ABSTRACT:
Artificial Intelligence technologies pervade financial services around the globe. The AI applications in emerging markets allows financial service providers to improve and automate business processes and helps them to overcome challenges such high operational costs, establishing customer identity and creditworthiness which may prevent delivery of financial services who are excluded from financial services. Understanding the benefits of financial inclusion through implementation of AI technologies highly depends upon the responsibility of firm’s adoption, on competitive market arrangements, continued investment in necessary infrastructural aspects. Artificial intelligence is considered as a special discipline decades back but it’s applications are gaining significant importance in recent days. The present article intends to investigate the current state of AI adoption in financial services, identify the potential benefits and value drivers of AI adoption in financial services, examine the challenges in adoption of AI in Finance Industry and to look over the recent trends and developments in adoption of AI in finance industry from global perspective.finally the author has made an attempt to understand how the Artificial Intelligence technology has brought transformation in financial ecosystem, as well as impact of Artificial Intelligence on individuals and stakeholders. In addition, there are some of the impediments faced by financial service providers in implementing AI technologies. The present study is purely conceptual in nature and the necessary information has been collected from reports generated by IFC, PWC, NVIDIA, NASSCOM and repute journals, outlook money etc, author has used well defined inclusion and exclusion criteria for collecting necessary information pertaining to the Artificial intelligence and financial services.