-
Essay / Artificial Intelligence and Its Impact on the Financial Sector
Table of ContentsArtificial IntelligenceImpacts of Artificial Intelligence on the Financial MarketThe Future AI Financial MarketConclusionArtificial IntelligenceArtificial Intelligence, also known as AI, is generally an IT sector, which mainly consists of intelligent technologies. machines that function like human beings. Some of the tasks that AI is designed to do include problem solving and speech recognition. Artificial Intelligence is a component of computing whose objective is to implement intelligent machines. It is an integral part of the technology industry. In the digital age, artificial intelligence technologies are having a significant impact on factories and industries. It helps to improve the availability of new products and services and to guarantee the presence of new business models. The development of artificial intelligence has brought significant changes in the financial sector by causing great changes in the capital market. Mainly, this has been effective through various value chains such as driving automation and intelligent analysis and decision-making across industries. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay It can be said that the market for artificial intelligence technology is increasing significantly, and the investments of different companies are also increasing significantly. According to scientific research, at least 38% of industries already use artificial intelligence and this percentage is growing significantly. The financial sector mainly focuses on the development and implementation of AI for the sake of speed, accuracy and efficiency. In the transformation of artificial intelligence, there are machine learning algorithms, software that improves when fed data. This is a trend that significantly benefits the financial sector. Impacts of Artificial Intelligence on the Financial Market The application of artificial intelligence in the financial sector has had various impacts. For example, there has been increased efficiency and job creation. In the same way, artificial intelligence provides intelligent analysis and also increases the automation of data review and customer service. AI is therefore crucial in financial areas that cannot afford to be ruined by inaccuracy related to decisions made by human beings. Identification of potential customers: AI includes a customer profiling model that can allow banks to create tags for customers using them. of machine learning algorithms that fundamentally rely on extensive customer data (Neiger, 2018). Relatively, it can help financial sectors to attract the largest number of potential customers and thus interact with them based on their character, which can lead to increased sales. Precision Marketing: Artificial intelligence can ensure that employees perform better at the workplace through intelligent analysis. and effective decisions (Ayers, 2016). For example, social media analytics can be enhanced through cognitive computing and attract customer attention through social media comments, thereby enabling the financial industry to respond to customer demands and needs. Robo-advisors: They are generally used to give..