Topic > Artificial intelligence and its impact on the financial industry

IndexArtificial intelligenceImpacts of artificial intelligence in the financial marketThe future financial market of artificial intelligenceConclusionArtificial intelligenceArtificial intelligence, also known as AI, is typically a field of information technology , consisting mainly of intelligent machine tools that operate like humans. Some of the tasks that AI is designed for include problem solving and speech recognition. Artificial intelligence is a component of computer science whose goal is to implement intelligent machines. It is an integral part of the technology sector. In this digital age, artificial intelligence technologies are having a significant impact in factories and industries. It helps improve the availability of new products and services and ensure the presence of new business models. The development of artificial intelligence has brought about significant changes in the financial sector causing major changes in the capital market. Primarily, this has been effective across various value chains such as promoting automation and intelligent analysis of thinking and decision making in industries. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Arguably, the AI ​​technology market is increasing significantly and there is also a significant increase in investments from several enterprises. According to scientific research, at least 38% of industries already use artificial intelligence and the percentage is rapidly increasing. Mainly, the financial sector focuses on the development and implementation of artificial intelligence to ensure speed, accuracy and efficiency. In the transformation of artificial intelligence there are machine learning algorithms, i.e. software that improves when given 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 caused various impacts. For example, there has been increased efficiency and job creation. Likewise, AI provides intelligent analytics and also increases automation in data review and customer service. Artificial intelligence, therefore, is crucial in financial sectors that cannot afford to be ruined by the imprecision involved in decisions made by humans. Prospect identification: Artificial intelligence includes a customer profiling model that can allow banks to create labels for customers using machine learning algorithms that are fundamentally based on extensive data from customers (Neiger, 2018) . Relatively, this can help financial sectors identify the most potential customers and then interact with them based on their character, which can lead to increased sales. Precision marketing: Artificial intelligence can ensure that employees perform better in the workplace through intelligent and efficient analytics (Ayers, 2016). For example, social media analytics can be improved through cognitive computing and by attracting customer attention through social media feedback, enabling the financial industry to meet customer needs and requirements. Robot advisors: are usually used to provide different clients with different backgrounds with advice on their investment database regarding the market and investor data. These consultants..