Automation and Artificial Intelligence within the Financial Industry
The importance of artificial intelligence (AI) and automation have been at the forefront of research to understand their impacts and potential improvements they may bring to financial management and internal operations of financial institutions. Literature has found an acceleration of digital adopti...
محفوظ في:
| المؤلف الرئيسي: | |
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| منشور في: |
2023
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| الوصول للمادة أونلاين: | https://depot.sorbonne.ae/handle/20.500.12458/1560 |
| الوسوم: |
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| الملخص: | The importance of artificial intelligence (AI) and automation have been at the forefront of research to understand their impacts and potential improvements they may bring to financial management and internal operations of financial institutions. Literature has found an acceleration of digital adoption within financial institutions due to changing expectations from customers, increased competition from new digital entrants, and the necessity of improving operational efficiencies given revenue expansion with more customers to service. This paper seeks to analyze the impact and long-term benefits of AI and automation in enhancing operational efficiencies and financial management within financial institutions, and understanding whether the investment or banking sector is more conducive to AI adoption. The paper conducts a quantitative & qualitative time-series case study analysis across identified financial institutions and correlating the percentage of services offered without human intervention vs. enhancements in operational efficiencies measured as cost vs. output (net profitability). The results from the analysis indicate that automation and AI adoption enhance both operational and financial efficiency within financial institutions, with a higher improvement witnessed within investment firms as compared to banks due to similar transaction. |
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