AI in Finance: Challenges, Techniques and Opportunities
40 Pages Posted: 29 Jul 2021
Date Written: June 18, 2021
AI in finance broadly refers to the applications of AI techniques in financial businesses. This area has attracted attention for decades with both classic and modern AI techniques applied to increasingly broader areas of finance, economy and society. In contrast to either discussing the problems, aspects and opportunities of finance that have benefited from specific AI techniques and in particular some new-generation AI and data science (AIDS) areas or reviewing the progress of applying specific techniques to resolving certain financial problems, this review offers a comprehensive and dense roadmap of the overwhelming challenges, techniques and opportunities of AI research in finance over the past decades. The landscapes and challenges of financial businesses and data are firstly outlined, followed by a comprehensive categorization and a dense overview of the decades of AI research in finance. We then structure and illustrate the data-driven analytics and learning of financial businesses and data. A comparison, criticism and discussion of classic vs. modern AI techniques for finance follows. Finally, the open issues and opportunities to address future AI-empowered finance and finance-motivated AI research are discussed.
Keywords: AI, data science, data analytics, advanced analytics, machine learning, statistics, mathematics, modeling, finance, economics, FinTech, AI in FinTech, AI in finance, smart FinTech
JEL Classification: C00, C10, C20, C30, C40, C50, C60, G00
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