Conditions and mechanisms of implementing AI in the financial sector

The research analyses the process of adapting artificial intelligence in the financial sector, highlighting the key mechanisms of its implemen­tation. The mentioned process was presented from the perspective of the development of Industry 4.0. The research presents an overview of the conditions for the implementation of artificial intelligence in the financial sector. It does not pretend to be a study that would exhaustively present the research problem under­taken. Each of the partial issues presented in the following paragraphs requires develop­ment based on more in-depth research. The aim of the research is to show the process of adapting artificial intelligence in the financial sector and to highlight the mechanisms of its implemen­tation. Instead of hypotheses, the following research questions will be formulated in this study: What is the importance of AI in the development of digital economy? What is the role of AI in the development of financial sector? What are the experiences with implementing AI in the financial sector of different countries? What are the lessons learned from using AI and ML in the financial sector so far? The study is based on the analysis and evaluation of literature and sectoral reports presenting the issues of digital transfor­mation of the economy, highligh­ting the importance and possibilities of using artificial intelligence and related modern techno­logies. The above-mentioned analysis was complemented by the use of deductive and induc­tive reasoning. The use of artificial intelligence is an integral element of the process of digitization of the economy. The financial sector has widely adopted solutions based on the use of artificial intelligence and machine learning. They have become an important factor in increasing the efficiency of this sector and the financial system and its elements, the quality of services provided by financial institutions and, consequently, their competitiveness on the market. The development of the digital economy has created new opportunities for financial institutions to use artificial intelligence and information tech­nolo­gies related to it. This applies to the use of technologies such as autonomous robots, Big Data, cloud computing, system integration, additive pro­duc­tion, Industrial Internet of Things, aug­men­ted reality, simulations, and technologies suppor­ting cybersecurity. These technologies create new oppor­tunities for financial institutions to improve their efficiency and the quality of the products they offer