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The Impact of AI Technologies in Transforming Financial Systems and Driving Innovation
Abstract
Artificial intelligence (AI) is becoming more deeply embedded in financial institutions, and it has the potential to impact their performance on a global scale. The study explores the evolution of AI and its transformative impact on reshaping the global financial landscape, which is driven by innovation and accessibility. The AI comprises several technologies which allow financial institutions to transition from conventional, manual processes to automated, data-driven operation approaches. The role of AI in financial systems extends beyond automation, making a paradigm shift in how financial products and services are delivered. Machine learning (ML) analysis large transaction data to determine trends, predict market movements, and improve financial decision-making. NPL-powered chatbots and virtual assistants have revolutionized customer service, offering seamless interactions and real-time support. The study recommended that regulator bodies and financial institutions should ensure the ethical deployment of AI and enhance consumer literacy.
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