The Role of Artificial Intelligence in the Financial Sector

Artificial Intelligence (AI) is a major innovation in technology that includes machine learning (ML) and algorithm languages. AI has gained popularity across multiple fields such as automobiles, healthcare, gaming, robotics, finance, surveillance, entertainment, space exploration, agriculture, e-commerce, and social media, among others. Its primary goal is to develop intelligent and autonomous systems. Our study focuses on the application of artificial intelligence in the finance sector, specifically in banking, investment companies, and insurance companies, with a brief introduction to its broader context. The paper highlights the challenges, impacts, pros, and cons of AI in financial sectors and examines how AI will continue to shape financial industries in the future. It also provides recommendations for further advancements.