AI Artificial Intelligence
AI deals with creating systems or machines that can perform tasks that typically require human intelligence. These tasks include learning, reasoning, problem-solving, perception, understanding natural language, and interacting with the environment. AI techniques include machine learning, which enables machines to interpret and understand visual information, and robotics, which involves creating physical machines that can perform tasks autonomously. AI has applications in various fields such as healthcare, finance, transportation, entertainment, and many others.
AI is making its mark in Finance in the following areas such as Risk Management, Customer service, Fraud Detection, Credit Scoring and Regulatory compliance by analysing vast amount of data and by predicting credit worthiness, detecting fraudulent activities, Providing Chatbots and Virtual assistants and by automating compliance processes and regulations and assessing market risks.
Overall, AI is reshaping the finance industry by improving efficiency, reducing costs, and enhancing the customer experience.
By CA L.Muralidharan and CPA L.Mukundan
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