AI in FinTech: Applications and Challenges
10 viewsAbstract
Artificial Intelligence is the new deal in Financial Technology these days. Money is going digital, and old ways of doing things are not working anymore. Artificial Intelligence helps institutions by looking at lots of data, finding patterns, and making decisions faster and more accurately. This study discusses the way Artificial Intelligence is used in financial services like detecting fraud, giving credit scores, trading using algorithms, and helping customers automatically. Artificial Intelligence helps make things more efficient by reducing costs, managing risks, and analyzing data in real-time. Also, it helps detect transactions and make credit risk assessment more accurate. However, there are some challenges. People are concerned about cybersecurity, data privacy, bias, and not understanding what is going on with regulations. Also, Artificial Intelligence models are very complex. It is very hard to understand what is going on with the way financial decisions are being made. Overall, Artificial Intelligence is both good and bad for the financial industry. On the one hand, it helps make things more efficient and innovative. On the other hand, it needs rules and ethics to make sure that it is used in a good way.
Keywords
Algorithmic trading, Artificial Intelligence, Financial Technology, Fintech, Fraud Detection