The Role of Artificial Intelligence in Revolutionizing Financial Services: Opportunities and Challenges

Authors

  • Aisha Al-Obaidi Universitas Mosul
  • Tariq Al-Samarrai Universitas Mosul
  • Layla Al-Fadhli Universitas Mosul

DOI:

https://doi.org/10.55606/iceb.v3i2.477

Keywords:

Artificial intelligence, financial services, risk management, customer engagement, ethical challenges

Abstract

Artificial intelligence (AI) is transforming the financial services industry by enhancing decision-making, risk management, and customer engagement. This study explores the adoption of AI technologies in banking, investment management, and insurance. It also addresses ethical and regulatory challenges, providing a roadmap for sustainable AI integration in the financial sector.

References

Accenture. (2020). AI in banking: The future of customer engagement. Retrieved from https://www.accenture.com

Barocas, S., Hardt, M., & Narayanan, A. (2019). Fairness and machine learning. Retrieved from https://fairmlbook.org

Berkeley, University of California. (2020). Algorithmic bias detectable in investment management. Retrieved from https://www.berkeley.edu

Deloitte. (2021). The impact of AI on investment management. Retrieved from https://www2.deloitte.com

European Commission. (2020). General Data Protection Regulation (GDPR). Retrieved from https://ec.europa.eu/info/law/law-topic/data-protection_en

Financial Stability Board (FSB). (2020). Artificial intelligence and machine learning in financial services. Retrieved from https://www.fsb.org

Juniper Research. (2021). AI in fraud detection: Market analysis. Retrieved from https://www.juniperresearch.com

Lemonade. (2021). How AI is transforming insurance. Retrieved from https://www.lemonade.com

McKinsey & Company. (2021). The future of AI in banking. Retrieved from https://www.mckinsey.com

Obermeyer, Z., Powers, B., & Mullainathan, S. (2019). Dissecting racial bias in an algorithm used to manage the health of populations. Science, 366(6464), 447-453. https://doi.org/10.1126/science.aax2342

PwC. (2020). AI in insurance: Enhancing customer experience. Retrieved from https://www.pwc.com

Renaissance Technologies. (2021). Quantitative trading strategies. Retrieved from https://www.renaissancetech.com

Statista. (2021). Robo-advisory market size worldwide from 2019 to 2025. Retrieved from https://www.statista.com

U.S. Securities and Exchange Commission. (2010). The flash crash: Report of the staffs of the CFTC and SEC. Retrieved from https://www.sec.gov

ZestFinance. (2020). How AI is revolutionizing credit scoring. Retrieved from https://www.zestfinance.com

Downloads

Published

2024-12-31

How to Cite

Aisha Al-Obaidi, Tariq Al-Samarrai, & Layla Al-Fadhli. (2024). The Role of Artificial Intelligence in Revolutionizing Financial Services: Opportunities and Challenges. Proceeding of The International Conference on Economics and Business, 3(2), 123–129. https://doi.org/10.55606/iceb.v3i2.477

Similar Articles

1 2 3 4 5 6 7 8 > >> 

You may also start an advanced similarity search for this article.