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Revolution through Artificial Intelligence in Context to Financial Services
| Content Provider | Scilit |
|---|---|
| Author | Mehra, Srishty Singh, Gurmeet |
| Copyright Year | 2021 |
| Description | Book Name: Applications of Artificial Intelligence in Business and Finance |
| Abstract | The human aspect of learning new things and the problem-solving in arising situations can now be done by the new age computers with machine intelligence known as “smart computers,” while, the machine intelligence also known as Artificial intelligence covers diversified fields, including medical, engineering, finance, etc. the potential of AI is still unknown as it is not completely explored, but there are expectations that it will change the way of machine operations and mark the beginning of the new modern era of humanity. While in the current age of technology, all the banks and non-banking financial companies rely heavily upon the internet and computers for providing financial services to their clients hence the introduction of AI in the financial service sector will be a game changer by facilitating innovation of new financial service products for the people. In recent times, PayPal, a company dealing with online funds transfer around the world, has used AI system for strengthening the cybersecurity for online transactions resulting more reliability of customers as well as adding more customers on the payment network [4]. Although AI offers some promising outcomes, but some key challenges, includes the need for high-end technology for the cost-effective integration of AI with financial services and while as lack of AI development at commercial scale and limited integration 88of AI in educational courses resulting a handful of people well qualified and experienced in the field of AI [5]. Also, lack of understanding about AI in the public domain will cause suspicions in the minds of governments posing risks of unhealthy government regulations in the future. Another problem relates to independent working processes of AI in the future leading to the complete loss of human control over AI and may even establish one AI bot to other AI Bot communication as a similar incident was observed in case of Facebook where two AI Bots start communicating in a language not understood by humans. |
| Related Links | https://api.taylorfrancis.com/content/chapters/edit/download?identifierName=doi&identifierValue=10.1201/9781003129639-5&type=chapterpdf |
| DOI | 10.1201/9781003129639-5 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2021-10-28 |
| Access Restriction | Open |
| Subject Keyword | Book Name: Applications of Artificial Intelligence in Business and Finance Completely Intelligence Machine Bots Ai Bot Financial Service Problem Human |
| Content Type | Text |
| Resource Type | Chapter |
