Opportunities and Challenges for Artificial Intelligence and Machine Learning Applications in the Finance Sector

Abstract

This book chapter primarily discusses various applications and historical developments of artificial intelligence (AI) and machine learning (ML) applications in financial sectors, specially from the perspective of Indian capital markets. AI and ML are unique technologies that may be used in a variety of sectors. Especially for financial sectors, these bring a lot of advantages, such as Lesser human bias; quicker resolution of issues; cheaper than human labor; greater reach and impact; increasing client involvement; and reducing fraudulent activity. It also talks about various challenges, and charts the future outlook of AI and ML applications. AI and ML will persist to have a growing influence on the finance industry in the upcoming times.