Dissertation on Information Technology: Exploring Opportunities and Challenges of Artificial Intelligence in the Finance Industry

Running head: DISSERTATION ON INFORMATION TECHNOLOGY
Dissertation on Information Technology
Name of the Student
Name of the University
Author Note

1DISSERTATION ON INFORMATION TECHNOLOGY
Table of Content
CHAPTER 1: INTRODUCTION..............................................................................................5
1.1 Introduction......................................................................................................................5
1.2 Background to the study...................................................................................................6
1.3 Problem Statement...........................................................................................................8
1.4 Research Aim and Objectives..........................................................................................9
1.5 Research Questions..........................................................................................................9
1.6 Research Significance....................................................................................................10
1.7 Research Outline............................................................................................................11
1.8 Summary........................................................................................................................12
CHAPTER 2: LITERATURE REVIEW.................................................................................13
2.1 Introduction....................................................................................................................13
2.1 Artificial Intelligence: Opportunities and Challenges in finance industry.....................13
2.2 Banking institutions in UAE making a big leap in technology advances......................15
2.3 Reproducibility Crisis in Artificial Intelligence.............................................................16
2.4 A depth impact on banking sector employment awaits.................................................17
2.5 Embedding technology thinking into financial services................................................18
2.6 Fintech Partnership.........................................................................................................20
2.7 Need for an agile approach............................................................................................21
2.8 Trends that Artificial Intelligence is helping the financial institutions..........................22
2.9 Ways how Artificial Intelligence transformed finance industry....................................24
2.10 Risks associated with AI..............................................................................................26

2DISSERTATION ON INFORMATION TECHNOLOGY
2.11 Gaps in the review........................................................................................................28
..................................................................................................................................................29
CHAPTER 3: RESEARCH METHODOLOGY.....................................................................30
3.1 Introduction....................................................................................................................30
3.2 Research Onion..............................................................................................................30
3.3 Research Philosophy......................................................................................................30
3.4 Research Approach........................................................................................................31
3.5 Research Design.............................................................................................................32
3.6 Data collection methods.................................................................................................33
3.7 Sampling method...........................................................................................................34
3.8 Ethical Consideration.....................................................................................................36
CHAPTER 4: FINDINGS AND ANALYSIS.........................................................................37
Chapter 5: Conclusion and Recommendation..........................................................................58
5.1 Conclusion......................................................................................................................58
5.2 Recommendation............................................................................................................60
References................................................................................................................................64

3DISSERTATION ON INFORMATION TECHNOLOGY
List of Table
Table 1: Artificial Intelligence has positive impact on banking organizations in UAE..........37
Table 2: AI technologies for performing financial activities...................................................38
Table 3: Effectiveness of AI in financial institutions...............................................................40
Table 4: Fintech is a proper solution for contemporary financial methods.............................42
Table 5: AI is affecting financial institutions in UAE.............................................................43
Table 6: AI in banking operation is affecting the human skills in the banking sector.............45
Table 7: Agile approach is required for facilitating financial operation..................................46
Table 8: Activities AI for financial operation in Emirates NBD bank....................................48
Table 9: Use of AI technologies is a risk consumers with respect to privacy.........................50
Table 10: Risks that are presently alarming for Emirates NBD Bank.....................................51
Table 11: Significant opportunity that AI brings about...........................................................53
Table 12: Customer service can be enhanced by the use of AI in the banking sector.............55
Table 13: Common advantages of using AI in banking sector................................................57
Graph 1: Artificial Intelligence has positive impact on banking organizations in UAE.........37
Graph 2: AI technologies for performing financial activities..................................................39
Graph 3: Effectiveness of AI in financial institutions..............................................................40
Graph 4: Fintech is a proper solution for contemporary financial methods............................42
Graph 5: AI is affecting financial institutions in UAE............................................................43
Graph 6: AI in banking operation is affecting the human skills in the banking sector............45
Graph 7: Agile approach is required for facilitating financial operation.................................47
Graph 8: Activities AI for financial operation in Emirates NBD bank....................................48
Graph 10: Use of AI technologies is a risk consumers with respect to privacy.......................50
Graph 10: Risks that are presently alarming for Emirates NBD Bank....................................51
Graph 11: Significant opportunity that AI brings about..........................................................53

4DISSERTATION ON INFORMATION TECHNOLOGY
Graph 12: Customer service can be enhanced by the use of AI in the banking sector............55
Graph 13: Common advantages of using AI in banking sector...............................................57

