The Role of implementing Artificial Intelligence and Machine Learning Technologies in the financial services Industry for creating Competitive Intelligence

Abstract

Artificial intelligence (AI) and Machine learning (ML) have provided the financial industry as a whole a method to address customer expectations for more innovative, more convenient, and safer ways to access, expend, employ, save, and invest their funds. In addition, AI assists the financial industry in streamlining and improving procedures from investing decisions to quantifiable trading and financial risk management.As a result, Automated-based solutions are expected to emerge as a game-changer with significant implications for increasing financial access to the people.AI and ML help managers emphasize the business's key and strategic aspects and spend less time on repetitive tasks. Most essential operations in finance, such as risk assessment, stock trading, and credit lending to loan applicants, are being taken over by AI. Further, AI is a robust technology that is widely used in the financial services industry. ML and AI have a lot of potentials to make a positive difference in the financial services industry. They revolutionize financial services and the way they are delivered to clienteles. It could lead to better-informed and tailored products and services and enhanced internal procedure productivities, cybersecurity, and risk lessening. The faster response aided by AI delivers higher customer satisfaction. Moreover, AI and ML transform the means financial institutions generate and use data insights, resulting in new kinds of business model innovation, reforming competitive ecosystems and personnel, presenting new risk dynamics, and posing new challenges to businesses and policymakers.This research paper focuses on qualitative research, primarily exploring how AI and machine learning have been deployed in various financial service industries and their impact on employees, finance professionals, and corporate organisations to create competitive intelligence.