Importance and value of Artificial Intelligence in Financial Sector – A critical Review

Abstract

Artificial Intelligence has brought a great transformation to the financial sector by providing various opportunities for tailor made and customized services, reduction in costs and developing new models of business. Additionally, Artificial Intelligence has really boomed in past few years and many companies in different sectors have adopted it and applied in their operations. Many times, Artificial Intelligence is called as automation of the process within the sector, but a better way of usage of technology for the betterment of sector, mainly financial sector. Huge changes have been brought in financial sector through technology of artificial intelligence that created a range of innovative financial services such as intelligent consultant, intelligent lending, monitoring, and warning, as well as intelligent customer service. A sample of 175 respondents in which 62.29% “male” and 37.71% “female” has been considered by a “standard questionnaire” created on five-point interval scale.