Application of Artificial Intelligence and Machine Learning to Finance
Abdulsamad Alsulami
Email: aba.alsulami@yahoo.com
Abstract
A review of 26 papers selected from Google and Google Scholar showed that the extent of artificial intelligence (AI) and machine learning (ML) adoption in finance is high and increasing rapidly. Fintech firms dominate over incumbents in all respects. Many new applications of AI and ML are being integrated into the financial services sector. The future is bright for AI and ML in finance. The various applications of AI and ML in finance can be categorised into personalised services and products, creating opportunities, managing risk and fraud, enabling transparency and compliance, automating operations and reducing costs. These applications have different impacts/outcomes on the organisation, customers and the government. The adoption and implementation of AI and ML in finance are subject to many challenges and problems. The main challenges are ethics, customer trust, cyberattacks, regulatory compliance, talent acquisition and culture. There are many opportunities also. To utilise the opportunities, challenges need to be addressed using appropriate methods. Overall, the adoption and implementation of AI and ML in finance is an exciting development that is affecting the global population in various ways.