Artificial Intelligence in Financial Industry

Abstract

Artificial intelligence is a disruptive technology that, upon full adoption into the finance sector, will revolutionize the functionality and help the industry to function optimally. The study applied mixed research design and secondary sources to establish existing literature on the role of AI in the industry. Evidence from the studies reveals that AI has numerous benefits for the financial sector that span across the realm of financial services and address the challenges in the industry. Artificial intelligence is an umbrella term encompassing technologies such as machine learning and robotic process automation. All these technical capabilities will help the financial sector navigates existential threats and challenges in the industry such as cybersecurity, fraud and risk management.

Keywords: Artificial intelligence, robotic process automation, machine learning