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The Influence of Artificial Intelligence on the Financial Industry

In: Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)

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  • Xinyu Xu

    (Korea University, Business School)

Abstract

It can be seen that artificial intelligence has brought a lot of positive impacts to the financial industry but has also brought a lot of risks. Therefore, this paper focuses on analyzing the advantages and disadvantages of AI for the financial industry and puts forward measures to reduce the negative impact. AI used in the finance industry brings both advantages and disadvantages. As for the benefits, AI improves the customer experience and increases efficiency. Also, AI enhances the ability to control risk for companies. However, the risks that AI brings to the finance industry are hard to avoid, including security risk, model risk, and market risk. The trend that AI is used in finance is inevitable, although AI brings risks to this industry. And, there are many successful cases of benefits from using AI in finance.

Suggested Citation

  • Xinyu Xu, 2023. "The Influence of Artificial Intelligence on the Financial Industry," Advances in Economics, Business and Management Research, in: Hrushikesh Mallick & Gaikar Vilas B. & Ong Tze San (ed.), Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022), pages 393-400, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-098-5_45
    DOI: 10.2991/978-94-6463-098-5_45
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