Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10198/28755 |
Resumo: | The swift progression and widespread integration of Artificial Intelligence (AI) across numerous fields has been causing major shifts in conventional paradigms. One of the prime examples of such transformation is evident in the finance sector. This document delves into the immediate implications, future opportunities, the challenges being faced and the future outlook of AI in finance by conducting an exhaustive review of academic papers, industrial studies, and real-world case studies. Our research indicates that AI's impact on areas like risk management, trading, customer assistance, fraud detection, and personalization of financial services has been notably significant, boosting efficiency, security, and customer contentment. However, we also discuss the critical hurdles that arise with the implementation of AI, such as ethical concerns about data privacy and biases, the mystery surrounding AI's 'black box' problem, and the potential job losses due to automation. Our paper concludes that although AI has the potential to bring about significant changes in the finance industry, it is crucial to overcome the associated ethical, trust, and regulatory challenges to maximize its benefits. Future investigations should focus on creating ethically considerate, transparent, and robust AI tools that are compliant with and can excel in the Regulatory Landscape of the finance industry. |
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Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerationsArtificial intelligenceRisk managementAutomated tradingCustomer serviceFraud detectionPersonalizationRobo-advisoryFinance industryThe swift progression and widespread integration of Artificial Intelligence (AI) across numerous fields has been causing major shifts in conventional paradigms. One of the prime examples of such transformation is evident in the finance sector. This document delves into the immediate implications, future opportunities, the challenges being faced and the future outlook of AI in finance by conducting an exhaustive review of academic papers, industrial studies, and real-world case studies. Our research indicates that AI's impact on areas like risk management, trading, customer assistance, fraud detection, and personalization of financial services has been notably significant, boosting efficiency, security, and customer contentment. However, we also discuss the critical hurdles that arise with the implementation of AI, such as ethical concerns about data privacy and biases, the mystery surrounding AI's 'black box' problem, and the potential job losses due to automation. Our paper concludes that although AI has the potential to bring about significant changes in the finance industry, it is crucial to overcome the associated ethical, trust, and regulatory challenges to maximize its benefits. Future investigations should focus on creating ethically considerate, transparent, and robust AI tools that are compliant with and can excel in the Regulatory Landscape of the finance industry.Scientific Journal for Contemporary Education and Application of Information Technologies – EdTech JournalBiblioteca Digital do IPBRanković, MarkoGurgu, ElenaMartins, Oliva M.D.Vukasović, Milan2023-09-27T10:43:59Z20232023-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10198/28755engRanković, Marko; Gurgu, Elena; Martins, Oliva M.D.; Vukasović, Milan (2023). Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations. EdTech Journal. 3:1, p. 20-2310.18485/edtech.2023.3.1.2info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-21T11:02:48Zoai:bibliotecadigital.ipb.pt:10198/28755Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T23:18:43.461277Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations |
title |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations |
spellingShingle |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations Ranković, Marko Artificial intelligence Risk management Automated trading Customer service Fraud detection Personalization Robo-advisory Finance industry |
title_short |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations |
title_full |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations |
title_fullStr |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations |
title_full_unstemmed |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations |
title_sort |
Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations |
author |
Ranković, Marko |
author_facet |
Ranković, Marko Gurgu, Elena Martins, Oliva M.D. Vukasović, Milan |
author_role |
author |
author2 |
Gurgu, Elena Martins, Oliva M.D. Vukasović, Milan |
author2_role |
author author author |
dc.contributor.none.fl_str_mv |
Biblioteca Digital do IPB |
dc.contributor.author.fl_str_mv |
Ranković, Marko Gurgu, Elena Martins, Oliva M.D. Vukasović, Milan |
dc.subject.por.fl_str_mv |
Artificial intelligence Risk management Automated trading Customer service Fraud detection Personalization Robo-advisory Finance industry |
topic |
Artificial intelligence Risk management Automated trading Customer service Fraud detection Personalization Robo-advisory Finance industry |
description |
The swift progression and widespread integration of Artificial Intelligence (AI) across numerous fields has been causing major shifts in conventional paradigms. One of the prime examples of such transformation is evident in the finance sector. This document delves into the immediate implications, future opportunities, the challenges being faced and the future outlook of AI in finance by conducting an exhaustive review of academic papers, industrial studies, and real-world case studies. Our research indicates that AI's impact on areas like risk management, trading, customer assistance, fraud detection, and personalization of financial services has been notably significant, boosting efficiency, security, and customer contentment. However, we also discuss the critical hurdles that arise with the implementation of AI, such as ethical concerns about data privacy and biases, the mystery surrounding AI's 'black box' problem, and the potential job losses due to automation. Our paper concludes that although AI has the potential to bring about significant changes in the finance industry, it is crucial to overcome the associated ethical, trust, and regulatory challenges to maximize its benefits. Future investigations should focus on creating ethically considerate, transparent, and robust AI tools that are compliant with and can excel in the Regulatory Landscape of the finance industry. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-09-27T10:43:59Z 2023 2023-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10198/28755 |
url |
http://hdl.handle.net/10198/28755 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Ranković, Marko; Gurgu, Elena; Martins, Oliva M.D.; Vukasović, Milan (2023). Artificial intelligence and the evolution of finance: opportunities, challenges and ethical considerations. EdTech Journal. 3:1, p. 20-23 10.18485/edtech.2023.3.1.2 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Scientific Journal for Contemporary Education and Application of Information Technologies – EdTech Journal |
publisher.none.fl_str_mv |
Scientific Journal for Contemporary Education and Application of Information Technologies – EdTech Journal |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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