Paper Key : IRJ************346
Author: Dr. Mona Chawhan,Dr. Ritu Marwah
Date Published: 10 Jul 2024
Abstract
Artificial intelligence (AI) is rapidly reshaping the financial landscape, venturing far beyond its established role in traditional banking. While AI's effectiveness in core functions like fraud detection and credit scoring is undeniable, its influence extends significantly. AI-powered platforms like robo-advisors and algorithmic trading democratize investment opportunities, making sophisticated financial instruments accessible to a wider audience. Furthermore, AI-based credit assessments can expand financial inclusion by evaluating borrowers beyond traditional metrics, fostering economic growth in underserved communities. The realm of innovation expands to RegTech solutions powered by AI, streamlining compliance processes and improving accuracy. However, ensuring explainability in AI models and mitigating potential biases in algorithms are crucial for responsible innovation. This review, drawing on twelve key studies, highlights the multifaceted and evolving role of AI in shaping the future of a more inclusive, efficient, and secure financial ecosystem.
DOI Requested