THE BAHAMAS INSTITUTEOF FINANCIAL SERVICES

Course Description

This course is designed for all financial services professionals who may have little to no background in artificial intelligence or machine learning. Together, we will explore how AI is transforming financial services worldwide, with a strong focus on practical, real-world applications and responsible implementation.

 

This course provides a comprehensive, non-technical foundation in Artificial Intelligence, with every module connected to the strategic priorities and regulatory framework of The Bahamas. We balance the "what is possible" with the "what is permissible," ensuring you understand both the potential and the pitfalls.

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Upon completion, you will be able to:

1. Confidently explain core AI concepts and their specific value propositions for financial services.

2. Identify high-impact AI applications in relevant to the local market.

3. Champion ethical, transparent, and compliant AI implementation within your organization.

4. Develop a forward-looking perspective on skills, strategy, and governance for an AI-augmented financial centre.

 

Course Outline

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Week 1 – Foundations of AI & Fintech in Financial Services

·     What is Artificial Intelligence? (AI, ML, DL in simple terms)

·     History and evolution of AI in finance

·     Why AI matters for the Bahamas’ financial sector

·     Case studies: AML, fraud detection, customer onboarding

·     Discussion: Opportunities and risks

 

Week 2 – AI & Data Governance, Ethics & Regulation

·     The role of data: structured vs. unstructured in financial services

·     Data quality, security, and privacy concerns

·     Ethical considerations: bias, fairness, and transparency

·     Bahamian and international regulatory perspectives (Central Bank, FATF, GDPR, etc.)

·     Group activity: Identifying data/AI risks in your institution

 

Week 3 – AI in AML, Compliance & Risk Management

·     AI in anti-money laundering (AML) and counter-terrorism financing (CFT)

·     Fraud detection models and anomaly detection

·     Predictive analytics in risk management

·     Local applications: case examples relevant to Bahamian banking & insurance

 

 Week 4 – AI in Customer Experience & Operations

·     Chatbots, digital assistants, and robo-advisors

·     Personalization in banking and wealth management

·     Process automation (RPA + AI in back-office functions)

·     Case study: Caribbean banks’ digital transformation

·     Group discussion: What service in your institution could be automated?

 

Week 5 – AI in Investment & Credit Decisions

·     Algorithmic trading basics (plain English version)

·     AI in credit scoring and lending decisions

·     Portfolio optimization and robo-investing

·     Risk-return tradeoffs in AI-driven investment

·     Simulation: Comparing traditional vs AI-based credit scoring

 

Week 6 – The Future of AI & Fintech in the Bahamas’ Financial Sector

·     Emerging trends: Explainable AI (XAI), Generative AI, RegTech, SupTech

·     Human oversight vs. automation – where’s the balance?

·     Skills financial professionals need in an AI-driven future

 

Week 7 - EXAM

 

Course Assessment & Evaluation:

•  Class Participation and Attendance: 10%

•  Final Examination/Project: 90%  {Exam 70% & Project 20%}

 

A scenario-based exam focused on applying AI knowledge within Bahamian regulatory and business contexts.

Books: How to think about AI by Richard Susskind.

 

Key Resources:  Readings will include excerpts from the Bahamas Data Protection & Computer Misuse legislation, advisories, and case studies from global financial centres with similar profiles.

 

Instructor: Wence Martin is an educator, attorney, AML Compliance specialist, and economics & wealth management consultant. He is a university lecturer and a doctoral student focusing on technology law (inclusive of AI & Fintech) and policy. He has more than 20 years experience in Bahamian financial services, regulatory technology, and risk governance

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