This chapter provides insight into how artificial intelligence (AI) is changing the face of financial sector including wealth management sector, stock trading, and insurance. For instance, algorithmic trading is changing the face of stock market where machine learning algorithms are used to optimize the trading strategies with accuracy and speed which was not possible earlier without the help of AI. Also, the use of AI has changed the way of personal financial advising with the introduction of robo-advisors. It is not only democratizing investment advice but also lowering the cost. This chapter also explores the application of AI in risk management, predictive analytics, fraud detection, etc. in financial sector. This chapter also discusses the benefit of application of AI in financial sector such as improved efficiency, liquidity, and stable functioning of financial market. This chapter also takes into consideration the ethics when AI comes into picture with respect to transparency, algorithmic bias, and data privacy.
This page summarises published work. The authoritative version sits with the publisher.
DOI: 10.1002/9781394339433.ch2
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