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Artificial intelligence applications in finance: a survey

Author

Listed:
  • Xuemei Li
  • Alexander Sigov
  • Leonid Ratkin
  • Leonid A. Ivanov
  • Ling Li

Abstract

Finance is in our daily life. We invest, borrow, lend, budget, and save money. Finance also provides guidelines for corporation and government spending and revenue collection. Traditional statistical solutions such as regression, PCA, and CFA have been widely used in financial forecasting and analysis. With the increasing interest in artificial intelligence in recent years, this paper reviews the Artificial Intelligence (AI) techniques in the finance domain systematically and attempts to identify the current AI technologies used, major applications, challenges, and trends in Finance. It explores AI-related articles in Finance in IEEE Xplore and EI compendex databases. Findings suggest AI has been engaged in Finance in financial forecasting, financial protection, and financial analysis and decision-making areas. Financial forecasting is one of the main sub-fields of Finance affected by AI technology. The major AI technology used is supervised learning. Deep learning has gained popular in recent years. AI could be used to address some emerging topics.

Suggested Citation

  • Xuemei Li & Alexander Sigov & Leonid Ratkin & Leonid A. Ivanov & Ling Li, 2023. "Artificial intelligence applications in finance: a survey," Journal of Management Analytics, Taylor & Francis Journals, vol. 10(4), pages 676-692, October.
    • Handle: RePEc:taf:tjmaxx:v:10:y:2023:i:4:p:676-692
    DOI: 10.1080/23270012.2023.2244503
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