"Application of Artificial Intelligence in Investment Banks"
by Vedapradha, R; Ravi, Hariharan (2018)
Abstract
Banks are automating their processes, migrating their infrastructure and applications to the cloud to create a seamless customer journey. Transformative technology has enabled banks and financial institutions to automate their operations based on advanced data-driven. Banks are adopting AI based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations. These applications have been embraced by the investment banks as regulatory framework are failing to combat conventional way in combating against money laundering. Artificial Intelligence will focus on cognitive application in functional areas of business along with investment and compliance sectors of financial services industry. Adopting AI based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations.
Key Passage
Artificial Intelligence will focus on cognitive application in functional areas of business along with investment and compliance sectors of financial services industry. This seems to be a crucial leap in advancement from advanced robotics towards machine learning and predictive analysis. Most of the banks in the industry are focusing on developing the AI to gain the competitive edge that enables them to achieve betterment in speed, accuracy, cost effective-efficiency, and customer satisfaction. Ex: Chatbots (p.132)
Keywords
Business And Economics, Political Economics, Microeconomics, Macroecomics, Public Finance And Fiscal Theory, Artificial IntelligenceThemes
AI and FinanceLinks to Reference
- https://content.sciendo.com/view/journals/rebs/11/2/article-p131.xml
- http://dx.doi.org/10.1515/rebs-2018-0078
- https://content.sciendo.com/downloadpdf/journals/rebs/11/2/article-p131.xml
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