Application of Data Science and Artificial Intelligence in Financial decisions: A survey

Abstract

This paper provides a survey on the application of Data Science and Artificial Intelligence (DSAI) in decision-making for Financial services and Corporate firms. Firstly, we review the application of DSAI in Financial service decisions. The ability of DSAI models to capture the linear and nonlinear behavior of time-series data helps the development of DSAI applications in Financial Services. Secondly, we review the application of DSAI in Corporate finance decisions, which is found to be in growing stages. In Corporate finance decisions, the researchers have developed hybrid models consisting of DSAI and econometrics techniques. The success of hybrid models suggests that applying DSAI along with econometric models improves the efficiency of Corporate finance decision-making.