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Artificial intelligence in financial services : an analysis of the AI technology and the potential applications, implications, and risks it may propagate in financial services

Mardanghom, Reza; Sandal, Henrik
Master thesis
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URI
https://hdl.handle.net/11250/2647381
Date
2019
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  • Master Thesis [4207]
Abstract
It is hard to deny the fact that artificial intelligence and robotization have been the centre of

research for the last decades. Moreover, during the past few years it has really boomed and is

now widely utilized in many companies through a wide range of sectors. Most of the time

artificial intelligence has been referred to as some kind of automatization of processes within

the industrial sector, but we have started to see a greater way of using technology for the

better, particularly in financial services. The financial industry has been somewhat slower in

its approach of implementing artificial intelligence and accepting its powers due to several

reasons. Reasons such as uncertainty, regulations, need for better cyber security, shortfalls in

technology, and disruption of standard already profitable procedures are all apprehensions

the industry have faced previously.

Firms operating in financial services have started to see the benefits artificial intelligence

brings to the company, and never before have something like this been talked more about.

That is maybe one of the reasons why this transformation is called the fourth industrial

revolution. It is highly disruptive, in both a good and bad way. Solutions become much more

efficient, precise, and cost effective. However, with great power, comes great responsibility.

Given that the financial sector is undergoing significant change at a rapid pace, precautions

and security have never been more important to companies. We humans have yet to discover

the many pros and cons this technology brings. Although artificial intelligence was

originally introduced to us in the 1950s, it has achieved new eminence lately as

computational power has risen, and the amount of accessible data has become immense.

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