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The AI Revolution: Financial Services in the Age of Intelligent Machines
Abstract
The financial services industry is undergoing a considerable transition due to the fast-paced development of artificial intelligence (AI) and allied technologies. This chapter explores the influence of AI on financial services, including its origins, fundamental ideas, and diverse applications. Credit scoring, fraud detection, customer service, investment strategies, financial education, customized banking, portfolio management, marketing strategies, and regulatory compliance are just a few areas where AI have been deployed. There are various concerns regarding the use of AI in financial services, such as issues with data security and privacy, the need for localization to serve a variety of customer bases, operationalization difficulties, the necessity for trust and transparency, the dearth of necessary skills, and the complexity of AI-driven decisions. This chapter highlights the crucial part AI will play in deciding the direction of financial services in the future and the need of preserving ethical standards to make sure AI continues to be a driver for progress in the sector.
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