Summary of Redefining Finance: the Influence Of Artificial Intelligence (ai) and Machine Learning (ml), by Animesh Kumar
Redefining Finance: The Influence of Artificial Intelligence (AI) and Machine Learning (ML)
by Animesh Kumar
First submitted to arxiv on: 21 Oct 2024
Categories
- Main: Artificial Intelligence (cs.AI)
- Secondary: None
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| Summary difficulty | Written by | Summary |
|---|---|---|
| High | Paper authors | High Difficulty Summary Read the original abstract here |
| Medium | GrooveSquid.com (original content) | Medium Difficulty Summary The paper explores the intersection of Artificial Intelligence (AI) and Machine Learning (ML) in finance, examining how this fusion is transforming the industry. Financial institutions are increasingly relying on data-driven decision-making, seeking to automate processes while minimizing risks. The study highlights the impact on retail banking, wealth management, corporate banking, and payment ecosystems, demonstrating AI/ML applications that range from customer onboarding to fraud detection and prevention. By integrating AI/ML into mainstream applications, financial institutions can enhance operational efficiency, personalize customer experiences, and minimize risk through advanced predictive analytics and automation. |
| Low | GrooveSquid.com (original content) | Low Difficulty Summary The paper talks about how Artificial Intelligence (AI) and Machine Learning (ML) are changing the way finance works. Right now, companies that handle money are using data to make decisions, trying to automate things and keep risks low. This is affecting areas like retail banking, managing people’s wealth, working with big businesses, and payments. The paper shows how AI/ML can be used for things like helping new customers join a bank or detect fake transactions. By using AI/ML in everyday work, these companies can make things more efficient, give better service to their customers, and keep risks low. |
Keywords
» Artificial intelligence » Machine learning
