Implication of Artificial Intelligence (AI) in Finance in the Case of Bangladesh

Abstract

AI is going to open new technical possibilities that will upend the banking and non-banking financial sector. Numerous opportunities and benefits will result from the changes for the industry, its clients, and society at large. Examples of the benefits include increased efficiency and cost savings, improved customer service offerings, and more consistent adherence to compliance rules. In this chapter, the authors examine the application of AI in the financial sector of Bangladesh. They bring up several general concerns in addition to ethical and legal accountability concerns. Additional moral issues that need to be discussed in public debate include the personalization of service offers, data collecting ownership and security, the possibility of destruction of many jobs in the financial sector, and the potential systemic concerns associated with AI-driven consolidation. Companies listed on the Dhaka Stock Exchange are taken into consideration. The comparison will add to the conversation on how to deal with AI in society by generating moral implications in a developing economy like Bangladesh.