5DISSERTATION ON INFORMATION TECHNOLOGY
Project Title: “Risk Assessment, Future Opportunities and Benefits of Implementing
Artificial Intelligence within Retail Credit Center and Disbursal Units – An Impact Study at a
leading UAE Based Bank, Dubai”
CHAPTER 1: INTRODUCTION
1.1 Introduction
This research project is a detailed risk assessment, future opportunities and benefits of
implementing Artificial Intelligence within Retail Credit centre and disbursal units. In order
to perform the study with the real-world data, leading based banks of Dubai have been
considered in the analysis. In a general view, artificial intelligence is more of a computer
science which aims to create intelligent machines and it has been a necessary and crucial part
of technology sector. Artificial Intelligence is rather a stimulation of human intelligence
process by machines particularly the computer system and these processes could include
learning, reasoning and self-correction. Particular application applications of AI could
include expert system, speech recognition and machine vision. It is fundamentally composed
of man-made efforts supported by coding, structuring and implementing it within an IT
system. Hence, the fundamental part of AI is more of designing and processing of
knowledge.
Even though there is a constant growth in the field of AI, bunch of questions appear
doubting the growth of AI in the field of businesses. One of the questions is whether the
banks and credit unions still be consumers’ fundamental financial institutions. It is worth
telling that shifting consumer attitude is one the significant changes that banking industry
must have to acknowledge and deal with to remain relevant. It has been identified that for
financial institutions, the upward growth of AI represents $1 trillion in projected cost saving

6DISSERTATION ON INFORMATION TECHNOLOGY
and it is in general predicted that by 2030 conventional financial institutions could shave 22%
in cost. When it comes to the use of AI in the banking sector, some significant applications of
AI should not go unnoticed. It is worth mentioning that AI-enabled devices are already using
both sound and vision to collect information more appropriately compared to humans and
software continues to get more human-like.
So, on the basis of the above facts, it is worth telling that growth of AI is inevitable.
However, it is necessary to know how AI is actually impacting Retail units. In addition to
this, it should also be noted that as the market has been dynamic in nature, threats and
opportunities of using AI are two significant possibilities. Thus, the purpose of the research
project is to analyse and assess opportunities and benefits of implementing AI in retail credit
units and alongside analyse the threats and risks associated with the growth of AI in the
financial sector. The study is based on the leading UAE based banks of Dubai. This chapter
of the dissertation provides a detailed background about the emergence and growth of AI in
the banking sector of Dubai and the possible challenges that banking organizations might
face simultaneously with the journey of AI in businesses have been presented. This
introductory chapter of the dissertation also provides clear aims and objectives on the basis of
which review of literature has been established in the following chapter.
1.2 Background to the study
It has been identified that the concept of non-living object coming to life as intelligent being
has been around for very long time. Ancient Greeks had several myths regarding Robots,
Chinese and Egyptian engineers developed automations. Dirican (2015) mentioned that the
beginning of modern AI is often traced in classical philosopher’s endeavour to explain human
thinking as the comprehensible symbolic system. In a chance event, the idea of AI came out
from the scientist Marvin Minsky in a conference. According to Moro, Cortez and Rita
(2015), in the conference, it was concluded that the issue of developing ‘Artificial

7DISSERTATION ON INFORMATION TECHNOLOGY
Intelligence’ can be resolved. However, achieving an artificially intelligent being did not
seem to be simple; even though a series of reports criticizing the growth of AI, financial
support from the government and interest in the field of AI dropped off. Nevertheless, the
field was further fuelled in 1980 when British Government started to fund it again to compete
with the efforts by Japanese. In this context, Nazari and Alidadi (2013) commented that even
though the field further observed a series of ups and downs, in 1997 IBM developed its Deep
Blue which became of the first computer to win over a chess champion Garry Kasparov. It
has been identified that cash management as well as forecasting in the financial industry has
been more challenging because of the growing business complexities. Moreover, the
complexity is more likely to get worse in coming two years as banking organizations are
facing a tough technology revolution. This means technology is adopted but its use is more of
a great challenge. It has been identified that financial technology has arrived which meets the
fast pace of business, as those in finance tend to consume instant analytical technologies in
their personal lives and there are some tools available which could automate and deliver on a
timely manner (Sharma, Sharma and Barua 2013).
When it comes to real time applications of AI It has been identified that Artificial
Intelligence provides favourable changes in the business process and system by making it
faster and enhancing quality. AI is so different in providing a set of repetitive tasks like
social media sharing of blog posts on some particular time, scheduled post for publishing
match wanted solution by the means of AI (Zeinalizadeh, Shojaie and Shariatmadari 2015).
In production, cleaning, infrastructure development, design, transportation and several
engineering works and communication. Likewise, several other emerging benefits that AI
provides to its consumers.
Nonetheless, the accomplishment has been controversial but despite the series of
controversies, rapid pace of work in the field of AI have encouraged scientists and businesses