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ABSTRACT:
This study explores the application of Artificial Intelligence (AI) on the various financial services such as portfolio management, credit ratings, exchange rate and trading etc. which is been supported by 'various examples where companies have used and using AI for increasing their efficiency and to have competitive advantage.
Financial Institutions are pioneer of the application of Alin business and rate this is increasing exponentially. Alis one of the reasons for adaption of changes in financial services which finally reduces cost and help in bringing operational efficiencies.
Keywords:
AI, Trading, Fraud Detection, Portfolio Management, Forecasting, Banking Sector
Introduction and Background :
Application of computational tools to address tasks requires human sophistication is termed as "Artificial Intelligence (AI)." Existence of AI is from several years, right from the use of Computers from simplification to storing data. They have been using is diagnosis of diseases, language translation and now penetrating in financial sector.
AI is form of technology which finds loopholes and bottleneck in system, analyzes the situation and take decision based on algorithms.AI is also a self-learning system which implements decisions on its own and thus need to have human control on system.
AI is bringing rapid changes in financial operations and regulations, especially in the field of Risk Management of Projects, Fraud Detection in Banking sector, Trading Security, Portfolio management and calculation of rate of return in future by analyzing complex graphs of market.
AI uses "Big Data Analytics" which is a combination of supervised, reinforced and unsupervised learning along with machine learning. Machine learning deals with optimization, predication and...