In the age of rapid modernization and the development of artificial intelligence, we step into the heavily funded “Fourth Industrial Revolution” as the world cohesively works together to ease everyday hassle. Simultaneously, industries around the world race to implement recent technologies daily, looking to improve efficiency whilst embracing the future. Artificial intelligence or AI has become the focal point of every company within the financial services sector, as they look to integrate modern technologies within their system and improve job times whilst reducing operating costs. This paper will look to explore the current global implementations of AI within the Financial Services Industry (FSI), whilst analyzing its role in the various components of financial institutions, summarising global government regulations, and questioning the socio-cultural stigmas attached to it. This paper contains an extensive layer of statistical research conducted by several sources (often recurring) and aims to conclude the current state of Artificial intelligence models in the highly sensitive finance and banking industry. The paper retains its focus on economic efficiency, customer safety and satisfaction, workplace culture, and societal stigmas.
Madih et al. (2024) studied this question.