Artificial Intelligence (AI) In Finance
The term AI is now become “IMPORTANT’ due to its role in gaining
insights of financial transactions and world wide financial institutes enthusiasm to find out the patterns related to fraud detection. Now a days many of the financial services organization using AI to avail the benefits to reduce cost, time and doing transactions fast, reliably and accurately. The big and small commercial banks with help of new AI technological mechanisms
enhance productivity as well as transparent system vital for organizational profitability.
As the online commerce crossing of the limits the number of online frauds also increases causing the number of C level executives engaging to create such a security method to prevent the damages on financial system. With help of AI analyzing key data points, fraudulent transactions, real time approvals and minimizing the false decline are the number one priorities for top executives.
Many of the financial services providers were implemented the AI for cyber security reason it is the number two now a days after implemented the framework for prevent hacking across the digital financial system.
Artificial intelligence (AI) depends on pattern detection algorithms many types of patterns are important to detect the financial turmoil some of them are below.
Credit Approvals / Declines
Not responding customer
Missing information customer
Stock Broker system
A well efficient algorithm may perform well on stock market trade, when to buy and sell with the help of algorithmic data may increases the profitability of the client