Artificial intelligence (AI) is shaking up the financial world, from lightning-fast algorithmic trading to fraud detection. AI can analyse massive data sets to unearth hidden patterns and potential investments, making it a game-changer for investment management. But AI isn't just about stock picking. Financial institutions are using AI to streamline loan applications, assess creditworthiness, and even personalise investment advice for clients. AI-powered chatbots are also providing 24/7 customer support, making financial services more accessible and convenient.
While AI offers undeniable benefits, it's not a magic solution. Human expertise is irreplaceable when it comes to portfolio management, strategic decision-making, and risk assessment. The future of finance lies in collaboration, where AI and human intelligence work together to achieve the best possible results. As AI technology matures, its influence on financial markets is certain to grow, demanding new regulations to address issues like algorithmic bias and transparency. One thing is for sure: AI is here to stay, and the way we manage our money will never be the same.
Sayma Akter
Student
North South University
sayma.akter01@northsouth.edu