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Revolution Through Artificial Intelligence in Context to Financial Services

Mehra, Srishity and Singh, Gurmeet (2021) Revolution Through Artificial Intelligence in Context to Financial Services. In: Applications of Artificial Intelligence in Business and Finance - Modern Trends. CRC, India, TBC. ISBN 9781771889681

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Artificial Intelligence -Artificial Intelligence is when human thought process is inculcated by the machines i.e. mainly computers. The human aspect of learning new things and the problem solving in arising situations can now also be done by the new age computers known as “smart computers”, not exactly the same way just like the humans do, but in quite different unique ways. Also known as machine intelligence, the term is used to explain the computer systems demonstrating various human intellectual processes such as the ability to think, reason, interpret, generalize, problem solving and learn from the different sources. The scope of such intelligence is not only restricted to the information and technology but it covers diversified fields including medical, engineering, finance and services etc. However the potential of Artificial intelligence is still unknown as it is not completely explored but there are expectations that it will change the way of machine operations and mark the beginning of new modern era of humanity. Financial Services –They are defined as the bunch of various amenities such as distribution of credit and acceptance of deposits offered by the various banking as well as non-banking financial institutions that is limited not only to credit lending services, insurance, retail banking, investment opportunities and investment management funds, but also includes some value additions such as providing information to different users regarding capital and money markets. In this new age of technology all the banks and non banking financial companies rely heavily upon internet and computers for providing financial services to their clients hence the developments in the area of computers and information technology has direct impact on the experience of financial services. So the introduction of AI in financial service sector will definitely change the current scenario of things and may push for innovation of new financial service products for the people.

Item Type: Book Chapter
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Business and Economics (FBE) > Graduate School of Business
Depositing User: Gurmeet Singh
Date Deposited: 25 May 2020 00:26
Last Modified: 07 Oct 2021 00:01

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