Artificial Intelligence is emerging as a key factor within the finance industry, toward increasing revenues, and toward achieving business goals. From providing value-based business strategies, improved customer experiences, increased revenue generation, and reduced costs, AI is establishing itself as a significant technological advancement to achieving business success. Top management is now viewing AI to assess business areas that are poised to substantially benefit through advanced analytics and deploying it to achieve the desired outcomes.
The natural evolution of technology for business benefits that took us from paperwork to the internet is now swiftly transforming toward AI, and the Finance industry is no exception. The heavy volumes of data involved in the finance sector make this technology a primary resource toward business benefits. The process of pattern establishment and identification is a key advantage that has attracted increasing attention toward the analytical capabilities of this technology. Although AI comes with innumerable benefits for the finance industry, there are also some concerns with regard to trust, bias, and regulatory compliance, hence it is prudent to view the technology as a means to assist human endeavors rather than the replacement of human involvement.