Comparative Analysis of Artificial Intelligence and its Powered Technologies Applications in the Finance Sector

Tyagi, Swati; Jindal, Tanvi; Krishna, Somanchi Hari; Hassen, Samar Mansoor; Shukla, Surendra Kumar; Kaur, Chamandeep

doi:10.1109/ic3i56241.2022.10073077

Cited by 4 publications

(3 citation statements)

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“…Furthermore, the studies conducted by Tyagi et al (2022) and the policy examination by Dixon (2023) underscore the significance of cooperation among banks, fintech firms, and regulatory agencies in addressing the challenges associated with incorporating AI. Such collaboration is essential for creating AI solutions that are not just cutting-edge in terms of technology but also ethically responsible and in compliance with local regulatory frameworks.…”

Section: Tyagi Et Al (mentioning

confidence: 99%

Implementing AI in banking customer service: A review of current trends and future applications

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Int. J. Sci. Res. Arch.

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In the dynamic realm of banking, the advent of Artificial Intelligence (AI) has catalyzed a transformative shift, redefining the paradigms of customer service and operational efficiency. This scholarly paper delves into the intricate interplay between AI and banking, aiming to elucidate the multifarious impacts of AI integration within this sector. Anchored in a robust thematic analysis and an exhaustive literature review, the study meticulously navigates through the evolution, current applications and prospective future of AI in banking, with a particular focus on enhancing customer experience and addressing the operational challenges. The methodology adopted herein, comprising both qualitative and quantitative analyses, facilitates a comprehensive exploration of AI's role in banking, unveiling its potential to revolutionize service delivery, risk management and customer engagement. The findings from this investigation underscore the significant enhancements in customer service metrics attributed to AI, alongside the emergence of personalized banking experiences. Furthermore, the study illuminates the strategic implications for banks adopting AI technologies, highlighting the necessity of navigating ethical and privacy concerns meticulously. The conclusions drawn advocate for a balanced approach towards AI adoption, emphasizing the imperative of ongoing research and development, coupled with ethical considerations, to harness AI's full potential responsibly. In essence, this paper offers a scholarly synthesis of AI's transformative impact on banking, providing a roadmap for future explorations in this domain. It lays down the gauntlet for banks to leverage AI's potential judiciously, guiding the banking sector towards a future where technology and human ingenuity converge to redefine banking's essence. The recommendations proffered herein underscore the importance of ethical governance and continuous innovation in navigating the AI-driven future of banking.

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Section: Tyagi Et Al (mentioning

confidence: 99%

Implementing AI in banking customer service: A review of current trends and future applications

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Int. J. Sci. Res. Arch.

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“…Their study showcases a financial robot in action, illustrating the tangible benefits AI brings to the financial sector, including enhanced intelligent processing and data analytics capabilities. Tyagi et al (2022) conduct a comparative analysis of AI and its powered technologies in finance, emphasizing the critical role fintech companies play in enabling financial institutions to adopt innovative products and services. This research highlights the necessity for banks and financial organizations to integrate AI into their business strategies to maintain a competitive edge in today's digital economy.…”

Section: Artificial Intelligence Applications Within Financementioning

confidence: 99%

“…The application of AI in finance represents a significant shift towards more efficient, accurate, and personalized financial services. The insights provided by Li et al (2023), Agarwal et al (2022), Tyagi et al (2022), and Jain (2023) highlight the transformative potential of AI in finance, as well as the challenges and considerations that accompany its adoption. As the finance sector continues to evolve, AI will undoubtedly play a central role in shaping its future.…”

Section: Artificial Intelligence Applications Within Financementioning

confidence: 99%

The influence of AI on financial reporting quality: A critical review and analysis

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

World J. Adv. Res. Rev.

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In an era where the confluence of Artificial Intelligence (AI) and financial reporting is reshaping the contours of financial analysis and accountability, this paper ventures into the heart of this transformation. With a purposeful gaze, it examines the burgeoning role of AI in enhancing the quality, accuracy, and timeliness of financial reporting. The study, anchored in a qualitative research methodology, meticulously explores the integration of AI technologies within the financial reporting landscape, aiming to illuminate the pathways through which AI can augment traditional reporting practices. Through the lens of this inquiry, the paper traverses the evolution of financial reporting, the foundational principles of AI, and the symbiotic relationship between AI applications and financial analytics, culminating in a nuanced understanding of AI's potential to revolutionize financial reporting. The main findings reveal that AI significantly enhances reporting accuracy, analytical depth, and efficiency, while also presenting challenges related to ethical considerations, regulatory compliance, and the potential for biases. These insights pave the way for a set of carefully articulated recommendations, advocating for the standardization of AI systems in financial reporting, the development of comprehensive regulatory frameworks, and the promotion of AI literacy among financial professionals. Conclusively, the paper posits that the strategic integration of AI into financial reporting is not merely an option but a necessity for the advancement of the field, urging stakeholders to embrace this technological evolution with a balanced approach that harmonizes innovation with ethical and regulatory imperatives. This scholarly endeavor not only contributes to the academic discourse on AI in financial reporting but also serves as a beacon for practitioners navigating the complexities of this digital transformation.

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The Rise and Rise of Artificial Intelligence in the World of Finance

Iyer,

Gupta,

Somani

et al. 2024

Advances in Finance, Accounting, and Economics

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This chapter explores the burgeoning influence of artificial intelligence (AI) on financial services. The authors examine how AI is transforming various sectors, including algorithmic trading, risk management, fraud detection, and wealth management. The chapter analyses the benefits of AI, such as increased efficiency, accuracy, and data-driven decision-making. It also acknowledges potential challenges, including job displacement, algorithmic bias, and the need for robust regulatory frameworks. By critically assessing the current landscape and future possibilities, this chapter sheds light on the transformative power of AI in shaping the future of finance

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Comparative Analysis of Artificial Intelligence and its Powered Technologies Applications in the Finance Sector

Cited by 4 publications

References 1 publication

Implementing AI in banking customer service: A review of current trends and future applications

Implementing AI in banking customer service: A review of current trends and future applications

The influence of AI on financial reporting quality: A critical review and analysis

The Rise and Rise of Artificial Intelligence in the World of Finance

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