A Study on Artificial Intelligence in Financial Service

Artificial Intelligence is defined as ‘Intelligent Agents’ and sometimes called as ‘Machine Intelligence’, it is an intelligence demonstrated by machines in contrast to natural intelligence displayed by humans. Nowadays, Artificial Intelligence is playing a major role in the financial service industries and taking it into higher peak. It helps companies in financial industry to save time, reduce costs and add value through the usage of algorithms that generate insights, acting as filtering key information which makes human work more effective and easy from wide variety of sources. It also helps in managing the trading decisions by processing the data and creating algorithms to manage trade better. It is useful to bank sectors as well, that helps in serving the customers efficiently by predicting and reducing the risk quickly. It also detects fraud or false information provided in data that humans might miss and reduces false declines. Artificial Intelligence has countless applications in financial service ecosystem that are prepared to transform the industry in the next several years including detecting and analysing brand sentiments, providing investment insights, making banking more efficient and less risky and identifying fraud etc. This paper is an attempt to analyse the Impact of Artificial Intelligence on Financial Services. It is purely based on secondary source i.e. obtained from blogs, journals, magazines, newspapers etc