IMPACT of Artificial Intelligence on E-Banking and Financial Technology Development

Abstract

Artificial intelligence has a significant impact on financial technologies. Machine learning is an important field of artificial intelligence. Machine learning is a subset of artificial intelligence. According to client knowledge gathered by machine learning, data structures may be more easily comprehended and changed. Machine learning, although still being employed in the IT business, has its own set of benefits. They are used by computer program to explain or solve a typical issue because they are a set of well-written instructions. Data inputs for factual research may be prepared by computers using master learning algorithms that can deliver results within a certain range. Computers are used to model test data, and frameworks are used to make automated decisions based on input data. Banks and financial institutions may benefit from the use of machine learning. This article discusses applications of machine learning in banking and finance sector.

Determinants of financial inclusion gaps in Pakistan and implications for achieving SDGs

“…Concurrently, the rise of digital finance has marked a new era characterized by low interest rates and economic growth, thereby widening opportunities for asset accumulation and financial accessibility 32 . Moreover, the emergence of open banking and the increasing use of artificial intelligence and machine learning in financial services are further revolutionizing the financial inclusion landscape, creating new avenues for reaching underserved populations and tailoring financial products to their specific needs 33,34 Nevertheless, institutional factors such as the management of corruption and the efficacy of governance play an important role in advancing financial inclusion 35 .…”