Introduction: Our Remade World

This chapter lays a foundation for the book by sensitising the readers on the advent of the Fourth Industrial Revolution (4IR) technologies with their attendant technological advances. Today’s world could be termed as a remade world because of the effect of the unparalleled technological disruptions of the 4IR. The chapter identified the various stages in the evolution of technologies as it relates to the financial services industry. From manual to computerised bookkeeping and to the advent of Enterprise Resource Planning (ERP) systems in the 1990s. This was followed by the era of cloud-based financial services in the 2000s and finally by the current Artificial Intelligence revolution which largely characterised the 4IR age. The chapter emphasised that AI Revolution in Financial Services is evident in such areas as data processing and analysis, automation and decision support as well as customer service and experience to mention a few. The confluence of AI technology with other technologies such as the blockchain and distributed ledger technology has brought in new possibilities for decentralising finance, enhanced traceability, and transparency of transactions. The chapter concludes that the advent of these technologies has the capability to reshape the accounting, auditing, and finance functions by reshaping traditional practices thus creating new possibilities in terms of processes, human skills, and output.