The role of artificial intelligence applications in improving the financial sector

دور تطبيقات الذكاء الاصطناعي في تحسين القطاع المالي

Abstract

This article aims to highlight the contribution of artificial intelligence’s applications to improving the financial sector, and to identify the challenges that financial institutions face when applying it. By using the analytical approach, We concluded that artificial intelligence has an influential role in the financial services industry to acquire competitive intelligence, It has proven its ability to improve internal banking operations, efficiency, accuracy, and decision-making ability through automation,  In addition to achieving many advantages in trading, asset management, predicting and managing risks, detecting fraud and providing security. We also concluded that there are challenges to the use of artificial intelligence in the financial sector, which include data privacy and quality, biased decision-making, limited transparency, security risks, and legal and ethical issues.

We have also found several ways to overcome these challenges: using techniques that increase transparency, build expertise, and implement robust security measures to enhance safety, and address legal and ethical problems and biases.