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How is Artificial Intelligence Changing the Finance Industry?

How is Artificial Intelligence changing the finance industry
August 10, 2023

How is Artificial Intelligence Changing the Finance Industry?

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How is Artificial Intelligence Changing the Finance Industry?

With each passing day, we can see how technology is enhancing and making potential changes in each sector. There is no industry left that hasn't interacted with artificial intelligence yet. Whether you see the medical science field, security, e-commerce, or banking and finance sector, AI is giving its silent yet crucial contribution at each place. As you are a student from a finance background, your research is specific to finance assignment help.

However, if you are a Gen-Z, then you must use social media for at least an hour a day. While scrolling and shuffling through different social media pages, have you ever realised that one that you occasionally searched at a search engine such as Google? Your feed keeps showing the same suggestions and sponsor ads every time you scroll. Have you ever tried to wonder why? What is the reason behind the same? You must have also noticed that if you talk to your friends on social media about something you are willing to buy, the next time you open the same application, those things keep showing on your feed. Have you ever tried to think about the reason behind that? If you don't understand the information technology background, for a straightforward concept, you can understand it as nothing but machine learning and artificial intelligence.

Machine Learning and Artificial Intelligence

It might sound ridiculous, but imagine it yourself, whatever you are searching for something on the internet, you see the same results on your social media feeds. In simple words, this is what we call artificial intelligence. One kind of intelligence is natural intelligence in humans and animals, when they know when and how to react. But with artificial intelligence, one of the advantageous moves is that it maximises the chances of a particular thing occurring repeatedly, and it enhances the chances of achieving a specific goal with the targeted audience.

So, if you are wondering why your search made on the internet regarding finance assignment help was weeks ago, and you are still seeing some related results on different feeds every time, then you must thank artificial intelligence. Artificial Intelligence is the advancement of technology that detects and reads a user's daily searches on search engines like Google or platforms like YouTube, Amazon, and Netflix. Now you must be wondering that platforms like YouTube, Amazon, and Netflix are completely different; then how can the algorithm show a similarity between all these?

Well, understand it in this manner, have a video that you searched on YouTube, a product you looked for on Amazon, and a series you watched on Netflix and each of these things you got to know about from Google. So, if you try to understand the linking chain, the internet as a whole work as machine learning to detect your activities all over the platforms; all the automated decision-making, recommendation systems, and understanding the human speech, such as Alexa and Siri, are great examples of new-age technology and answers of machine learning and artificial intelligence.

Artificial Intelligence to your Rescue

Indeed, we know finance is a big question to us, and how artificial intelligence is supporting and helping the finance sector is your question for now. We will indeed move forward to know that but for now, let's understand Artificial Intelligence and some of the great fields it is used in. As you know, technology is leaving a remarkable impact on every industry. One of the most significant rescues artificial intelligences does for you every day is providing you with finance assignment help whenever you need it. From your everyday time pass to your doorstep delivery of food and articles, everything that you can handle and operate within touches lies under the well-developed example of artificial intelligence.

You use social media every day. You must also use food ordering applications, whether a website or an application, to make you smarter daily; AI and ML are becoming smarter with each passing day. Some of the best industries that use artificial intelligence and machine learning every day for betterment are mentioned below. And apart from the finance sector, some other essential fields are as follows.

Healthcare

Remember when there were no computers and people used to file data manually, even if it was a patient's health record? If not in real life, you must have seen it in old films or series, where a room is filled with racks of dusted, piled-up files. As technology is modifying for the betterment of humanity with each passing day, some significant changes because of ML and AI have also happened in the healthcare sector. For instance, as we mentioned earlier, people used to file data manually and keep them in piles of files; however, now, this scenario is changed thanks to all the development that has taken place.

With older techniques, there was a constant fear of losing some essential data and a patient's medical history. However, now, healthcare workers use technology best to save data. Thanks to the advancement and machine learning support, a patient's medical history can be traced by phone number, which eases the entire process of recording and keeping a patient's medical history safe and secured.

