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ISSN Approved Journal No: 2456-3315 | Impact factor: 8.14 | ESTD Year: 2016
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Impact Factor : 8.14
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| Paper Title: | Role of Artificial Intelligence in Financial Services |
| Authors Name: | ARUNKUMAR B C , MEGHANA D N |
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IJRTI_200776
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| Published Paper Id: | IJRTI2502058 |
| Published In: | Volume 10 Issue 2, February-2025 |
| DOI: | |
| Abstract: | In the modern period, artificial intelligence (AI), and more specifically generative AI (genAI), has risen to the top of the agenda for companies, legislators, and other stakeholders. The significant impact of the technology and the possible course of future policy frameworks were hot topics in many forums. Nevertheless, this study started its own dialogue series in the financial services industry in response to the growing interest in the development of AI. The purpose of the study was to investigate a basic question: how may this technology affect the strategic orientation of specific financial institutions as well as change the financial services industry in the years to come? The purpose of this article is to give a summary of the current state of AI in financial services, along with important unanswered concerns and potential hazards that corporate executives, legislators, and consumers should consider as research into AI's wide-ranging effects continues. With their operations that rely heavily on language and data, financial services companies are in a unique position to benefit from the advancements in artificial intelligence, and they have been doing so for years. Financial services companies invested $35 billion in AI in 2023, and by 2027, it is anticipated that investments in banking, insurance, capital markets, and payments will total $97 billion. With this substantial investment, the financial services sector is among the most heavily involved in artificial intelligence (AI). There are notable use cases throughout the organization where automation and machine learning are increasing accuracy, decreasing operating costs, and simplifying processes. According to studies conducted more recently with the advancements of generative artificial intelligence (genAI), 32–39% of the labour done by the banking, insurance, and capital markets industries has a high potential for complete automation, and 34–37% has a high potential for augmentation. As a result, new investments in AI have increased significantly. The industry is being forced to remake itself at a never-before-seen, and frequently uncomfortably pace and scale due to the quick development of AI and the growing variety of potential applications. The integration of several cutting-edge technology, like AI agents, quantum computing, and tiny language models, will spur both creativity and uncertainty in the financial services industry as technological advancements pick up speed. Business executives, legislators, and regulators will continue to face difficulties because of this change. Business executives' focus is now turning to potential for revenue development, as most of the AI adoption now occurring in the financial services industry is primarily concentrated on increasing efficiency. In addition, around 70% of financial services executives think AI would directly boost revenue growth in the upcoming years, indicating the continued importance of backend applications. |
| Keywords: | social media, marketing, customer perception, strategies, content. |
| Cite Article: | "Role of Artificial Intelligence in Financial Services ", International Journal of Science & Engineering Development Research (www.ijrti.org), ISSN:2455-2631, Vol.10, Issue 2, page no.a581-a586, February-2025, Available :http://www.ijrti.org/papers/IJRTI2502058.pdf |
| Downloads: | 000179 |
| ISSN: |
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
| Publication Details: |
Published Paper ID: IJRTI2502058
Registration ID:200776
Published In: Volume 10 Issue 2, February-2025
DOI (Digital Object Identifier):
Page No: a581-a586 Country: BANGLORE, KARNATAKA, India Research Area: Commerce Publisher : IJ Publication Published Paper URL : https://www.ijrti.org/viewpaperforall?paper=IJRTI2502058 Published Paper PDF: https://www.ijrti.org/papers/IJRTI2502058 |
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ISSN: 2456-3315
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