Artificial Intelligence and its Role in Personalized Financial Advisory Services

Artificial Intelligence (AI) is causing a revolution in the field of substantiated financial advisory services. This is accomplished by applying sophisticated algorithms that assess massive amounts of data and provide customized recommendations to individual clients. The purpose of this research is to investigate how artificial intelligence might revolutionize the quality, efficacy, and accessibility of financial advice. Artificial intelligence systems possess the ability to repurpose various types of financial data, such as investment portfolios, customer preferences, and request trends. This enables them to provide well-founded strategies that correspond with pre-established risk thresholds. Machine literacy models and language processing techniques are used to accomplish this. Financial advisors can evaluate their services more efficiently and with greater personalization thanks to artificial intelligence, which will ultimately result in happier and more satisfied clients. Nevertheless, some barriers still need to be carefully considered to guarantee the ethical and transparent use of AI in financial advisory settings. Data sequestration companies, algorithmic bias, and nonsupervisory compliance are some of these challenges. The focus of this study is on how artificial intelligence could improve decision-making processes in the financial services industry. Moreover, it tackles unexplored areas for research and implementation to maximize AI's benefits while lowering its risks.

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Publication Details

Published
2024-12-12
DOI
https://doi.org/10.1109/icses63760.2024.10910398
Citations
1
Primary Topic
FinTech, Crowdfunding, Digital Finance
Type
article
Field-Weighted Citation Impact
0.53
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article

Artificial Intelligence and its Role in Personalized Financial Advisory Services

Prabhu Govindasamy, Radhakrishnan Govindan, Uma Shankar
1 citations
FinTech, Crowdfunding, Digital Finance
0.53
article

Artificial Intelligence and its Role in Personalized Financial Advisory Services

Prabhu Govindasamy, Radhakrishnan Govindan, Uma Shankar
article en
1 citations

Abstract

Artificial Intelligence (AI) is causing a revolution in the field of substantiated financial advisory services. This is accomplished by applying sophisticated algorithms that assess massive amounts of data and provide customized recommendations to individual clients. The purpose of this research is to investigate how artificial intelligence might revolutionize the quality, efficacy, and accessibility of financial advice. Artificial intelligence systems possess the ability to repurpose various types of financial data, such as investment portfolios, customer preferences, and request trends. This enables them to provide well-founded strategies that correspond with pre-established risk thresholds. Machine literacy models and language processing techniques are used to accomplish this. Financial advisors can evaluate their services more efficiently and with greater personalization thanks to artificial intelligence, which will ultimately result in happier and more satisfied clients. Nevertheless, some barriers still need to be carefully considered to guarantee the ethical and transparent use of AI in financial advisory settings. Data sequestration companies, algorithmic bias, and nonsupervisory compliance are some of these challenges. The focus of this study is on how artificial intelligence could improve decision-making processes in the financial services industry. Moreover, it tackles unexplored areas for research and implementation to maximize AI's benefits while lowering its risks.

MIT World Peace University (IN)
Openalex Percentile: Top 21%
FinTech, Crowdfunding, Digital Finance
0.53
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