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Exploring Use Cases of Generative AI and Metaverse in Financial Analytics: Unveiling the Synergies of Advanced Technologies

Author

Listed:
  • Rangapriya Saivasan

    (Affiliated with the University of Mysore)

  • Madhavi Lokhande

    (Affiliated with the University of Mysore)

Abstract

Generative AI (GAI) refers to a branch of artificial intelligence (AI) that can enable machines to generate original content by learning patterns from existing data. The metaverse conjoins augmented, virtual and physical reality, enabling immersive interactions and vast possibilities within various ecosystems. Financial analytics encompasses many activities, including risk evaluation, financial modeling, performance evaluation, portfolio optimisation, decision support, etc. The intersection of these three phenomena can open up a slew of possibilities that hold the key to enriched data-driven experiences. This is an exploratory analysis, that uses qualitative research to unravel the potential of GAI and metaverse in financial analytics. The findings indicate that there is potential to revolutionize various aspects of financial analytics, including fraud detection, risk management, predictive analytics, and behavioral analysis. This is a pioneering effort to study the undercurrents of three very powerful technologies and the possible use cases within the finance industry. The insights from the study are used to evolve high-impact future research topics that can help companies to build a competitive edge. The intertwining of these technologies paves the way for a new era in the financial ecosystem where data-driven insights and immersive capabilities interact; this will unlock unparalleled opportunities for financial modernization and transformation for competitiveness.

Suggested Citation

  • Rangapriya Saivasan & Madhavi Lokhande, 2023. "Exploring Use Cases of Generative AI and Metaverse in Financial Analytics: Unveiling the Synergies of Advanced Technologies," International Journal of Global Business and Competitiveness, Springer, vol. 18(1), pages 77-86, December.
    • Handle: RePEc:spr:ijogbc:v:18:y:2023:i:1:d:10.1007_s42943-023-00082-2
    DOI: 10.1007/s42943-023-00082-2
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    References listed on IDEAS

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    1. Hassnian Ali & Ahmet Faruk Aysan, 2023. "What will ChatGPT revolutionize in the financial industry?," Modern Finance, Modern Finance Institute, vol. 1(1), pages 116-129.
    2. Pradeep Dwivedi & Jawaher Ibrahim Alabdooli & Rajeev Dwivedi, 2021. "Role of FinTech Adoption for Competitiveness and Performance of the Bank: A Study of Banking Industry in UAE," International Journal of Global Business and Competitiveness, Springer, vol. 16(2), pages 130-138, December.
    3. Christo El Morr & Manar Jammal & Hossam Ali-Hassan & Walid El-Hallak, 2022. "Future Directions and Ethical Considerations," International Series in Operations Research & Management Science, in: Machine Learning for Practical Decision Making, chapter 0, pages 449-460, Springer.
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    More about this item

    Keywords

    Generative AI; Metaverse; Financial analytics; Advanced technologies;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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