Communication and Navigation

You might be too young to remember but ask your parents or grandparents about this. In earlier times, when technology hadn't taken a vast shape, the travellers who lost directions used to ask random people on the streets to get to their destination. However, with modern technology changing everything, one of the significant changes is the communication and navigation department. There used to be landlines for calling, but with nearby location tellers, life was difficult. But now, as we move towards a technology-integrated world, life has become more accessible. You must use your thumb to operate anything, and you are good to go.

Whether you have to make an international call or find a location at some place you haven't visited in another country, it is a game of a few clicks. As technology is making our lives easier and we depend on it, ages ago, nobody would have thought there would be something like Google Duo or Google Maps to help people communicate via video calls and find any random location to travel to an unknown country. Just because of the incredible technology of artificial intelligence and machine learning, this is possible now, and we use these technologies daily.

Entertainment and Gaming

This series of artificial intelligence and machine learning is nothing but a great deal of comparison between the old times and how new-age technology has changed everything for the betterment of humanity. In ancient times when children used to go and play outside with their friends; now, it has changed to those larger-than-life gaming systems—sitting in a room shouting while communicating with friends via a headset, just because of the modern age technology of artificial intelligence and machine learning. The exciting fact about gaming on PS and greater level is that there is a career in this as well, and a person can earn great bucks just by playing.

The next is undoubtedly entertainment. There used to be that vintage time when movies were shown on extensive lawns, known as drive-ins. Now, the big screens are shifted to mobile phones. As we know pandemic has hit us hard in recent times, and there was no entertainment left; it was the mobile phones which became our movie screens. A great example of such entertainment shifting to digital gadgets is Netflix. And as you are a kid of Gen-Z, Netflix is something you need every day to breathe. You should thank artificial intelligence and machine learning for giving you the best entertainment at your fingertips.

Security

You are a new-generation kid, and biometrics isn't something you are unaware of. Look at your phone; even there, you have a fingerprint lock to protect all the data and personal things in your electronic gadgets. The enhancement of information technology and artificial intelligence is the most helpful system for any kind of threat and criminal record. You are aware of CCTV and the entire security system, but what you see on the outer front isn't the same as what goes on the backend. The best use of AI in the security industry is identifying a criminal. Indeed, with the help of plastic surgery, a person can get a new face, but the fingerprints are always the same.

Biometric systems are installed to keep an organisation's security. And all the employees working in the company have to scan their numbers or thumbprints to get inside, which is how the company's security is secured.

Along with this, AI and ML are best used in manufacturing in the process of inventory, and one more place where stocks and data recording is crucial is banking and finance. As our topic asks how artificial intelligence is changing the finance industry, the answer to that is it is saving us from the usual threats and risks from occurring.

Artificial intelligence in Finance Industry

Being a finance student looking for an assignment help you know the value of finance for an organisation, banking, and a country. Individual organisations' and governments' profit and growth depend on each other. And some of the great ways artificial intelligence has helped the finance industry is via five significant transformations, which are as follows.

  • Risk assessment
  • Fraud detection and Management
  • Financial Advisory
  • Trading
  • Managing Finance

Where there are benefits of technology, there are disadvantages as well. With AI and ML's excellent security, the finance sector is secured by companies whose data is everything. Moreover, as you know, filing data manually is a hideous task, lengthier than what you face while writing your academic projects. While following the manual process, there are chances that you might lack in filing the accurate digits, and one mistake can make a huge difference. At the time of auditing or making bills, these mistakes could imbalance the finances of a business. Artificial intelligence is used in the finance industry to save time and ensure no such blunders happen.

Wrapping it Up

You are a kid that belongs to the new generation filled with technology and everything that revolves around the same. It has made your life easier, yet you are unaware of how AI and ML are helping you every day. The most prominent and most remarkable example is getting your essentials served in a few clicks. And your one such necessity of finance assignment help has been taken care of only at Online Assignment Expert, where you can connect with academic mentors within a few clicks.

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