THE ROLE OF ARTIFICIAL INTELLIGENCE IN TRANSFORMING FINANCIAL MANAGEMENT PRACTICES: OPPORTUNITIES AND CHALLENGES

Abstract

The term "artificial intelligence" refers to a substantial technical development that has been produced and modified by humans. This progress has made it possible for computers and robots to make human living easier and more convenient. Artificial intelligence (AI) enables robots to learn from their errors and adapt to new circumstances, even after they have been built by humans. This is despite the fact that it still requires human knowledge and effort to assemble the data collected by the machines. Since it was first developed in the middle of the twentieth century, artificial intelligence (AI) has gone a long way and is now creating waves in a wide variety of sectors. The finance industry is one of the many organisations that has shown a significant interest in pushing the trajectory of artificial intelligence. On several occasions, artificial intelligence has shown its capacity to fulfil the ever-increasing need for dependability and consistency in the financial sector. Every aspect is set out in plain sight and is simple to access, beginning with the first risk assessment and continuing with the continuous management of financial risk. This includes the facilitation of trading choices, the identification of fraud, and the supply of individualised investment advice. One factor that has led to the rapid development in the number of mobile banking facilities over the last few years is the use of artificial intelligence and machine learning to reduce the danger of cyberattacks. Help for customers is accessible around the clock, seven days a week, which has significantly reduced the amount of work that is repetitive and made life simpler for customers generally. The focus of this paper will be on a few of these critically important concerns, as well as the growing significance of artificial intelligence in the financial industry.