Use of Artificial Intelligence in Managing Financial Services in Banking Industry

This research paper discusses the use of artificial intelligence in managing financial services within the banking industry. It highlights the benefits of AI in detecting fraud, providing financial advisory services, managing finance, and trading. The paper also covers the limitations of AI in terms of customer privacy, technological complexity, loss of jobs, and security of AI systems. The research methodology includes interpretivism, positivism, and realism philosophies, inductive and deductive methods, and secondary and primary data collection methods. The research design includes descriptive, exploratory, and explanatory approaches. The paper concludes that AI is quite beneficial for managing financial services.

Research proposal
Group Assignment
Name of the student: - Sreekanth Reddy Gundarapu
(30350601)
Rayyan Shaikh (30337683)
Avinash Reddy (30351283)

Introduction The paper mainly reflects on the “use of artificial intelligence in financial service.
 The banking organizations face a number of fraud in context to financial services and as a
result they faces lot of difficulties in managing the operation of the organization properly.
 The banking organization also face problems in managing finance as well as face issues in
providing proper financial advices to its clients.
 AI is used for managing the financial services to resolve the risks and challenges that are
associated with the baking industry.
 The use of AI not only detects fraud within the financial investment but also assists in
providing proper help in context to financial advisory services as well as in managing the
finance of the organization.
 proper research methodology is also provided in the paper in order to discuss the research
methods, as well as data collection methods that are mainly used in order to undertake this
entire research.

Executive Summary
 The paper mainly reflects on the use of artificial intelligence in
managing the financial services within the banking industry
 The paper reflects that the problems, which are faced by the
organization, can be resolved with the use of AI within the
banking industry.
 The research paper utilizes secondary data collection method in
order to collect data as well as information about the use of AI for
managing financial services.

RESEARCH QUESTIONS
 How AI is useful in managing the financial
services?
 What are the benefits that are achieved by using
AI in managing the financial services?
 Does the utilization of AI in context to the
financial services create any type of risks or
challenges

Literature review
USEFULNESS OF AI IN MANAGING THE FINANCIAL SERVICES
 Most of the organizations that are mainly related with the financial services are
generally attempting for leveraging AI so that powerful as well as connected
journey of the customers can be created
 Several banking industry are generally utilizing AI for driving the customers and
for helping them to automate their personalized interactions.
 opined that monetary administrations suppliers are immersed with enormous
information, particularly unstructured information.
 Most of the players within the insurance sector plays a great role in resolving the
complex challenges and issues in various areas including fraud detection,
underwriting, claim handling and more.

Benefits of using AI in managing the
financial services
HELPS IN FRAUD DETECTION AS WELL AS MANAGEMENT
 plays a significant role in resolving the problem that baking industry mainly faces due to the fraud
detection
 AI can use past behaviours on various transactions related instruments for pointing out the old
behaviour
 use of AI not only detects fraud within the financial investment but also assists in providing proper
help in context to financial advisory services as well as in managing the finance of the organization
PROVISION OF FINANCIAL ADVISORY SERVICES
 Bionic warning joins machine counts and human knowledge to give choices that are significantly
more proficient than what their individual parts provide
MANAGING FINANCE
 AI is mainly utilized in order to develop algorithm so that the consumers can be able to make proper
decisions about their money
TRADING
 Machines can be instructed to watch designs in past information and anticipate how these examples
may rehash later on.

limitations of AI in managing the financial
services
CUSTOMER PRIVACY
 The confidential data present within the organization can get leaked due to the
utilization of AI.
TECHNOLOGICAL COMPLEXITY
 it is very much difficult to utilize AI within the baking sectors because the
utilization of AI within the baking industries generally creates number of
technological complexities within the organization.
LOSS OF JOB
 Due to the use of AI within the baking sectors, the entire operations as well as
functions of the banking industry will be managed automatically hence loss of
jobs.
SECURITY OF AI SYSTEMS
 Banking industries face lot of challenges as well as difficulties in providing proper
security to the AI systems and this is mainly due to the autonomous weapons,
which generally can cause of damages within the baking sector.

METHODOLOGY. Interpretivism philosophy
 Positivism philosophy
 Realism philosophy.
Research approach
 Inductive method
 Deductive method.
Data collection method
 Secondary method of data collection
 primary method of data collection
Research design
 Descriptive
 Exploratory
 Explanatory
Ethical consideration.
 Following research guidelines
 Timely submission of the research
 The confidentiality as well as privacy of the data is maintained.

Research findings
 AI not only assists in managing the financial services within the banking sector
but also helps in managing the risks, helps in detecting fraud, assists in trading
 increase in the use of AI, it is considered very much helpful for developing
number of creativities within the financial industry that further assists in
providing number of opportunities to the customers of the organizations
Conclusion
 The use of artificial intelligence is quite beneficial for managing the financial
services.

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