AI Implementation in Finance; What Business Have to Gain
DOI:
https://doi.org/10.47611/jsrhs.v13i4.8165Keywords:
AI-based quality control, AI risk management, Fintech, Natural Language Processing, AI trading modelAbstract
The introduction of artificial intelligence (AI) in various industrial and financial fields has brought both anticipation and concern. Especially, the members of different financial institutions have conflicting thoughts regarding the usage of AI to boost their output. Their concerns are not without merit, but AI has so far proved to be more beneficial than detrimental. This manuscript serves to highlight various portions of the financial sector that are utilizing AI to varying degrees of success. From using AI to identify, analyze and even tentatively automate stock market purchases, to personalizing consumer interaction while at the same time preventing fraud, to even preparing for certain scenarios where the company or bank faces the worst, AI has seeped into the interactions of the financial sector. AI is a tool, and undoubtedly part of the future, so it is best to try to understand how it interacts in the fiscal world. As with all tools, the person who is most experienced with it and is experienced with its usage the most will reap the greatest rewards. While AI proves to be a valuable asset in enhancing financial operations, its optimal performance and reliability are significantly amplified through continuous human supervision. By seeking maximum efficiency, businesses have ensured that AI-driven decisions align with both overarching business objectives and ethical standards.
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provide a comprehensive survey of AI applications in finance, highlighting its significant impact on financial forecasting, protection, analysis, and decision-making. This survey underscores the pivotal role of supervised learning and the rising popularity of deep learning technologies in reshaping financial services
Li et al. (2023) provide a comprehensive survey of AI applications in finance, highlighting its significant impact on financial forecasting, protection, analysis, and decision-making. This survey underscores the pivotal role of supervised learning and the rising popularity of deep learning technologies in reshaping financial services.
Agarwal et al. (2022) delve into the innovations brought about by AI in finance, examining the practical applications and effects of financial intelligence from fundamental operations to risk management. Their study showcases a financial robot in action, illustrating the tangible benefits AI brings to the financial sector, including enhanced intelligent processing and data analytics capabilities.
Tyagi et al. (2022) conduct a comparative analysis of AI and its powered technologies in finance, emphasizing the critical role fintech companies play in enabling financial institutions to adopt innovative products and services. This research highlights the necessity for banks and financial organizations to integrate AI into their business strategies to maintain a competitive edge in today's digital economy
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