Artificial Intelligence in Finance and Industry: Opportunities and Challenges

Abstract

Access to and management of financial resources are being transformed by artificial intelligence (AI). Everything from chatbot assistants to automated task processing and fraud detection are all within the scope of artificial intelligence (AI) and machine learning in the financial sector. According to Insider Intelligence’s analysis on artificial intelligence in banking, the vast majority of financial institutions (80%) see the possibilities afforded by AI. Technological progress, rising user acceptability, and altering regulatory frameworks will all hasten financial institutions’ (FIs) choice to employ AI. By automating routine tasks and providing customers with access to their accounts and financial advisory services around the clock, banks utilising AI may significantly enhance the customer care they provide.