AI-Driven Innovation in Financial Services: Opportunities and Risks

EasyChair Preprint 14285

Abstract

Artificial Intelligence (AI) has become a transformative force in the financial services industry, offering unprecedented opportunities for innovation and efficiency. This paper explores the diverse applications of AI in financial services, including algorithmic trading, credit scoring, fraud detection, and customer service enhancement. It examines the technological advancements driving these applications, such as machine learning, natural language processing, and data analytics. While AI presents significant benefits, it also introduces substantial risks and challenges. These include ethical concerns, data privacy issues, algorithmic bias, and the potential for systemic risk. This paper aims to provide a comprehensive overview of both the opportunities and risks associated with AI-driven innovation in financial services, offering insights into how stakeholders can navigate this rapidly evolving landscape to harness AI's potential while mitigating its risks.

Keyphrases: AI, Innovation, driven

@booklet{EasyChair:14285,
  author    = {Julia Anderson and Nick Evan},
  title     = {AI-Driven Innovation in Financial Services: Opportunities and Risks},
  howpublished = {EasyChair Preprint 14285},
  year      = {EasyChair, 2024}}