The introduction of artificial intelligence (AI) in various industrial and financial fields has brought both anticipation and concern. Especially, the members of different financial institutions have conflicting thoughts regarding the usage of AI to boost their output. Their concerns are not without merit, but AI has so far proved to be more beneficial than detrimental. This manuscript serves to highlight various portions of the financial sector that are utilizing AI to varying degrees of success. From using AI to identify, analyze and even tentatively automate stock market purchases, to personalizing consumer interaction while at the same time preventing fraud, to even preparing for certain scenarios where the company or bank faces the worst, AI has seeped into the interactions of the financial sector. AI is a tool, and undoubtedly part of the future, so it is best to try to understand how it interacts in the fiscal world. As with all tools, the person who is most experienced with it and is experienced with its usage the most will reap the greatest rewards. While AI proves to be a valuable asset in enhancing financial operations, its optimal performance and reliability are significantly amplified through continuous human supervision. By seeking maximum efficiency, businesses have ensured that AI-driven decisions align with both overarching business objectives and ethical standards.
SONG et al. (2024) studied this question.