Author: Dr Giriraj Kiradoo, Associate Professor, Department of Management & Technology, Engineering College Bikaner, Bikaner, Rajasthan, India
Editors: Dr. Divya Mahajan, Dr. Saumya Vatsayan, Dr. Santosh Kumar, Dr. Priyanka Dadhich
ISBN: 978-81-963849-1-3
DOI: https://doi.org/10.59646/edbookc21/009
Abstract:
This chapter explores the symbiotic relationship between artificial intelligence (AI) and the financial services industry, offering an in-depth analysis of the transformative impact of AI on banking, investment, and risk management. The convergence of algorithms and intelligence is examined, with a specific focus on generative AI and its applications in creating financial narratives and visual content. The chapter covers key AI technologies, including machine learning, deep learning, natural language processing, computer vision, and robotic process automation, elucidating their roles in various financial processes. Real-world examples from prominent institutions illustrate the practical applications of these technologies in areas such as financial forecasting, fraud detection, risk management, tax compliance, customer service, and financial education. Emphasizing the importance of high-quality and relevant data for effective AI models, the chapter delves into ethical and legal implications, challenges related to explainability and transparency. The chapter concludes by examining the future trajectory of AI and finance, capturing the industry’s digital renaissance and navigating the intricate balance between challenges and innovative solutions.