central pillar of most AI systems, dates back to the year 1943. Until a few years ago, the main users of big data and AI in the area of finance were certain hedge funds and high-frequency trading firms.